Brokers Ireland – Interest Rate Cuts By Núa Mortgages “Significant”

Press Release

7^th February 2025

Brokers Ireland this morning welcomed interest rate reductions just announced by Núa Mortgages of up to 0.75% saying it marks a significant shift.

Rachel McGovern, Deputy Chief Executive at Brokers Ireland said: “From a consumer perspective this is very good news indeed, and real evidence of competition working in the market.”

And she said with the ECB clearly on a downward trajectory with further cuts predicted for this year “right now it looks like 2025 will be a good year for existing and aspiring mortgage holders.”

“With several non-bank lenders now in the mortgage market, you would anticipate increased competition yielding results for consumers, and one would hope that this would include innovative new products and offerings for mortgage holders,” she said.

Brokers Ireland has said that much longer-term fixed mortgages should be available to Irish mortgages holders. “The best of these were pulled from the market following rapid rate increases by the ECB which began in mid-2022.”

Today’s announcement by Núa Mortgages includes:

New rates for First Home / Mover / Switcher products

60% LTV 5-year fixed: 3.75% p.a. (APRC 4.52%) – previously 4.50%

60% LTV 3-year fixed: 3.85% p.a. (APRC 4.77%) – previously 4.60%

70% LTV 5-year fixed: 4.05% p.a. (APRC 4.67%) – previously 4.60%

70% LTV 3-year fixed: 4.15% p.a. (APRC 4.85%) – previously 4.70%

The company said outstanding loan offers on relevant products will be automatically benefit from the lower rates – no action needed.

Increased Equity Release Limits

Núa Mortgages is also increasing the available equity release amounts on Switcher Extra and Home Plus.

Switcher Extra (refinancing with equity release for general use, i.e. no restriction on use of proceeds)

≤50% LTV post-refinancing: up to €300k (previously €150k)

50-60% LTV post-refinancing: up to €200k (previously €120k)

60-70% LTV post-refinancing: up to €100k (no change)

70-80% LTV post-refinancing: up to €75k (no change)

Ends

Note: Brokers Ireland operates the ‘Future Financial Experts’ Transition Year programme aimed at communicating good financial skills to students and creating awareness around financial concepts.

Further information:  Rachel McGovern,    Deputy Chief Executive, Brokers Ireland          Tel. 086-8259938

Mairéad Foley, Foley Ryan Communications                                                                          Tel. 086-2556764