Brokers Ireland Welcomes Interest Rate Cuts

Press Release

Wednesday 23rd July 2025  

Brokers Ireland has welcomed today’s announcement from Haven of reductions in non-green fixed rate mortgages for new and existing customers with effect from tomorrow, Thursday.

Rachel McGovern, Deputy Chief Executive at Brokers Ireland said today’s announcement follows previous reductions which took effect in mid-May.

“Most of today’s reductions are at 0.20% with the exception of the three-year fixed rate which is a more attractive 0.50%,” she said.

“Interest rate cuts are always welcome with mortgage holders faced with cost of living pressures and higher mortgage debt exposure arising from ever increasing house prices.”

She said there was still much to be gained from switching, something many existing mortgage holders can be slow to do.

With regard to the cashback offer of €5,000 being extended to the end of the year, she said first-time buyers tend to find cashback offers attractive when they are setting up home.

“However we would advise mortgage applicants to always consider such offers very carefully. They can appear appealing but if the choice is between cashback and a lower interest rate, the latter tends to deliver better value over time,” she said.

“Indeed all decisions around your mortgage should be undertaken only after very careful consideration, taking into account your particular circumstances, and mortgage brokers are specialists who can help at no extra cost to you.”

She said it was looking increasingly unlikely that the ECB will move tomorrow to further reduce interest rates.

“We’re in a very volatile global market making the right mortgage choices ever more important,” she said.

And she said the Irish market should be able to offer better mortgage products, such as fixed rate mortgages for terms of 20 years and longer.

 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