With interest rates changing and competition between lenders increasing, now could be a good time to review your mortgage. Here's what to consider.
Many homeowners are paying more than they need to on their mortgage simply because they’ve never reviewed it. With competition between Irish lenders increasing and a range of attractive fixed rates available, switching could save you a significant amount over the remaining term of your loan.
How much could you save?
The savings depend on your outstanding balance, remaining term, and the rate difference between your current mortgage and what’s available. On a €300,000 mortgage with 20 years remaining, a 0.5% reduction in your interest rate could save over €15,000 over the term — and reduce your monthly payment by around €75.
When does it make sense to switch?
Switching makes the most sense when:
- Your fixed rate period is coming to an end and you’re about to move onto a higher variable rate
- You’ve built up significant equity in your home (most lenders offer better rates at lower loan-to-value ratios)
- Your financial situation has improved since you first took out your mortgage
- Your current lender isn’t offering competitive rates to existing customers
What’s involved in switching?
The process is more straightforward than many people think:
- We review your current mortgage — rate, term, outstanding balance, and any early repayment charges
- We search the market — comparing rates and terms across all lenders on our panel
- We apply on your behalf — to the lender offering the most suitable deal
- Legal work — your solicitor handles the transfer, usually at a cost of €1,000–€1,500
- Most lenders contribute to costs — many now offer cashback or legal fee contributions to switchers
Green mortgages
If your home has a Building Energy Rating (BER) of B3 or above, you may qualify for a green mortgage rate, which can be lower than standard rates. This is worth checking — and improving your BER before switching could unlock a better rate.
Talk to us first
As independent brokers, we’ll give you an honest assessment of whether switching makes financial sense for your situation. If it does, we’ll manage the whole process. If it doesn’t, we’ll tell you that too.
Contact us for a free mortgage review.