AIB subsidiary Haven has launched a four-year, fixed-rate mortgage aimed at homeowners with a high building energy rating (BER) on their property.
The mortgage has a rate of 2.15 per cent, effective from July 8th, and is open to those with a BER of between A1 and B3 with a cert that is less than 10 years old. Available to both new and existing customers, the mortgage rate could save the average 25-year mortgage customer more than €1,800 per year compared with variable rates over a similar term.
Legal costs
Switching customers will also receive €2,000 towards legal costs.
"Haven's new Green Mortgage offers customers substantial savings on their monthly mortgage repayments compared with variable rates. We're making this new Green Mortgage rate available to new and existing customers who will see the benefit of their green homes in their wallets," said Haven managing director Kieran Tansey.
Retrofit homes
The news was welcomed by Joey Sheahan, head of credit with MyMortgages.ie, who described it as an added incentive for people to retrofit their home.
“Not only will you make it more efficient and comfortable, but you can also save considerable sums on your mortgage repayment,” he said.
He cited figures that showed a homeowner with an existing mortgage of €300,000 on a house worth €350,000 or more could save €267 per month, or €3,204 annually, or €12,816 over four years if they switched from a more typical variable rate of 3.7 per cent.
