As we near the end of March 2026, a number of my existing mortgage clients/persons i’ve assisted get a mortgage in the past number of years have contacted me and asked should i fix?
If your variable rate mortgage in Ireland is coming to the end of its current term, you’re likely facing a big decision: stay on a variable rate or switch to a fixed one? With economic uncertainty lingering, this choice could significantly impact your monthly repayments and household budget for years to come.
Current Irish Mortgage Rate Landscape (as of late March 2026)
The average interest rate on new mortgage agreements in Ireland sits at around 3.50%. Fixed-rate mortgages are proving particularly competitive, often coming in lower than many standard variable rates.
Rates below are indicative for a €300,000 loan with a Loan-to-Value (LTV) of 80-90%.
| Lender | Rate Type | Rate (%) | APRC (%) | Key Incentive |
| Avant Money | 4-Year Fixed (High Value) | 3.20% | 3.62% | Lowest high-value rate |
| PTSB | 3-Year Fixed | 3.65% | 3.93% | 2% Cashback offer |
| Bank of Ireland | 3-Year Fixed (No BER) | 3.75% | 4.10% | 3% Cashback (Eco-Digital) |
| Haven | 4-Year Fixed | 3.50% | 3.88% | €5,000 Cashback for switchers |
| Avant Money | Flex (Variable) | 3.32% | 3.39% | Lowest variable in market |
| PTSB | Standard Variable | 4.70% | 4.84% | Generally expensive |
Lets look at Haven as an example below
- Haven’s Current Rate Comparison
- Based on recent data, Haven’s standard variable rate is approximately 4.15%, while several fixed options are priced lower:
- Haven Mortgages Green 4-Year Fixed: 3.20% (for homes with BER A or B).
- 1-Year Fixed: 3.55%.
- 2-Year Fixed: 3.60%
- 3-Year Fixed: 3.75%.
- 5-Year Fixed: 3.90%.
Fixed rates have become a popular choice for many borrowers seeking certainty in this environment.
Pros and Cons of Fixing Your Mortgage
Advantages of fixing:
- Payment certainty: Your monthly repayments stay locked for the fixed term (commonly 1–5 years), making budgeting easier and protecting you from potential rate rises.
- Potential immediate savings: If your current or reverting variable rate is higher than available fixed deals, switching could reduce your payments straight away.
- Peace of mind: Especially valuable if you have a tight budget, dependents, or simply prefer stability over gambling on future rate movements.
- Protection against upside risks: In a period of geopolitical and inflation uncertainty, fixing acts as a form of insurance for your finances.
Disadvantages of fixing:
- Breakage costs: Early repayment, switching lenders, or significant overpayments during the fixed period may incur penalties.
- Missed opportunities: If rates fall substantially, you could be locked into a higher rate until the fix ends.
- Less flexibility: Variables generally allow easier overpayments without penalties.
Staying variable offers more flexibility to benefit from any future rate drops or to overpay freely, but it leaves you exposed to increases that could strain your budget.
Key Factors to Consider Before Deciding
- Your current rate vs market offers: Compare what you’ll revert to on your lender’s standard variable rate against the best fixed deals available to you.
- Your personal situation: How comfortable are you with uncertainty? Do you value predictable payments? Are you planning to sell, move, or make lump-sum repayments soon?
- Fix length: Shorter fixes (1–2 years) give flexibility to review sooner but less protection. Medium terms (3–5 years) balance certainty with the chance to reassess later. Longer options exist but are less common.
- Other benefits: Check for “green” mortgage discounts if your home has a good BER rating. Lower LTV ratios usually unlock better rates too.
- Switching lenders: At the end of term, you’re often in a strong position to shop around with minimal hassle. Many borrowers save by moving to a better deal.
In the current market, where fixed rates are competitive (and sometimes cheaper than variables) amid upward risks, fixing is frequently a smart move for peace of mind and potential cost savings. However, it’s not one-size-fits-all—borrowers with strong cash flow, flexibility needs, or plans to move may prefer a variable or short fix.
What Should You Do Next?
Contact me and we can go through your options