Switch & Save Calculator

Switch your mortgage and save now!

The main reason for switching mortgage is to save money. There is some work involved for you, but the rewards can run into tens of thousands of euros.

• Switching your mortgage is a fast process
• No arrangement fees apply
• Any legal fees involved are usually covered by switching incentives from new lenders
• There are limited documentation requirements
• You can complete a straight switch for the same amount as your existing mortgage balance
• A popular option is to use the opportunity to release equity for home improvements at a cheaper rate than your existing lender
• You can avail of cash back options of up to 3% of your mortgage

Banks often pay you to switch

New lenders compete for your business by covering your switching costs and offering cashback — which is why switching so often costs you nothing upfront:

• The upper limit on remortgages is 90% of the value of your property.
• Budget in the region of €1,000 for legal costs — but this outlay is usually covered by cash incentives from your new lender.
• A valuation fee of around €180 is also payable, as the lender requires a valuation before a loan offer is issued — again, usually covered by your new lender's incentives.
• Cashback offers of up to 3% of your mortgage are common on top of the above.
• The remortgage process can normally be completed in around four weeks.
• You'll need life insurance in place to the value and term of your new mortgage prior to drawdown — we can help arrange this.
• If you're breaking a fixed rate mortgage, check with your current lender whether a redemption penalty applies before you switch.

Working together we can accelerate your mortgage switch

We operate a mutual success process whereby we commit to completing our part of the process in a timely fashion, and in turn we ask you to complete your side of the transaction efficiently. This approach leads to a faster turnaround so that you can start saving on your new mortgage as quickly as possible.

Your part of the deal!

Complete the mortgage switch application form on our online mortgage portal and upload all the requested information. Deal with any queries arising in a timely manner.

Provide us with copies of your existing mortgage protection and home insurance policies.

Our part of the deal!

Internal assessment and recommendation of a suitable lender to you, supported with details backing up the recommendation.

Processing the application with the lender, dealing with lender and legal queries, arranging approval, arranging the house valuation, and organising your loan offer.

Ensuring all is in order for closure.

Working together we can target a new mortgage facility being in place within 4 to 6 weeks.

Resistance to mortgage switching

Research has identified a range of reasons to help explain why only 10% of mortgage holders switch lender:

• Contentment with an existing lender despite cheaper rates being available elsewhere, and comfort in having all your banking needs met in one place.
• Loyalty to your existing lender and a feeling that your excellent track record will benefit you in the future.
• Believing that the switching process is daunting.
• Not being sure of the level of savings you will make.
• Not knowing which lender to switch to.
• Not wanting to incur switching costs.

We can help you deal with these obstacles to switching:

• If your existing lender offers the best market value, we will tell you so.
• We will look after all the administration for you.
• We will set out clearly the savings you will make on switching.
• We will recommend the most suitable lender for your circumstances.
• Our service is free.

Switching when currently on a fixed rate mortgage

Most Irish mortgage holders are on fixed rate mortgages. The typical fixed rate period is three to five years. When the fixed rate ends, your mortgage will move to a variable rate, unless you agree to a new fixed rate.

If you're on a fixed rate that's higher than existing fixed rates on the market, you should consider switching. The easiest way to learn about current market rates is to talk to one of our consultants — it's a free service, so there's nothing to lose and potentially much to gain.

There may be a cost to breaking your existing fixed rate, so ask your bank for details of any break fee, and ask them to provide quotes for a new fixed rate too.

Switching mortgage should be part of your financial planning

Our business was established in 1994. We've seen lenders come and go, rates go up and down, economic growth and recession — and we've all got older and maybe a bit wiser. Some good stuff and some bad, but change is constant.

Most of us pay insufficient attention to financial planning — approximately 60% of Irish adults don't have a written financial plan. Areas of personal finance worth considering include pension planning, and protection planning through life insurance and income insurance, along with serious illness cover and health insurance. These are important decisions and all require resources — paying less on your mortgage should be part of any financial plan.