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Reduce your monthly repayments
or Reduce the remaining term on your mortgage |
You could save money by switching to a new mortgage provider if:
You are coming to the end of your fixed rate term
or
If you are currently paying an interest rate of 2.8% or higher.
or
If you are currently paying an interest rate of 2.8% or higher.
For example, for a homeowner currently on a 3.5% interest rate, switching to a 5 year fixed rate of 2.2% could save you over
€165 per month.
That equates to over €10,000 over 5 years (based on a mortgage of €250,000 over 25 years).*
Read below for more examples of what you could save by making the switch.
€165 per month.
That equates to over €10,000 over 5 years (based on a mortgage of €250,000 over 25 years).*
Read below for more examples of what you could save by making the switch.
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Mortgage switcher examples
We work with the
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FAQs
Why should i switch?
The main reason you should consider switching is to save money. For most people, having a mortgage is their biggest financial commitment. So it makes sense that reviewing your biggest financial commitment can result in the most savings – often €1,000s per year.
How much can i save?
The amount you can save will depend on each individuals own circumstances, but here is an example of the type of savings you could make:
If you switch from a 3.5% rate to a 5 year fixed rate of 2.2%, you could save over €165 per month and over €10,000 over the 5 year fixed term (based on a mortgage of €250,000 over 25 years).
If you switch from a 3.5% rate to a 5 year fixed rate of 2.2%, you could save over €165 per month and over €10,000 over the 5 year fixed term (based on a mortgage of €250,000 over 25 years).
How long can it take?
This can vary and is case by case, but an average case will take between 6-8 weeks. Your mortgage advisor will keep you updated every step of the way and keep you informed of any changes.
How much will it cost?
There are two main costs associated with switching your mortgage:
- Solicitors fees – these can vary depending on your solicitor but will typically be between €1,200 and €1,500.
- Valuation fee – this will vary depending on the lender but will usually cost around €150.
Warning: If you do not keep up your repayments you may lose your home
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.
Warning: The cost of your monthly repayments may increase.
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.
Warning: The cost of your monthly repayments may increase.
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.
* This is an example and provided for illustrative purposes only. Figures based on quotations from Broker Information Systems as of 04.01.2022.