It's quick to switch your mortgage
2021-05-24One of the fastest ways to save money is to switch your mortgage.
Are you wondering just how much?
It depends on the size of your mortgage, but rest assured you could add thousands of Euro back into your savings account. Let’s look at an example to get an idea of an actual figure.
● Let’s say you have a €300,000 mortgage
● And it’s over a 30 year term
● And your interest rate on your mortgage rate is 4.5% (which it is for more than 220,000 Irish households)
● You have the opportunity to switch to a 2.2% interest rate mortgage
● This will save you €127 for every €100,00 each month
● Which amounts to savings of €4,572 every year!
● And that amounts to savings of €22,860 over the lifetime of your mortgage!
A lot of choice on the market
There are more than 250 mortgage products on the market in Ireland.
In addition to this variety of choice, there is a 32% difference between the most expensive and the best value mortgage on the market.
That’s a big difference (and by the way, it’s up from 28% from last year).
Naturally, this choice and all the different offers available can cause confusion for many people wishing to switch their mortgage.
This explains why so many Irish households pay over the odds for their mortgages.
When we partner with our customers, we remove all the stress around switching your mortgage and research the best option for you.
Lenders look kindly on mortgage holders
We also encourage mortgage holders to remember that banks look at them as valuable clients.
As an existing mortgage holder, banks will view you as a good risk. This makes sense as you can already prove you’ve been paying a monthly mortgage regularly.
We need to know three things to get started on researching the best mortgage for you:
● The amount you still owe on your mortgage
● How long your repayment cycle is
● The current interest rate for your existing mortgage
Then we’ll need the following documents from you:
● A copy of your passport or another document that proves your identity
● Proof of your current address
● Proof of regular income
● Proof of your money management (including bank statements and credit card statements)
● Proof of your regular savings habit
● Evidence of your employment status
After we receive all of this information from you, we will begin finding the exact right new mortgage for you straight away.
And there is more good news! The Central Bank of Ireland has a rule that if you are switching your mortgage, lenders have to give you an answer within 10 days. This rule is designed to make switching your mortgage easier.
With everything to gain and nothing to lose, why don't you contact us today? We will be delighted to chat with you about how we can help you switch your mortgage.
