Switch Mortgage
& Save Money

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Switching is easy and we are here to guide you through the process and identify the lender and rate which is most suitable for you.

  • If you have not reviewed your mortgage you could be able to switch to a lower rate, which could save you thousands over the course of your mortgage (see example below).
  • A major factor to consider is the current rate with your existing mortgage provider and if you are on a fixed or variable rate. People who have a variable rate can look at their options to switch for a reduced fixed rate which could see significant savings in their mortgage.
  • For those on a fixed mortgage there may be penalties if you switch so it is important to check this information with your existing lender.
  • 2.2% rate = €1,085 per month €325,245.00 (total repaid over mortgage)
    3.9% rate = €1,305 per month €391749.00 (total repaid over mortgage)
  • Mortgage Rate Comparison 18/02/21. Mortgage of €250,000, value of €350,000, 25-year mortgage.
  • Lower rate reduces payments by €66,504 over term of mortgage.
  • (This assumes rates remain the same for the full term of mortgage)
  • The Benefits of Switching:

    • Lower interest rate will reduce your monthly repayments;
    • Reduce the term of your mortgage;
    • Free equity in your home for home improvements;
    • Consolidate debt into single payment.

    How it works?

    • We will review and assess your existing mortgage and compare this to other rates available to see how much you can save. Once we have identified the best option for you we can manage your application from start to finish and be there for any queries you may have along the way.

    The switching process

    • We will go through documents that are required for your application and once submitted and approved you can proceed with your mortgage switcher. You will need to have mortgage protection and home insurance in place to complete your switch. A valuation of your home will also be required by the new lender.

    How much does it cost?

    • There are legal costs to switch your mortgage, this can vary so it is a good idea to shop around for value. Currently there are incentives from lenders, which can go towards covering any associated costs.

    Get in Touch

    Contact one of our local Financial Advisors on 1890 300 303 to discuss your options. Alternatively, request a call back and one of our Advisors will be in touch.

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    Important Assumptions

    For the purpose of determining the term over which pension contributions are made, we have assumed your birthday was exactly six months ago.

    If your target retirement age is lower than the age at which the Social Welfare pension commences (age 68 if you are born on/after 01/01/1961, age 67 if born before this date but on/after 01/01/1955 and age 66 if born before 01/01/1955) the calculations allow for funding for this gap, in addition to the cost of the annuity.

    You are entitled to a full Social Welfare pension of €248.30 per week as at March 2019 which is assumed to increase by 2.5% per year.

    You are saving for the difference between the Social Welfare pension and your target monthly income in retirement.

    We have allowed for inflation of your target monthly income of 2.5% per annum between now and your retirement date.

    Any other private pension provision you may have in place has not been taken into account.

    Your monthly pension contribution increases by 2.5% each year up until your retirement age and is invested in a pension plan with an annual management charge of 1% and a 5% charge on each contribution, in line with the Standard PRSA fees and charges maximum limit.

    A Gross Investment Return of 4.2% per annum on your savings. This is not a forecast because the value of your investment may grow at a faster or slower rate than assumed and the value of your investment may be expected to fall from time to time as well as rise.

    On retirement you purchase an annuity which escalates at 1.5% each year, has a 5-year guarantee and is payable monthly in advance. The annuity rate assumes a post retirement interest rate of 2% per annum and no spouse’s pension. The actual annuity rate will depend on the selection of dependant’s pension, guaranteed period and the escalation rate, as well as interest rates prevailing when the annuity is purchased.

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