Switching your Mortgage

Switching your Mortgage

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Switching your mortgage is one of those things that people are reluctant to do, but can pay big dividends.

Paying a mortgage is typically your biggest financial commitment.

So, it follows that reviewing your largest outgoing can produce the largest saving – sometimes €1,000s each year.

Mortgage switching makes more sense than ever, as new lenders incentivise borrowers by covering the cost of the fees involved, through cash back or fee refunds, on completion of the switch.

If any of the following situations are relevant to you, call Finance One for the best advice available;

You want to save money

According to the Central Bank of Ireland, 20% of borrowers could save thousands on repayments, over the term of their mortgage, by switching mortgage provider.

Finance One can advise if better options, offering potential savings, are available; after first considering if the current lender will match any new business rates.

You want to borrow more

People often want to release equity in their home for home improvement, debt consolidation or education costs.

There is no better time to consider switching mortgage, and Finance One can explain the different underwriting requirements and the best offers in the market.

Your current fixed-rate deal is about to end

Most fixed-rate mortgages only last a short time, with one to five years being the typical duration.

When the fixed-rate period ends, lenders normally offer a new fixed term or a standard variable rate (SVR), which is likely to be higher than the best market rates available. Therefore, it makes sense to contact Finance One three months before the current rate ends, in order to be ready to re-mortgage to any available lower rate.

The value of your home has increased

If the value of your property has increased since taking out the mortgage, you may now be in a lower loan-to-value band, and therefore eligible for much lower rates.

Fear of potential rate increases

Mortgage interest rates are at an all-time low. Finance One can advise on the best fixed-rate deals available in the market, which may protect from a future repayment increase that would over-stretch your monthly mortgage budget.

More flexible repayments required

Some lenders are more flexible with repayment options than others. Finance One advises on the best mortgage options available for payment holidays or overpayments, which may not be available from the current lender.

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