Why switching your mortgage now is a good idea

2020-06-22

Switching your mortgage is the fastest way to put money back into your pocket.

Our mortgages are the largest expense in many of our household budgets. Making a saving on this expense has the power to save you money in the short and long term. That’s a win win scenario right there!

How to switch your mortgage

We make switching your mortgage easy.

Our team has close relationships with all of Ireland’s nine lenders. We treat our client’s mortgage as our own and ensure that we find the best deal for them. Our approach promises our clients two things:

● Zero stress

● Lots of savings

When you work with us, we’ll immediately establish the facts around your current mortgage. These facts are:

○ How much you still owe

○ Your repayment term

○ The current interest rate you’re paying

Then we get to work.

We compare all of the mortgages on the market. In Ireland, nine lenders offer more than 250 mortgages. That’s a lot of home loans - and we find the best one just for you.

We take into account the interest rates on new mortgages, the savings you can make and the cashback incentives lenders are offering. All three of these variables need to be considered to find the right mortgage for you.

Part of switching your mortgage requires documentation. We’ll guide you through the document requirements too.

The list of documents include:

● Proof of identity (e.g. a copy of your passport)

● Proof of address

● Proof of your income

● Proof of how you manage your money (e.g. current bank statements, credit card statements)

● Proof of your savings

● Proof of your employment status

You’ll recognise the process as similar to applying for a new mortgage.

However, the GREAT news is that we’re on your side and you’ll have a decision regarding your new mortgage within 10 business days. It’s a Central Bank rule.

We also work on behalf of our clients to handle the legal aspects of switching your mortgage. Many of the lenders offer cashback incentives specifically to help cover the conveyancing costs.

How much can you save when you switch your mortgage?

Now, we get onto the money part!

There’s no single response on how much money people can save if they switch their mortgage. Savings depend on each individual’s own set of circumstances. In other words, how much they borrowed, their repayment term, their interest rate etc.

However, we can tell you that the savings you make by switching your mortgage will be significant.

Let’s look at an example.

● If your mortgage term is over 30 years

● And you’re paying a 4.5% interest rate (which more than 220,000 households in Ireland are)

● You switch to a mortgage with a 2.2% interest rate

● You’ll save €127 per every €100,000 you owe

On a €300,000 mortgage, that’s a saving of €4,572 per year.

Now calculate those savings over five years…

And calculate what you will save over your mortgage’s entire lifetime. We already have 😊 It’s a saving of €22,860!

Give yourself an easy switching mortgage experience

We find it immensely rewarding to help our clients find better mortgages.

You’ll avoid any stress and earn major savings when you work with us to switch your mortgage. Our switching mortgage calculator will get you started.