Switch your mortgage and save €5,000 a year

2020-05-12

Covid-19

Mortgage payments are often one of the largest expenses in our household budgets. However, switching your mortgage could reduce your expenses by a whole lot.

In fact, a sum of €5,000 a year could be back in your pocket if you find a better mortgage deal. And that’s where we come in. We help our customers find the right deal and we make switching your mortgage easy.

Reduce the financial impact of Covid-19 with a new mortgage deal

Covid-19 has impacted nearly everyone financially. Some people may be experiencing a harder knock than others, but very few people have been spared.

These circumstances make saving money even more necessary.

One of the great benefits of switching your mortgage is that an investment of just an hour of your time could result in big savings for you. All it takes is a bit of research to discover what the best options are for you. Our responsibility to our clients is to find the best deal and handle all the requirements of the mortgage switch process for them.

Interest rates have gone down

It’s a good idea for anyone who bought a house after 2008 to review their mortgage deal regularly according to the Central Bank. And we wholeheartedly agree. The global pandemic has just made this type of financial housekeeping more of a priority.

It’s estimated that more than 220,000 households in Ireland are still paying mortgages with variable rates of up to 4.5%.

Yet the lowest rate on the market currently is 2.2%. That’s a lot of money that people are leaving on the table by not switching their mortgages.

As a general rule of thumb, if you’re on a mortgage deal with a 4.5% interest rate over 30 years and you switch to one with a 2.2% interest rate, you’ll save €127 for every €100,000 you still owe.

If your mortgage currently stands at €300,000, the savings you make will be €4,572 per year.

The savings grow even more if you look at the medium term. Over five years, on a 2.2% mortgage deal, you’ll save €22,860!

Contact us today to switch your mortgage

Most of Ireland’s nine lenders all offer extra benefits to mortgage holders looking to switch. This might be a cashback offer, which puts even more money back in your pocket.

We partner with our customers throughout the entire mortgage switch process. The result is no stress but maximum savings for you. Contact us today to chat about your switching mortgage requirements.