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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.
