Switch to Save €€€ – How to Switch Your Mortgage in Ireland

Why Switch Your Mortgage?

If you have a Mortgage, it’s likely to be your largest monthly outgoing cost now and for many years to come! The good news is you may be able to save money.

Many people think that they must stay with the bank, who originally granted their Mortgage, for LIFE. This is not the case, we may be able to help you to save on this monthly cost.

We recently helped a client who believed they were compelled to stay with their Mortgage Lender for the duration of the Mortgage. Thankfully, they reached out to us at Murray & Spelman, Mortgage Brokers, for help. They were eligible to switch their Mortgage and save on the monthly cost.

Potential Benefits of a Mortgage Switch

The main reason people switch Lenders is to get a more competitive or lower Interest Rate which will reduce their monthly repayments. In other cases, people require additional funds to convert the garage or finish that landscaping job that was planned when they bought or built their home.

Our recent client had a Mortgage balance of €300,000 with a term of 27 years remaining. They were on a fixed rate of 3.55%, which was due to expire in around 3 months. ‘Not a bad rate’, some might say. Well Murray & Spelman were able secure them a rate of 2.45% fixed for 5 years by switching to a different Lender. This saved them approximately €1,700 per annum, which equates to a massive €45,000 over the lifetime of the Mortgage. Think of how long it would take you to save that amount!!

On top of those savings, their new Mortgage Lender also provided them with €3,000 cash back for switching to them. This helped to cover the solicitor costs associated with their switch, which in this case were approximately €1,500 and a valuation of their property which cost them €180. After the above outlays, they were still left with a surplus of €1,320 in their back pocket. (T&C’s apply).

This was based on a valuation of €385k and an LTV of 77%. Also, the clients had a current account with the new lender which gave them access to an additional current account offer.

Please remember that each bank has its own set of criteria for Mortgage switchers. If your financial circumstances have changed for the worse since you qualified for your initial Mortgage, you may not qualify to switch.

Want to see if you can qualify for switching your Mortgage and make savings?

WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT

VARIABLE RATE LOANS: THE PAYMENT ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.

FIXED RATE LOANS: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE LOAN EARLY