When mortgage rates change in Ireland, the interesting question is not just what moved, but who moved first. This month it was the non-bank lenders, and that tells you something worth knowing about where the market is heading.
On 10 September 2026, the European Central Bank raised its key refinancing rate to 2.65%. Within a fortnight, three non-bank lenders had already passed it on. Spry Finance, ICS Mortgages and Núa Money all announced increases while the main banks stayed exactly where they were. If you want an early read on where the market is going, that gap is where to look.
Why non-bank lenders always move first
Here is the bit that rarely makes the headlines, and it is genuinely useful to understand.
The main banks fund most of their lending from customer deposits, a large and fairly stable pool of money. Non-bank lenders do not have that. They raise their money on the wholesale markets, so the moment the ECB nudges rates up, their own costs climb almost straight away. They simply cannot sit on an increase the way a deposit-rich bank can.
That is why they tend to move first, and why their decisions are worth paying attention to even if you are not with one of them. When the non-banks start repricing, it is often the first ripple of pressure that eventually reaches the whole market.
What has changed so far
Three increases, all landing within days of the ECB’s decision:
- Spry Finance: up 0.30%, from 14 September 2026
- ICS Mortgages: up between 0.45% and 0.50% depending on the product, from 17 September 2026
- Núa Money: up 0.41% across the range, from 21 September 2026
Will the banks follow?
For now, they are holding. Deposit funding buys them time, and they can absorb a rise for a good while before they need to act. That said, if the ECB moves again, holding out gets harder. The space between the non-bank lenders and the banks is the thing to keep half an eye on over the next few months.
Where this leaves you
If you have been through a rate rise before, the mechanics will feel familiar, so here is the quick version. Trackers follow the ECB directly, so this one reaches your repayments now. Variable rates are up to your lender, but plenty tend to drift upward in time, which makes it a sensible moment to ask whether the certainty of a fixed rate would suit you better. Fixed rates stay put until your term ends, so the only real job there is to diarise the end date and review a few months out, rather than waiting for the letter to arrive.
Two groups should take a closer look this month. If you are holding mortgage approval, check whether your rate is locked all the way to drawdown, because some lenders only hold it for a set window and, in a rising market, that timing can be worth real money. And if you are a first-time buyer, higher rates shape both what you can borrow and what you will repay each month, so getting advice early gives you a much clearer picture to plan around.
How we can help
We work across the whole market, banks and non-banks alike, which means we can compare your options properly rather than from a single shelf. Whether that is checking if a switch would save you money, weighing up fixed against variable, taking you from approval through to drawdown, or getting your mortgage protection sorted early, we will find the route that actually fits your situation.
On that last point, a word of experience. Mortgage protection is usually needed before you can draw down, and cover that gets left to the last minute is one of the most common reasons a closing stalls. Start it early and you keep everything moving.
Talk to us
With rates on the move, the value of good advice only goes up. Brian is happy to take a look at your options with no obligation, at brian@hwm.ie.
Warning: If you do not keep up your repayments you may lose your home.
Warning: You should consider the total cost of the mortgage and any applicable incentive included in a mortgage offer.
Warning: Your interest rate may increase and the amount of your mortgage repayments may increase as a result.
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Halpin Wealth Management Ltd. t/a Halpin Wealth and Mortgages is regulated by the Central Bank of Ireland.
This article is for general information only and does not constitute financial advice. Rates are correct as of 28 September 2026 and are subject to change.