Remortgaging – moving your mortgage to a new deal with your current lender or another lender – is a strategy many Irish homeowners use to save money, access equity, or adjust their mortgage to better suit their circumstances.
Why Consider Remortgaging?
Lower your interest rate and reduce monthly payments.
Switch from variable to fixed (or vice versa) for greater financial security.
Access equity for home improvements or debt consolidation.
Avoid reverting to a higher standard variable rate after a fixed term ends.
When to Start Thinking About It
Ideally, 6–12 months before your fixed term ends.
Gives you time to compare lenders, calculate potential savings, and avoid unnecessary fees.
Example: Switching a €300,000 mortgage from a 4.5% fixed rate to 4% could save €80/month (€960/year) — enough to fund home improvements or build a savings buffer.
Steps to Remortgage
Check your equity – ensure your home has enough value to meet lender requirements.
Review your current mortgage – note remaining term, interest rate, and break costs.
Gather financial documents – payslips, bank statements, proof of income.
Compare lenders and deals – consider both your existing lender and competitors.
Apply with a mortgage broker – they can often access deals unavailable on the high street.
Key Points
Remortgaging can reduce costs, improve flexibility, and fund home improvements.
Planning ahead maximizes savings and reduces stress.
Expert advice ensures you understand fees, break costs, and the best lender options.
👉 Speak to Which Mortgage to see if remortgaging could save you money.
