The 2 Types Of People Who Should Switch Their Mortgage Provider In 2018
Category : Mortgage News
Word Count: 638
Estimated reading time: 3 minutes
Switching your mortgage is quickly becoming a popular way to save money.
Most people think switching their mortgage is a complicated and stressful process.
Want some good news?
It’s easier than you think. Like, way easier than you think.
In fact,for a few hours of your time, you could have the whole process over and done with in less than 4 weeks.
And the best part? You don’t even have to leave your house to find out if you qualify for a mortgage. You can know exactly where you stand in regards to your mortgage with just a 5 minute phone call (01 5242065).
Ring that number, answer a few questions, and in 5 minutes, you could have provisional approval for a lower interest rate.
What is provisional approval?*
*Provisional approval is a no strings attached offer. You can chose not to follow up if you feel it’s not for you. In fact, after your 5 minute phone call you can decide switching mortgages isn’t for you and forget the whole thing.
Want some more good news?
By switching your mortgage provider you could save hundreds every month. (average client savings are €175 per month).
Think about it? That’s like being paid thousands of euro for just a few hours work.
So Who Should Switch their mortgage?
There are 2 types of people who should consider switching their mortgage;
- Those whose haven’t missed a credit payment in the past 6 months.
- And those whose house prices have increased since they took out their mortgage.
Group 1: You haven’t mixed a payment in the past 6 months.
This is pretty straight forward. Banks want to know that you will pay back your mortgage if they give you a loan. If you’ve missed any payments in the past 6 months, such as electricity bills, credit cards or your current mortgage, they’ll be less likely to approve your mortgage.
If you’ve missed only one payment in the last 6 months but it was for a good reason, such as your credit card company overcharged you, you may still be able to get a mortgage.
If you’ve missed two or more, your best option is to wait until your 6 month history is spotless.
Group 2: Your house price has increased since you took out your mortgage.
Most banks use the value of your house to decide how much interest you pay on your mortgage. (Usually) All else being equal, the higher the value of your house, the lower the rate of interest you pay.
If your house value has gone up, you likely qualify for a lower interest rate. If your house has decreased in value, you may not qualify for a reduced interest rate.
Are there any downsides of switching my mortgage?
Apart from the 5 minute phone call and a few hours of work, not really.
It’s currently a buyer’s market for mortgage holders and switching mortgages is an easy way to save thousands for a few hours work.
The only potential disadvantage is the switching costs but you can take out a cashback offer that will cover these.
So what to do now?
“What should I do if my house price has increased in value, or I haven’t missed a payment in the past 6 months?“
The first thing you can do is to find out if you qualify for a lower rate. This can be done with a few hours of grueling work going from website to website, collecting and comparing data and getting all stressed out…
Or you can call 01 5242065, answer a few simple questions and (hopefully) have provisional approval for your loan in just 5 minutes.
P.S. We recommend the 5 minute call 😉
P.P.S. If Facebook messages are more of your thing than phone calls, send us a message here.
P.P.P.S. If you liked this article and know someone else who could save by switching their mortgage, click here to like us on Facebook.