Should I switch my Mortgage?

Should I switch my Mortgage? It’s a good question that many borrowers have been asking over the last year and a question that will become a lot more frequent as we head into 2024. Many people have secured themselves a great Mortgage rate over the past 5 years and will soon be looking at what their repayments will be after the ECB rate increases over the last 2 years.

 

Rates have been driven up by the lenders in response to the ECB rises and Mortgage holders will, unfortunately, see the impact of this when their current fixed period comes to an end, which is why it is well worth having a chat with a Broker to see if there is something better for you.

 

Some lenders have fantastic cashback products that can help with many things such as the Legal costs, or the increased monthly costs you are likely to incur. Some Lenders will have lower rates than you are currently paying, why would you pay more at your current lender?

 

In summary, the answer to my …

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Central Bank report on Switching mortgages

That so many people can switch their mortgage and don’t was always something that puzzled us as professional advisors.

(dowload the report here)

They found many of the things we intuitively knew but put numbers on it, issues such as inertia, complexity of product, and other issues like naive procrastination.

The numbers are not small either, savings of over €10,000 are being passed by and Irish consumers seem to be willingly paying about €65,000,000 more than they should to the lenders simply by not being more pro-active with their own finances.

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