Switching a mortgage makes perfect sense. By switching a mortgage you could save money, ease your monthly repayments, and maybe put a little something in your wallet.

Switching is easy to do, but not nearly enough homeowners do it.

Many people in Ireland do not even think of switching their mortgage. Some people just could not be bothered switching, while others do not realise either the savings or the benefits of changing the mortgage.

The truth is that switching a mortgage is easy to do, saves you money and can be a big financial benefit to the home. Doing a quick review of your mortgage with a qualified expert can show the pluses of making the switch and how easy it can be.

At MortgageOne we have the team in place to help you switch mortgage and to put more money in your pocket.

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Can I switch mortgage provider in Ireland?

Yes, you can switch mortgage provider in Ireland. Your mortgage agreement is between you and the mortgage provider, and if you fulfil all the terms of their agreement, you can switch to another lender.

According to research, around 28% of mortgage holders consider switching provider each year. Many homeowners lack any knowledge about mortgage rates, know the options in the market and even the value of their home compared to the initial purchasing loan. Only around 34% of people look into what mortgage rates are available elsewhere, while just 27% of mortgage holders research competing mortgage products.

There is money to be saved by switching a mortgage, but not many people realise you can switch a mortgage on the house and how easy it is to change mortgage provider in Ireland.

MortgageOne has the team in place to advise on switching mortgages and the benefits of doing so.

Benefits of switching a mortgage

The benefits of switching a mortgage range from saving money to paying off the balance faster than you had planned. People who switch mortgage in Ireland quickly see the benefit in their pockets and enjoy the freedom of having less to pay each month.

Some of the benefits of switching a mortgage in Ireland:

  • Enjoy lower monthly repayments

  • Lower the amount of interest paid over the term of the mortgage

  • Have the mortgage paid off in a shorter time

  • Avail of any cashback offers

  • Enjoy a better relationship with the new mortgage provider

  • Release the equity in your home

  • Put a little extra away in savings each month

Depending on the value of your home, how much you are paying for the mortgage today and how long is left on your repayment, you could see plenty of benefits in changing mortgage providers.

For too long in Ireland, we paid our mortgage without asking questions of the lending provider or seeing if we could get a better deal elsewhere.

Now is the time to consider switching mortgage and live a little better on the benefits of doing it.

How do I switch a mortgage in Ireland?

You switch a mortgage in Ireland by looking at your options, weighing up the benefits and making the move that is right for you. It is easy to switch a mortgage when you know how and when you have the right team behind you.

Switching mortgage may not be the best option for everyone, but by following a few straightforward steps you can see how to switch and if it will be of benefit to you.

The steps to switching a mortgage in Ireland are:

Look at your current mortgage before you do anything like switching providers. You could find you are in a great position, and making a switch would not suit, or you could quickly see how you should be doing better.

Things to look for in your current mortgage:

  • Interest rate
  • Time left in the mortgage
  • The amount still owed
  • If you are tied into a fixed rate

When armed with the mortgage review, you can look at your switching options and talk to a financial advisor about the benefits.

By getting a valuation of your home, you can see where the real benefits are in switching mortgage. Not everyone realises they are paying a mortgage based on a five- or ten-year-old valuation and that there may be value in switching the mortgage.

You could have equity locked up in the value of your home, and a professional will know from looking at the house what it may be worth on the market.

It may cost less than €200 to get a valuation done on your home, but it could be priceless in determining the benefit of making a mortgage switch.

Looking at the options in the market is the next step in the mortgage switching process. Talk to a recognised expert, such as one of our MortgageOne people, who can guide you through the various options out there.

The MortgageOne switching expert can:

  • Highlight the competing mortgage providers in the market
  • Show how much you can save each month
  • Go through the paperwork with you
  • Outline the long-term benefits

Only by talking to the expert in mortgages can you know if switching is for you and what are your options.

There are always legal obligations to be taken care of and it is not any different with switching your mortgage. 

If your mortgage is a fixed-rate one, you may have to pay a fee to break the agreement before completion. Usually, the fee is manageable and you will make it back in the savings.

There are no legal reasons why you cannot switch mortgage in Ireland, and once all the legal paperwork is done, you can begin the switch.

Make the switch in mortgage provider and start saving money today, sounds good, and it can be great for you.

In essence, switching mortgage providers is like taking out the mortgage all over again, but like most things, doing it a second time is so much easier.

Chances are you will have all the documents on hand from the first time, and many documents can be submitted online. Your solicitor will have the legal paperwork on file and ready for submitting.

The new mortgage provider is obliged to give you a decision within ten days, so there will not be any waiting around for them to provide an answer.

Remember, only if you are happy with the options on the market and agree that you will save money from switching the mortgage should you start the process.

How much could you save by switching mortgage?

You could save €100 per month by switching mortgage, or it could be €150 per month, it all depends on your existing circumstances. There is not any fixed answer until you get into the figures and get your calculator working.

If you do save €100 per month by switching mortgage that adds up to €12,000 over ten years, not to be sniffed at by any means. You may also save money if interest rates change over the life of your mortgage, adding to the money you already have in your pocket.

In a competitive market, you may find that competing mortgage providers are offering incentives to switch to them. Some banks might give you a generous cashback, more money in the wallet, or others may pay legal fees or offer to drop their own charges.

Remember, you are the one they want to attract, so do not be scared to look at what is available and ask for a few sweeteners.

The MortgageOne Repayment Calculator is a good way to get an idea of savings by switching mortgages.

Call MortgageOne Today

Call MortgageOne today to learn more about switching mortgage and how much money you could save monthly.

Our experts will guide you through the various options in the Irish mortgage market and how switching your mortgage could benefit the home.

We have the team in place with years of experience and knowledge of the Irish market to get you the best mortgage available.

The team can help with paperwork, talk you through the process and get you the best value on the mortgage market.

Call MortgageOne today, and let us help you save money by switching mortgage.