Switch your mortgage to a lower rate and save up to €20,000.

Switching mortgages can offer lower interest rates, reduced monthly payments, potential savings over the loan term, and improved financial flexibility. Getting a quote is the first step in your journey! Answer a few questions and wait for one of our Advisors to contact you!

How do I get started switching my mortgage?

It doesn’t matter who your current provider is, or if you want to save money on your repayments or keep your repayments the same to clear your Mortgage early. There has never been a better time to switch to a long term fixed rate. Especially with interest rates continually on the rise.

We are a market-leading online mortgage broker in Ireland and we will always offer expert advice to make the process of switching Mortgage seamless and straightforward. We compare Ireland’s mortgage providers so that you don’t have to. Switch and save today, we’re always only a phone call away.

When switching mortgage, we’ve made it easier than ever to get started saving money by switching to a lower interest long term fixed rate.

All you have to do is enter some quick details and one of our award-winning Mortgage advisors will get in touch with you. After your call you will be sent a link to our state of the art online application portal, which streamlines the mortgage switching process, allowing you to upload your documents and get approval online for your new mortgage.

Alternatively you can call our Mortgage department directly on

Switching Consultation

Book a switching appointment online and your Dedicated Mortgage Advisor will call you at a time that suits you best.

Application

You will require 6 months of pay-slips and bank statements to apply for your Mortgage online.

Approval

Once your lender has approved your loan, your next mortgage repayments will be reduced.

Start your journey today. Take the first step to achieve all your financial goals.

Meet our Team of Expert Advisors

How is the process to switch a mortgage?

1. Book an Appointment

Your dedicated award-winning mortgage advisor will guide you through your application.

2. Digital Application

Log in to your digital application portal and upload all documents required. You can even sign digitally to make the process even easier and hassle-free.

3. Approval

Check your application’s status at your convenience. Indicative Approval in 72 hours after assessment.

Watch our online system in action

Watch how seamless and straight-forward Applying for your first mortgage is. In under 10 minutes you can complete your application. All with guided assistance from your very own dedicated Mortgage advisor.

Would you like to speak to an advisor?

Our award winning team is always here to help you.

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LowQuotes.ie
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Clarke K
Clarke K
Service is quick and easy to use
Response from the owner: Hey Clarke,We’re delighted to hear that you found our service quick and easy to use! Your feedback is greatly appreciated, and we’re glad to know that our process worked well for you. If you need any further assistance, don’t hesitate to reach out!Best Regards,LowQuotes Team
Roisin L.
Roisin L.
I can't praise Neil enough. We were under serious time pressure and he kept us updated the entire time. An absolute treasure to have working for low quotes.
Response from the owner: Hey Roisin,We’re thrilled to hear about your positive experience with Neil! It’s great to know he kept you updated and helped you navigate through the time pressure. We truly appreciate your kind words, and we’re lucky to have Neil on our team. If you ever need anything else, feel free to reach out!Best Regards,LowQuotes Team
Róisín M.
Róisín M.
I recently dealt with Ross Kirwan for our mortgage protection & income protection. Ross was an absolute pleasure to deal with and was very informative about the various options. He made the process very easy and straightforward. I would highly recommend contacting Ross.
Response from the owner: Hey Róisín,We’re so happy to hear about your positive experience with Ross! It’s great to know he made the process of securing your mortgage protection and income protection easy and straightforward. Thank you for recommending him, and we’re thrilled to have him on our team. Don’t hesitate to reach out if you need anything else!Best Regards,LowQuotes Team
Becky C.
Becky C.
Ross was so unbelievably helpful and he really explained everything to me. Such a friendly person on the phone too!
Response from the owner: Hey Becky,We’re thrilled to hear about your great experience with Ross! It’s wonderful to know he was able to explain everything clearly and make the process smooth for you. Thank you for your kind words, and we’re glad to hear you found him so friendly. If you need anything else, don’t hesitate to reach out!Best Regards,LowQuotes Team
T. B.
T. B.
Fantastic experience with Cormac for getting Mortgage protection policy.Extremely supportive , prompt and helpful.
Response from the owner: Hey T.,We’re so happy to hear about your fantastic experience with Cormac! It’s great to know he was supportive, prompt, and helpful in securing your mortgage protection policy. We truly appreciate your feedback and are here for any future needs. Don’t hesitate to get in touch if you need anything else!Best Regards,LowQuotes Team
Rafal K.
Rafal K.
Thank you Rachel Fennin for the outstanding support while heading me through the process of getting my mortgage protection. I'm satisfied with everything and will highly recommend LowQuotes to everyone.
Response from the owner: Hey Rafal,We’re so happy to hear about your positive experience with Rachel! It’s great to know she was able to guide you through the mortgage protection process smoothly. Your satisfaction means a lot to us, and we really appreciate your recommendation. Don’t hesitate to reach out if you need anything else!Best Regards,LowQuotes Team
Gabriela B.
Gabriela B.
Colin Bailey is the best financial advisor. He explained very clearly all the details of the insurance, and I'm delighted that i could talk to him on the phone. I fully recommend him . Very nice and pleasant person to talk to. Thank you Colin
Response from the owner: Hey Gabriela,We’re thrilled to hear about your great experience with Colin! It’s fantastic to know that he was able to explain everything clearly and made the process smooth for you. We truly appreciate your kind words, and we’ll be sure to pass them along to Colin. Thank you for recommending him, and don’t hesitate to reach out if you need anything else!Best Regards,LowQuotes Team
Jenny K.
Jenny K.
Excellent Service. Niamh was fantastic as our broker. From the moment I got in contact with Niamh, she was on the button and made the process of buying our first home very easy. Can't thank her enough. She is so effecient and great at her job.
Response from the owner: Hey Jenny,We’re so happy to hear about your great experience with Niamh! It’s fantastic to know that she made the process of buying your first home so easy and smooth. We truly appreciate your kind words, and we’ll be sure to pass them along to Niamh. Thank you for trusting us, and don’t hesitate to reach out if you need anything else!Best Regards,LowQuotes Team
Elaine M.
Elaine M.
I had an excellent experience discussing pension options with Dylan and Philip. They were generous with their time and gave very detailed information. Their knowledge of the market was clear. I felt confident and in safe hands and will recommend to others.
Response from the owner: Hey Elaine,We’re thrilled to hear you had such a positive experience with Dylan and Philip! It’s great to know they were able to provide detailed information and help you feel confident in your pension options. Your trust in us means a lot, and we truly appreciate your recommendation. Don’t hesitate to reach out if you need anything else!Best Regards,LowQuotes Team
Nimmy Jordy p
Nimmy Jordy p
I would like to say a big thank you to Niamh McCaul for my mortgage protection policy. She did well with best and reasonable rate suitable for me. We highly recommend her for every one looking for any financial products.
Response from the owner: Hey Nimmy,We’re so happy to hear about your positive experience with Niamh! It’s great to know she was able to secure the best and most reasonable rate for your mortgage protection policy. Thank you for recommending her and for trusting us with your financial needs. If you ever need anything else, feel free to reach out!Best Regards,LowQuotes Team
Cormac C.
Cormac C.
Neil was very professional and explained everything well. A pleasure to deal with.
Response from the owner: Hey Cormac,We’re delighted to hear about your positive experience with Neil! It’s great to know he was able to explain everything clearly and make the process smooth for you. We appreciate your feedback and are glad you had a pleasant experience. If you need anything else, don’t hesitate to get in touch!Best Regards,LowQuotes Team
Darren
Darren
Very prompt and professional response to our quote for mortgage protection. Ross was extremely helpful in choosing our policy.
Response from the owner: Hey Darren,Thank you for your fantastic feedback! We’re delighted to hear that Ross provided a prompt and professional response while helping you choose your mortgage protection policy. He’s always committed to making the process as smooth and helpful as possible.If you ever have any questions or need assistance in the future, don’t hesitate to reach out—we’re here for you!Best Regards,LowQuotes Team
Stephanie’s H.
Stephanie’s H.
Ross was so easy to deal with & efficient.He made getting mortgage protection so easy
Response from the owner: Hey Stephanie,Thank you so much for your kind words! We’re thrilled to hear that Ross made the process of getting mortgage protection so easy and efficient for you. He always aims to make things as straightforward as possible, and it’s great to know he delivered for you.If you have any further questions or need assistance in the future, don’t hesitate to reach out—we’re here to help!Best Regards,LowQuotes Team
Emma F.
Emma F.
I took out my first life insurance policy today and I must say that Craig Haslam was so helpful and really helped me understand the different options available to me and put me at ease in choosing the best policy for me. I couldn't recommend him enough.
Response from the owner: Hey Emma,We’re thrilled to hear about your positive experience with Craig Haslam! It’s wonderful to know he was able to explain your options clearly and make the process of choosing your first life insurance policy smooth and comfortable. Your recommendation means so much to us! If you ever have any questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Katelyn C.
Katelyn C.
Ross got us out of a bind with our mortgage protection with a short deadline approaching. Could not have been more helpful and friendly would definitely recommend to a friend
Response from the owner: Hey Katelyn,We’re so glad Ross was able to assist you with your mortgage protection under a tight deadline! It’s great to hear he was both helpful and friendly throughout the process. Your recommendation means a lot to us! If you or a friend ever need assistance in the future, we’re always here to help.Best Regards,LowQuotes Team
sean mc A.
sean mc A.
I dealt with a shaun young and I couldn't recommend him highly enough he gave me an the info I needed and talked through all the options and I never felt like I was getting the hard sell at any point. I will definitely be contacting him again for any if their other services I'm the future.
Response from the owner: Hey Sean,We’re thrilled to hear about your positive experience with Shaun Young! It’s fantastic to know he provided you with all the information you needed and took the time to walk you through your options without any pressure. We always aim to make the process clear and comfortable for our clients, so your feedback means a lot to us. If you ever need assistance with any of our other services in the future, don’t hesitate to reach out – we’d be delighted to help!Best Regards,LowQuotes Team
Owen J.
Owen J.
Excellent service throughout. Niamh McCaul was the right person at the right time when it came to sorting out mortgage protection. She was calm, informative and didn't mind answering all of my questions. I'd have no problem recommending her services to anyone!
Response from the owner: Hi Owen,We’re delighted to hear about your positive experience with Niamh McCaul. It’s fantastic to know she was able to assist you with your mortgage protection needs and answer all your questions calmly and informatively. We aim to make the process as smooth and understandable as possible, so your feedback means a lot to us!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,The LowQuotes Team
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What you require to switch Mortgage?

Before Applying

When switching mortgage, before you book your appointment with our mortgage advisors, you will need to know how much is still owed on your existing mortgage and your remaining term. More importantly you will need to find our either

  1. Your current mortgage repayment per month or 
  2. Your current interest rate.

You can easily find this information out from your more recent mortgage statement or by calling your mortgage lender.

Lastly you will need a rough current estimate of the value of your property.

When Applying

After you answer some personal questions in our online application portal, you will be required to upload supporting documents for your switch. You can watch the online application process in our video by clicking here

These are as follows (in no particular order) –

  • Proof of identity
  • Proof of your household income
  • Proof of address (dated within the last 3 months)
  • 6 months bank statements, including any loans or credit card statements.
  • Evidence of savings, if applicable
  • Last 3 payslips
  • Current employment status – Proof of permanent, contract, part-time employment

What's next in the Mortgage switch journey?

House Valuation

You will need to have a valuation done on your home, so your new mortgage lender knows how big your mortgage is in comparison to the value of your home (LTV rate). The more equity the better. The fee for this will only be around €150, so don’t sweat it! We can recommend someone when you are looking to switch.

Conveyancing

You will need a solicitor (we can help with this also). This is to take care of conveyancing and legal documents. They will go through the loan offer in detail to confirm the rates and terms of the loan offer are exactly what you have agreed to with your new lender. 

Mortgage Protection

Don’t worry – we’ve also got this covered for you! With the highest discounts available in Ireland and price match, price promise in place – we simply can’t be beaten on price. We will always recommend you get this as soon as possible in your mortgage journey, as there are many factors that can prevent you from getting cover.  See how much it will cost here with our online quote comparison

It’s also important to cancel your old Mortgage Protection cover after your new policy is live.

Set up new direct debit

When your mortgage gets approved, you will be asked by your lender to complete a direct debit form, allowing them to collect payment from your bank account.

And that’s it! Happy savings!

How popular is it to switch mortgage?

Every year, more people switch to a long-term fixed rate, usually for savings. But most importantly because interest rates are on the rise and even though your repayment might be affordable now, by the time your fixed rate ends (if it already hasn’t). The rates will be much higher.

In Q1 2022, There were 9,910 drawdowns valuing €2.51 billion. Of which, 1,762 were switchers/re-mortgage (€462 million). 

In Q1 2021 there were 9,091 drawdowns valuing €2.14 billion. Of which, 1,380 were switchers/re-mortgage (€334 million).

This is a QoQ increase of 9.3% in drawdown value and also 9.3% in volume. In comparison, the increase YoY in volume is 27.7% and 38.6% in value. This tells us that more and more people are becoming aware of how easy it has become to switch mortgage providers.

mortgage switching 2021 vs 2022

Want to get started with your first mortgage? Need more advice?

Your Questions Answered

If the outstanding amount on your mortgage is less than €30,000, Irish lenders are unlikely to allow you to switch.

You must pass an assessment and qualify for your new mortgage, if your financial circumstances have changed, you will be assessed differently than your initial application.

You must have a good credit rating. A credit check will be carried out by the lender you choose to switch to. If you’ve had any difficulties on paying new loans or credit cards, this may make it difficult to switch mortgage.

You cannot be in negative equity. This will be assessed on a case to case basis when switching.

To switch your mortgage to another lender, you don’t need to have a deposit.

With a fixed rate mortgage, your interest rate and monthly repayments are fixed for a set time as agreed between you and the lender.

Variable rates allow you to increase your re-payments, you can also use a lump sum to pay off all or part of your mortgage, or re-mortgage without having to pay any fixed rate breaking fees. However, variable rates can rise and fall meaning your mortgage repayments can go up or down during your Mortgage term.

If you want to switch mortgage and your fixed rate hasn’t ended yet, you may be charged a penalty fee for switching. Some people choose to wait until their fixed term has ended, but the fee that’s charged is usually much less than the possible savings.

With interest rates currently rising, by the time your fixed term ends – you might not get as good of a deal when you want to switch. Overall this makes it more worthwhile to switch now.

This is a percentage figure which represents the difference between your mortgage loan and the value of your property. For example if your mortgage is €100,000 on a property valued at €200,000, your LTV rate would be 50%.

LTI is your Loan to Income rate, generally you are allowed to borrow 3.5x your annual income before tax. Some exceptions may apply.

This is the amount you owe excluding costs and interest. This is also known as the “Principal” of your loan.

This is when you are given an indication of approval from our first discussion with you, without having to see any documentation. This is not guaranteed approval.

The date the mortgage must be repaid in full, or by which a new agreement needs to be taken out.

There is no real ‘best time to switch’. Certain factors can slow down the process with lenders, such as how busy they are (Earlier in the year is usually faster). Also if your mortgage is more than 3.5x your salary, you will need an exemption (Central Bank) – In this case the earlier the better as there’s more excemptions available.

When considering switching Mortgage, December can be a particularly slow month as banks operate on reduced hours due to christmas. This makes January quite busy and can tend to slow things down.

This is a little bit of “how long is a piece of string?”. It depends on many factors such as your application, the lender and their requirements, solicitors. but in general around 6 weeks is an accurate estimate.

Since 2019, the Central bank of Ireland introduced new measures to make mortgage switching easier.

They introduced new measures that lenders have to now follow.

These measures mean that lenders must:

  • Tell you about cheaper mortgage options 60 days before you come out of a fixed rate mortgage
  • Tell you if you can switch to a cheaper mortgage based on how much equity is in your home
  • Clearly explain the pros and cons of any mortgage incentives such as cashback offers
  • Give you a comparison of how much your mortgage costs versus other options offered by your lender if you ask for one
  • Give you all the information you need to switch, including telling you how long it will take
  • Give you a decision within ten business days of receiving a completed mortgage application

Source – Central Bank of Ireland

Warning: You may lose your home if you do not keep your repayments.

Warning: The cost of your monthly repayments may increase. 

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, limiting your ability to access credit in the future. 

Warning: The entire amount you have borrowed will still be outstanding at the end of the interest-only period. The lender may adjust the payment rates on this housing loan from time to time. (Applies to variable-rate loans only).

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Coronavirus Covid 19 Information

We would like to assure our customers that although this Worldwide Pandemic has struck our Nation hard, we are still here for our new and existing customers. All phone calls and emails will be dealt with accordingly.

In the unfortunate circumstance that a customer contracts COVID-19 and dies, our life policies would pay out in line with our usual claims philosophy.

All Consultations will be held by Phone or Online via Computer/Smart Device to remove face-to-face interactions and keeping in line with social distancing guidelines recommended by the Government.

We at Lowquotes.ie hope you, your family and your loved ones stay safe & healthy in this time.