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
Book a switching appointment online and your Dedicated Mortgage Advisor will call you at a time that suits you best.
You will require 6 months of pay-slips and bank statements to apply for your Mortgage online.
Once your lender has approved your loan, your next mortgage repayments will be reduced.
Your dedicated award-winning mortgage advisor will guide you through your 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.
Check your application’s status at your convenience. Indicative Approval in 72 hours after assessment.
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.
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
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.
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) –
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.
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.
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.
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!
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.
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:
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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