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Switcher Mortgage

Updated: Apr 5, 2023

Can switching your mortgage save you Money?

Throughout November 2021, the Irish Independent has published a number of articles discussing the money-saving benefits of switcher mortgages. It’s a concept that has clearly sparked the interest of Irish homeowners.

In February 2021, almost half of all the 3,651 loans approved were for switcher mortgages. This continues the trend of the last three years, where a staggering 17,900 re-mortgages were approved.

With the housing shortage continuing to affect the market, it is little wonder that lenders are competing for current mortgage holders. On a surface level at least, it seems that now is the time to consider switching your mortgage. However, have the advantages of switching mortgages been overhyped? Are the savings really worth it? Our mortgage brokers have assessed the current market and want to give you their professional opinion.


Are switcher mortgages really worth it?

In short, yes. Our mortgage brokers highly recommend assessing your mortgage annually to see if a better deal is on the table. What a better deal looks like, will vary depending on what you – the homeowner – wants in a mortgage. Are you interested in paying less every month? Or are you interested in more stable interest rates or are you interested in paying off your mortgage sooner? These advantages should be explored when researching switcher mortgages.

The key to a successful switch is having a clear idea of what you want in a mortgage. Once you start researching you will quickly discover that there is no shortage of websites offering switcher mortgage calculators and quote generators. While convenient, these online systems should be viewed as research tools only. When you are ready to get serious, it's important to speak to a professional, registered mortgage broker. Some of the advantages of using a mortgage broker include access to the best swither mortgage deals and access to the right package for your future financial goals and aspirations. Plus, a Mortgage broker is on hand to help with the inevitable paperwork.


How much should I expect to save by switching mortgages?

Based on research conducted in 2019, there was a huge discrepancy between the highest variable rate and the lowest variable rate. On the higher end of the spectrum, variable rates were found to be at 4.5pc while the lower end revealed variable rates as low as 2.3pc.

Let’s put that in monetary terms. The typical homeowner on a 25-year mortgage is paying around €1,335 per month. By switching, they could slash this amount to €1,054. This translates to a massive annual saving of €3,372. When laid out in those stark terms, it’s obvious to see why so many homeowners are applying for switcher mortgages.


How do I begin the process of applying for a switcher mortgage?

We understand a homeowner's hesitancy when considering a switcher mortgage. Even with the potential savings on offer, the instinct can sometimes be to leave well enough alone. That’s where Citywide Financial comes in. We pride ourselves on our ability to cut through the financial jargon and speak to clients in plain English. We make the process of switching your mortgage straightforward and stress-free.

Still not convinced? Contact our Dublin financial advisor offices today and speak to one of our Mortgage brokers to find out if switching mortgages is the right move for you and your family.

Warning: If you do not keep up your repayments you may lose your home

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