Switching your mortgage provider or product can help you save money. It can also create additional funds for home improvements, reduce the term of your mortgage or consolidate your debts.
The following are some of the most frequently asked questions we receive in Citywide Financial in relation to “switch & save”.
Should I switch my mortgage?
By switching your mortgage and reducing the interest rate you are paying, you can reduce your monthly payments or indeed the term of your mortgage. This can result in huge savings over the duration of your mortgage. For most households, their mortgage is their largest financial commitment, so it is vital to understand what mortgage rate you are paying and to see if you can reduce this. At Citywide Financial, we are here to evaluate your current situation and to see if you should and could switch your mortgage.
Is it worth switching mortgage lenders?
It really depends on your current circumstances. Complete our online switcher mortgage form - https://www.citywidefinancial.ie/our-services/mort... (it takes about 30 seconds to fill in) and one of our advisors will assess your situation free of charge and get back to you today. We will be able to give you a really good idea from these few questions whether switching could work for you.
How much does it cost to switch your mortgage?
We do not charge any fee for our service in Citywide. There will be a valuation & legal fee, however most lenders have ‘Switcher Packages’ which cover these fees. Our expert mortgage advisors will provide the saving options that each lender has on offer and will also be able to advise on the switcher packages from each lender. We’ll handle the entire process from start to finish....including all of the paperwork!
How long does it take to switch your mortgage to another provider?
It can take approx 6 weeks but most of the work is done by us in the background. Your mortgage consultant will keep you updated every step of the way.
Should I fix my mortgage in Ireland in 2021?
This question always comes up and is always a dilemma for people. Choosing a fixed rate mortgage in 2021 in Ireland for 3 or 5 years makes total sense given how low interest rates currently are. The ECB have indicated that they will stay low for some time, so they are unlikely to rise in the short to medium term. Fixing your mortgage rate also means that you know exactly how much your mortgage repayments will be, however on the downside, should you attempt to break your fixed rate there are frequently penalties.
Will I get a better Interest rate if I have an A-rated new home?
This is a relatively new incentive from the banks. A few of the banks are offering cheaper fixed-rate mortgages if you buy an A rated home. Many people are using this as an opportunity to switch their mortgage at the same time as they are moving house.
Can I release money on my home to build an extension or get my attic converted?
Yes, this is possible. Instead of taking a personal loan to fund this it would make more sense to release some of the equity from your property. Essentially this is topping up your current mortgage with the additional amount required.
Can I release money on my mortgage to clear debts?
Yes, some banks offer this service, however many won’t. It’s worth talking to one of our advisors if this is something you are considering.
How are mortgages brokers paid?
Mortgage brokers are paid by the lender not by the client. it is a 1% fee and is the same with each lender, so it makes sense to get free financial advice from an Independent broker.
Get in touch today to discuss your options.
To view our range of mortgage services, please see our mortgage broker page.
Rob O’Neill
CEO Citywide Financial
01 5138710