There are a few things you need to consider when switching your mortgage.
Your LTV ( Loan to Value) rate can change based on the amount outstanding reducing and your house value changing up or down. This can be a huge factor in securing a new Mortgage rate.
The balance outstanding on your current mortgage will be a determining factor when looking to switch mortgages.
Term remaining, both minimum and maximum mortgage loan terms can apply if you are switching.
Your current rate or fixed rate could make the difference between significant savings and an overall loss over the lifetime of the loan.
Credit history will be looked at. Have you been meeting your financial obligations.
f you are on a variable rate you can, generally speaking, switch at any time. If you are on a fixed-rate mortgage you could pay a hefty penalty to break free, but if you are coming to the end of a fixed-rate period it would be advisable to look at your options going forward.
If you happen to have a tracker mortgage it would have been very unlikely you would get a better rate but with ECB rate increases this may no longer be accurate.
Irish lenders are offering very competitive rates to consumers looking to switch their mortgage. There are even cashback incentives being offered by mortgage lenders to get your business. While this may seem attractive in the short term, always remember the interest rate. This is where the real saving is made.
Before you make any important decisions it would be advisable to seek professional financial advice.
Click, Answer, Upload... it's as easy as that. You will be kept informed of every step of the process and you can access your file at anytime. The mortgage portal is a secure system that complies with GDPR and accepted internet security pratices.
As easy as 1, 2, 3..
Apply OnlineWE AT IMS MORTGAGES PRIDE OURSELVES ON BEING AN EXPERIENCED QUALIFIED AND PROFESSIONAL FIRM OF MORTGAGE ADVISERS.
We hold agencies with all major Irish mortgage providers.