Switching Mortgages made easy

Mortgage Switcher

Demand a better Mortgage!

Mortgage Switcher Calculator

Not all Mortgages are the same. Thinking of Switching your Mortgage to a better rate? Looking to make savings on your Mortgage? Then try our Switcher calculator to see if you could make significant savings. The Mortgage calculator on this webpage is built and operated by IMS Financial. It is for illustration purposes only and not a substitute for professional financial advice

Current Mortgage

Original Mortgage amount ?
Original interest rate ?
%
Original term in years?

Switcher Mortgage

New level of borrowing ?
New interest rate ?
%
New term in years ?



Outcome:
Original Monthly Repayment:
Switcher Monthly Repayment:
Difference per Year:
Difference over Lifetime:

Frequently asked questions

1

Can I switch my mortgage?

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.

Before you make any important decisions it would be advisable to seek professional financial advice.

2

When can I switch my mortgage?

If 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 be very unlikely you would get a better rate. 

3

Can I switch my mortgage to another bank?

The short answer is yes! Irish banks 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.

Example of potential Savings

Colm and Pamela had 15 years left on their mortgage of €250,000 taken out over 20years

OLD Interest rate Per Annum

4.5%

At this interest rate they would have payed €51,647 in interest alone over the 5 year period.

OLD Repayments Per Month

€1581.62

They would have paid off €43,250‬ from the mortgage loan over the 5 years.

NEW Interest Rate Per Annum 

2.4%

Assuming they switch the remainder of their mortgage €206,750 over 15 years.

NEW Repayments Per Month

€1368.88

At the new rate and term they would pay off €60,839 from the new mortgage over the same period of 5 years. Interest repayment over the same period would be €22,956.

Saving Per Month

€213

The switch would save Colm and Pamela a significant amount per month

Saving Per Year

€2556

The potential savings over the Lifetime of the loan could potentially be in or around €38,000.

Demand a better Mortgage! 

Contact us today!

We hold agencies with all major Irish mortgage providers. This means we are not tied to any one provider and can therefor offer a unbiased & impartial switcher service, negotiating on your behalf with multiple mortgage providers offering varied mortgage switcher packages.

We have a wealth of knowledge and experience in dealing with Clients who want to Switch Mortgages and Mortgage providers. It is our policy to spend some time getting to know our clients and their individual Financial needs.

When it comes to Switching Mortgages you'll want somebody who can cut through the jargon & offers to get the best rate for you. That is where we come in, at mymortgageswitcher.ie we search for the best mortgage switcher terms and conditions for our clients.

Location

Kilkenny  
056 7756122
Clonmel  
052 6121471
Galway    
091 395232
Dublin      
01 6853799
Cork        
021 2347360

Email

mortgages@imsfinancial.ie

david@imsfinancial.ie

padraig@imsfinancial.ie