Switch to Save
‘Do you have the best deal?’
If you got out a mortgage some time ago, it may be likely that you can switch to a much better rate without incurring any switcher costs.
There are 300,000 mortgage customers on high standard variable rates. These customers can potentially save thousands of euro over the remaining term of their mortgage by switching mortgage provider. Switching is relatively easy and in some cases, free. Many lenders are willing to contribute up to €2000 toward the cost of switching.
Want the best mortgage? Switch to save now!
Many people with existing mortgages are paying high interest on their repayments. What many do not realise is that they are not obliged to stay with the same lender for the remainder of their mortgage term. Indeed, they can re-negotiate the mortgage conditions and term by switching to another lender. People switch providers regularly when it comes to their internet, phone, electricity and grocery shopping, but they do not look at mortgages in the same way. This may cost mortgage borrowers a lot extra in repayments. So, what can you do to save money?
‘80% loan to value ratio on your mortgage gives you a good chance to qualify for great savings’
There are certain conditions which put you in a good position when applying for a mortgage switcher. The new lending institution will want to ensure that you have been able to meet your mortgage repayments and that your property is not in negative equity. Hence, switching will not be an option for borrowers in arrears, or for properties with current market value lower than the outstanding mortgage loan on them.
‘Switching may save significant thousands over the term of an average mortgage’ (see examples of mortgages we have switched)
A drop of only a fraction of percent can bring significant savings over the term of a mortgage and maybe a decrease in the term at the same time. All of this without any cost to borrowers in doing so!
The great news is that some banks are now covering the costs associated with switching, meaning no cost to the borrower. Rates available from 2.9%.
Saving them €41,040 over term of the mortgage.