Not all Mortgages are the same. Thinking of Switching your Mortgage to a better rate? Looking to make savings on your Mortgage?
We hold agencies with all major Irish mortgage providers. This means we are not tied to any one provider and can therefor offer a unbiased & impartial switcher service, negotiating on your behalf with multiple mortgage providers offering varied mortgage switcher packages.
1. Can I switch my mortgage?
There are a few things you need to consider when switching your mortgage.
Your LTV ( Loan to Value) rate can change based on the amount outstanding reducing and your house value changing up or down. This can be a huge factor in securing a new Mortgage rate.
The balance outstanding on your current mortgage will be a determining factor when looking to switch mortgages.
Term remaining, both minimum and maximum mortgage loan terms can apply if you are switching.
Your current rate or fixed rate could make the difference between significant savings and an overall loss over the lifetime of the loan.
Credit history will be looked at. Have you been meeting your financial obligations.
Before you make any important decisions it would be advisable to seek professional financial advice.
2. When can I switch my mortgage?
If you are on a variable rate you can, generally speaking, switch at any time. If you are on a fixed-rate mortgage you could pay a hefty penalty to break free, but if you are coming to the end of a fixed-rate period it would be advisable to look at your options going forward.
If you happen to have a tracker mortgage it would be very unlikely you would get a better rate.
3. Can I switch my mortgage to another bank?
The short answer is yes! Irish banks are offering very competitive rates to consumers looking to switch their mortgage. There are even cashback incentives being offered by mortgage lenders to get your business. While this may seem attractive in the short term, always remember the interest rate. This is where the real saving is made.