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Switch Your Mortgage FAQs

2020-06-02
Taking steps to switch your mortgage can be very rewarding financially. 
 
Imagine reducing your household bills? And having extra money to spend on a holiday? That sounds like a win/win scenario to us.
 
If you have questions about how to switch your mortgage, our blog post below will help you find the information you’re looking for.

Q1: Could I benefit from switching my mortgage?

 
Yes, most likely you could. 
 
Figures show that more than 200,000 Irish households are on standard variable rates that are much higher than current mortgage rates. 
 
In plain language, this means that many Irish mortgage holders are paying a much higher rate on their mortgage than they need to. (The Central Bank put new measures into action in 2019 to make switching your mortgage easier.)
 
Q2: Does it cost to switch my mortgage?
 
Yes, but these costs are covered.
 
There are valuation and conveyancing fees involved in switching your mortgage. 
 
However, the banks are eager for your business and have attractive offers to encourage you to switch. These offers are cash sums that cover the costs involved with switching your mortgage. Plus there’s often some money left over - which goes straight into your pocket!
 
Q3: How much money can I save?
 
Each person who wants to switch their mortgage will have different circumstances. 
 
How much you can save depends on the mortgage rate you’re paying right now, your outstanding balance and the term your mortgage still has to run. Each Irish household that switches their mortgage will save a different sum of money.
 
However, this blog post shows you how the maths works, and how you may be able to save up to €5,000 per year.
 
Q4: What documents will I need to switch my mortgage?
 
You will need the following documents to switch your mortgage:
 
●      Photo identification
●      Employment Detail Summary (P60) for last year
●      Six most recent payslips
●      Certificate of income stamped by your employer
●      Statements for the last six months for your current accounts
●      Statements for the last six months for your savings accounts
●      Credit cards statements for the last six months
●      Loan statements for the last 12 months 
 
Q5: Is there any time switching my mortgage is not a good idea?
 
There are two separate scenarios that would rule out switching your mortgage.
 
Firstly, if your property is in negative equity, switching your mortgage is not at option presently.
 
Secondly, if you’ve struggled with your credit score recently, then you’ll need to wait a while before you can apply for a mortgage switch. Use that time to improve your credit score and then the banks will be willing to work with you.
 

Which Mortgage makes switching your mortgage easy

 
We’re here to help you switch your mortgage with minimum stress. 
 
Our clients hand over the mortgage switching process to us. We do all the work, and you walk away with a better deal and more money at the end of every month. 
 
Contact us today to see how we could help you. We’ll be delighted to chat with you and share more information.

Claire Mason


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