As one of the largest monthly expenses of most households in Ireland, many people often ask the question; should I switch mortgage providers?
The simple answer here is yes, provided you can find a lender willing to allow you to switch.
If the loan to value (LTV) is less than 60% (think about getting an up to date valuation from a valuer) there are a few things to consider, apart from proof of ability to repay:
- Is there a saving to be made by switching to a new lender?
- What will switching lenders cost you?
The other important question here, and will depend on if you are on a fixed rate of interest in which case there will be a penalty for switching:
- Did you receive a cash incentive i.e. 2% cash-back on drawdown of the mortgage initially and will this as a result of switching be clawed back?
Finally is it going to cost you in terms of legal costs?
Generally if you can save 0.20% a year in interest annually it could be well worth the switch.
Other items to consider when switching are included here
To discuss this in greater detail book a call or email firstname.lastname@example.org