The benefits of switching your mortgage can be significant for your household budget. And when you add up the money you can save on a month by month basis over a whole mortgage term, switching your mortgage could be one of the smartest decisions you make.
As a mortgage switcher, you’ll also be attractive to banks. The fact that you’ve been paying your existing mortgage tells the banks that you’re a good credit risk. Many of the Irish lenders offer gifts or “incentives”, such as cash back, to get you to switch to them.
We help our customers find the right mortgage when they want to switch. And take care of the paperwork!
The Which Mortgage switching mortgage process
Switching your mortgage can be as easy as the 8 points below when you partner with us:
- We handle the entire mortgage switch application process over a video or telephone call. (We’ve been doing this since we started to save our customers’ time.)
- Ireland’s lenders offer cash incentives that more than cover the legal and valuation fee for switching your mortgage.
- These costs combined are approximately €1,250 in total.
- We keep our customers updated on the different documentation required to submit a switch mortgage application.
- We calculate the exact savings you can make by switching your mortgage.
- We can adjust the term of your new mortgage to ensure that it is repaid before retirement to save you even more money.
- We will review your insurance policies to make sure that you’re receiving the best value for money in the market at the moment.
- We will continue to review your mortgage during its entire term. This way you can be guaranteed that you’re always getting the most competitive mortgage rates available.
Variable or fixed?
Are you on a variable mortgage rate or a fixed one?
If you’re on a variable mortgage rate, you most likely could switch your mortgage to a new lender at any point and not be penalised.
If you’re on a fixed rate, you can still switch but your bank may charge you a breakage fee. Our advice is to inquire with your bank as to the amount of this fee. It may still be more cost effective overall to switch to a more competitive rate.
Now, you need to think about the terms and conditions of the new mortgage contract you’re going to sign when you switch.
It’s essential to monitor the different rates lenders are offering. This is the kind of support we provide to our customers.
There’s also the question of affordability.
Fixed rate mortgages and variable mortgages come with different benefits.
Having a variable rate mortgage means that you pay a lower interest rate when interest rates go down. However, the inverse is also true. If interest rates go up, then your monthly payments will go up too.
On the other hand, having a fixed rate mortgage means that you pay the same amount for the duration of your fixed rate term. This can contribute to peace of mind in addition to managing a monthly budget for your household.
Switching your mortgage might take a bit of time, but it’s a process that can help you make big savings.
Use our mortgage calculator to gain an idea of the better mortgage interest rates to which you may be able to switch.
Contact us today for a confidential chat. Our team would be delighted to chat with you. And we’ll calculate your long-term savings. The total sum could be a very happy surprise!