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RTÉ News
13-05-2025
- Business
- RTÉ News
Núa Money to cut rates on mortgages, equity release products
The newest mortgage lender in the State, Núa Money, has announced rate reductions across its residential mortgage and equity release products. Núa Money said its Switcher Extra mortgage product would see cuts of up to 0.95%, while it also has new rates starting from 3.6% a year for first-time buyers, movers and straight switcher products. Núa began lending in Ireland at the end of last year. It said it is focused on broadening the mortgage market by offering lending solutions to people who, despite having strong affordability profiles, are currently underserved by the "rigid practices" and conditions found elsewhere in the market. Fergal O'Leary, Chief Commercial Officer of Núa Money, said the lender's mission is simply to make the mortgage process simpler, fairer and more accessible to more customers by combining attractive products and competitive pricing with cutting-edge technology. "These new rates bring us another step closer to making homeownership a reality for more individuals and families across Ireland, and to opening up channels for existing mortgage holders to release some of the equity in their homes," he said. "We know that there are thousands of customers out there with the financial capacity to afford a mortgage but are currently locked out by outdated lending models. Our goal is to change that," he added. Núa Money said its 60% loan to value (LTV) five-year fixed mortgage rate would fall to 3.6% from 3.85%, while its 60% LTV five 5-year fixed would drop to 3.65% from 3.75%, its 70% LTV, 3-year fixed would drop to 3.9% from 4.15% and its 70% LTV 5-year fixed would ease to 3.95% from 4.05%. It also said that fixed rates on its Switcher Extra product, which offers equity release up to €300,000, will fall to 4.8%-5% across 60-80% loan to value bands from 5.75%.
Irish Examiner
12-05-2025
- Business
- Irish Examiner
New mortgage lender Núa announces rate cut
Mortgage-lender Núa has announced interest rate cuts across its residential mortgage following further rate reductions by the European Central Bank (ECB). The announcement comes following a decision by the ECB in April to cut interest rates by 0.25% — the seventh time since summer 2024. The ECB's deposit rate now stands at 2.25% following the regulator's latest reduction of 0.25%. The company has announced a 0.25% interest rate cut on its three-year fixed rate mortgage products and a 0.10% interest rate cut on its five-year fixed rate mortgages. These rate reductions are on mortgages with loan-to-value ratios of between 60% and 70%. The company added it has cut its Switcher Extra mortgage product by 0.95%. This is across mortgages with loan-to-value ratios between 60–80%. Núa chief commercial officer Fergal O'Leary said the lender was not just cutting rates in response to the 'market conditions' but also 'reshaping the landscape to better reflect the needs of today's borrowers'. 'Whether it's a first-time buyer, switching from another lender, or releasing equity, we want to support people on their mortgage journey with a solution that's fair, fast, and built around their particular needs and circumstances,' he said. Núa is a non-bank lender and was founded in September 2021. It secured a licence from the Central Bank of Ireland during summer last year. Read More PTSB chief says bank must produce results to attract investors
