Switch Mortgage

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.

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

Mortgage Switching Calculator

Mortgage Repayment Calculator

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Monthly Mortgage Payment with our lowest rate of 3.85%

Google Reviews

Fantastic service from our broker Bernadine. She made the process of getting a mortgage easy and stress free. We would have struggled by ourselves as our house was not a straight forward buy. Highly recommend
Richard Bulfin
Richard Bulfin
1712245739
Look no further than lowquotes.ie. I can’t recommend Richie Westman enough. He was incredible while working with us. Even though there was a lot of delay and back and forth from our end, he was extremely patient and accommodating. He made sure we had all the information we needed even if it meant repeating things to us a multiple times.If you’re starting your first time mortgage journey, Richie is the the guy you’d want to talk with. Well done Richie and thanks a ton!
C M
C M
1711669230
Had an amazing experience with Richie Westman. He was patient, super accommodating, and very clear on his explanation when I had questions. I really appreciate his time and expertise, his help will certainly alleviate the some of the stress involved in securing a mortgage.
Had an outstanding experience with Low Quotes, especially with Alan, while arranging mortgage protection. Alan's professionalism and assistance made the process incredibly smooth. His proactive approach alleviated our stress, as he went the extra mile to stay in touch and ensure we had all necessary documentation to finalize our mortgage. Highly recommend Low Quotes without hesitation.
I cannot speak highly enough of Bernadine Day. Our mortgage journey was not a straightforward one and I can honestly say we wouldn't have gotten through it without Bernadine's help. She pointed us in the direction of the right lender for us and guided us through the process with professionalism and empathy. Her knowledge, expertise and kindness are unparalleled. She was always available by message or by phone to answer any questions we had or to assuage any anxieties we had. She dealt with our lender on our behalf and was always prompt in relaying messages from them and in passing on any requests they had for documentation. Bernadine was so helpful too in explaining the different jargon and terminology we weren't used to. She will always have our gratitude for guiding us through the journey and into our dream home.
Louise Kelleher
Louise Kelleher
1710936981
There is no other mortgage broker like Bernadine Day. Our mortgage journey was not the most straightforward, and having Bernadine on our side through it all was a blessing. She has vast experience and a can-do attitude ~ she is the reason my partner and I have this mortgage.If you are beginning your mortgage journey, chat to Bernadine. You will be in the best hands possible.10/10, highly recommended.
Kind Jewels
Kind Jewels
1710849132
Very good company to deal with. we dealt with Seamus who gave us clear easy to understand information and was very reassuring when we had questions or requested clarity on issues. Overall would recommend this company to anyone who is getting a mortgage Protection life cover, or anything they are the best to deal with I won't be changing again. Thanks so much for a fantastic team. 😀😀😀
Angela Doyle
Angela Doyle
1710368070
Bernadine Day worked tirelessly to remortgage my home. At times it was difficult to navigate due to my complicated housing portfolio but Bernadine`s support and efficiency guided me through the rough waters. She really does go above and beyond to help achieve the best rates for her customers. I are hugely grateful to her. Bernadine`s communication is always clear and concise and no issue is ever too big for her to assist with. Thank you for your help, I will no doubt be back if I purchase again.Date of experience: March 2024
Richie has been very thorough with the details of the mortgage protection that we are hoping to avail. He let us understand how the benefits can impact us in the most simplest terms. Furthermore, he was tactful and patient with every queries we asked. Well done, Richie.Thank you.
Amazing service from Richard Westman!!Highly recommend Richard if you are looking for mortgage protection and other insurance.He is so helpful.Couldn’t recommend him enough 10/10
Highly recommend speaking to Richie if you are looking for mortgage protection. Myself and my wife were delighted with the service from Richie, so efficient and easy to deal with! 10/10
Gary Walsh
Gary Walsh
1708435883
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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

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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.

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