Switch your Mortgage to a lower rate and save up to €20,000.
Switching can help you save thousands, which could also be used for home improvements, debt consolidation or reduce your mortgage term.
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Benefits of choosing LowQuotes
Our 3 Step Switching Process
Book a switching appointment
Enter some quick details & book your switching appointment with our award-winning advisors.
Log in to your digital application portal & upload your documents. With full guidance from your dedicated Mortgage advisor.
Fast-track Mortgage Approval
Switch Mortgage Provider & Save
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.
How to Switch Mortgage
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 057-86-01299.
Mortgage Switching Calculator
What you require to switch Mortgage
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
- Your current mortgage repayment per month or
- 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.
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?
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.
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!
Our Online Switching Platform
Watch how seamless and straightforward Switching your mortgage is. After your initial call with us, In under 10 minutes you can complete your switching application. All with guided assistance from your dedicated award-winning Mortgage advisor.
How popular is it to switch mortgage?
Every year we’re seeing more and more people switching to a long term fixed rate, usually for the 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 was 9,910 drawdowns valuing €2.51 billion. Of which, 1,762 was switchers/re-mortgage (€462 million).
In Q1 2021 there was 9,091 drawdowns valuing €2.14 billion. Of which, 1,380 was 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 provider.
Want to get started or require more information?
Book an appointment to speak with our Expert Award Winning Mortgage Advisors by clicking Book a switching appointment and simply fill in your details and our award-winning Mortgage team will contact you on the time and date of your choosing, assisting you on your Mortgage switching journey. After your call you will receive a link to our Online Mortgage switching portal, allowing you to upload your documents & get approval online.
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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