Switching Made Easy

Switch and Save Information

Did you think that switching a mortgage in Ireland is an uphill task? Think again! It’s a simple process, provided you meet the eligibility criteria.

You might be one of those thousands who are unhappy with their current mortgage. Maybe the interest rates are draining your pocket, or perhaps the service isn’t up to the mark. Whatever the reason, switching a mortgage can be your solution. But, there seems to be confusion on the eligibility criteria for switching a mortgage in Ireland.

Let’s clear the air on this one. The most important factor is being able to prove your ability to repay the loan. Your lender needs assurance that you can make repayments consistently. This is demonstrated through your income, expenses, and financial history (Average monthly savings for 6 months shows affordability = Proven Repayment Ability). Secondly, you must have a good credit history, with no recent defaults or arrears. Finally, you’re required to have enough equity in your property, usually a minimum of 10%.

Now that we know the criteria, let’s talk about the solution. Start with evaluating your current mortgage, then do a market survey for the best alternate options. Seek advice from a mortgage broker to make life easier again. Lastly, ensure you fulfil the eligibility requirements before you apply.

Now you know the secret to switching your mortgage in Ireland. Wouldn’t you like to learn more about leveraging these factors to your advantage? If yes, leave a comment or send a message and let’s deep dive into the world of switching mortgages and saving money!

Switching Made Easy

With Property prices still on the increase the good news is that you may get a much better rate of interest on your mortgage by switching your mortgage to a cheaper lender. In the rising interest rate environment in 2023, there wasn’t a lot of switching but in early 2024, we expect rates to drop and with lots of mortgage holders coming off low fixed rates onto higher rates, we expect the appetite for switching to be on the rise again and just like in 2015, lots of borrowers were saving handsome amounts on a monthly basis by switching to save 1% on their mortgage.

For Example: Central Bank research reported 17th July 2015 shows that up to 21% of mortgage holders could save money if the switched their mortgage to a different Lender.
If you had a €300,000 mortgage over 30 years with an interest rate of 4.25% you could save €170 per month (€2,040 per annum) on your mortgage repayment by moving to a cheaper rate of 3.25%.

This saving is better in your pocket than in the pockets of the greedy bankers.

Switching Made Easy with North Dublin Mortgages

  • You may use your own Solicitor, or we can recommend from our panel of solicitors.

  • Most Banks give you a contribution that covers your legal fees.

  • Call us today on 086 820 1180 or apply on line to see how much you can save.

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North Dublin Mortgages - photo of euro being put into toy house for mortgage switching

The only information you need is:

  1. Your current mortgage provider.
  2. Approximate outstanding mortgage
  3. Approximate value of your property
  4. Your current interest rate

The good news is that moving your mortgage is easy:

  • North Dublin Mortgages can receive documents online securely. (Note: Original documents will be required by certain lenders)
  • North Dublin Mortgages welcome your telephone call and are happy to arrange a face to face meeting.
  • North Dublin Mortgages are happy to arrange a face to face meeting at your convenience.
We call to meet you at a time that suits. We do evening / weekend appointments and you have the mobile number of the consultant dealing with you so you will not be dealing with a switch board.

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

Warning: The cost of your monthly repayments may increase.

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

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