Switch your mortgage more than once
Reducing your household expenses and saving money is always a good idea. Just think of all the things you could do with a few extra thousand euro per year in your pocket.
That said, it’s a good idea to review your mortgage throughout its lifetime (not just now in the pandemic).
New mortgages come onto the market all the time. There could be multiple opportunities for you to save money on your mortgage, especially when:
● Interest rates change - the mortgage deal you’re currently on may not be as competitive as it once was
● Your current mortgage fixed term is nearing its end
● Once a year - invest an hour of your time to scan the market and see if there is a better offer available to you (or, better yet, let us do this for you - we make switching your mortgage easy
The Central Bank is on your side
The Central Bank
in Ireland is fully aware that a mortgage is the largest financial commitment many people will make in their lives.
For this reason, it’s of huge importance to the Central Bank that people avail of cheaper mortgages when they can. Research published on their website highlights how one in five people in Ireland could save money by switching their mortgage.
These measures include:
● Your lender has to let you know of cheaper options 60 days before your fixed rate mortgage ends
● Let you know if you can switch to a cheaper mortgage based on the equity you have built up in your home
● Share clear information on the pros and cons of any new mortgage you may switch to
● Provide information comparing your mortgage with other options if you request details about them
● Clearly indicate what information is needed to switch mortgages
● Share a timeline of how long it will take to switch your mortgage
● Lenders have to respond within 10 business days with a decision on your mortgage switching application