One of Ireland’s leading mortgage brokers have reported a flurry of activity in the mortgage switcher market since the beginning of the year.
The brokers forecast the switcher market alone will experience double digit growth in the first 6 months of the year, as an increasing number of mortgage holders learn of the money saving option.
Figures from MyMortgages.ie have revealed that on “average” mortgages throughout the country anywhere between €40,000 and €100,000 could be saved by moving to another lender.
Joey Sheahan, Head of Credit at the company, outlines a 3-step process to get people on the path to switching:
- To begin the process contact your existing Lender and confirm your rate of interest, balance outstanding and term remaining on the mortgage
- Ask your lender if the variable rate you are on the best available to you and what fixed rate options are available to you as an existing customer
- Then contact a qualified and professional independent mortgage advisor and ask them to compare your existing mortgage terms to what is available to you in the market.
"The more equity you have in your home the better the new terms likely to be available to you but you can switch even if your loan is 90% of your value."
