The Which Mortgage switching mortgage process
Switching your mortgage can be as easy as the 8 points below when you partner with us:
● We handle the entire mortgage switch application process over a video or telephone call. (We’ve been doing this since we started to save our customers’ time.)
● Ireland’s lenders offer cash incentives that more than cover the legal and valuation fee for switching your mortgage.
● These costs combined are approximately €1,250 in total.
● We keep our customers updated on the different documentation required to submit a switch mortgage application.
● We calculate the exact savings you can make by switching your mortgage.
● We can adjust the term of your new mortgage to ensure that it is repaid before retirement to save you even more money.
● We will review your insurance policies to make sure that you’re receiving the best value for money in the market at the moment.
● We will continue to review your mortgage during its entire term. This way you can be guaranteed that you’re always getting the most competitive mortgage rates available.
Variable or fixed?
Are you on a variable mortgage rate or a fixed one?
If you’re on a variable mortgage rate, you most likely could switch your mortgage to a new lender at any point and not be penalised.
If you’re on a fixed rate, you can still switch but your bank may charge you a breakage fee. Our advice is to inquire with your bank as to the amount of this fee. It may still be more cost effective overall to switch to a more competitive rate.
Now, you need to think about the terms and conditions of the new mortgage contract you’re going to sign when you switch.
It’s essential to monitor the different rates lenders are offering. This is the kind of support we provide to our customers.
There’s also the question of affordability.
Fixed rate mortgages and variable mortgages come with different benefits.
Having a variable rate mortgage means that you pay a lower interest rate when interest rates go down. However, the inverse is also true. If interest rates go up, then your monthly payments will go up too.
On the other hand, having a fixed rate mortgage means that you pay the same amount for the duration of your fixed rate term. This can contribute to peace of mind in addition to managing a monthly budget for your household.