Save Thousands by Switching Your Mortgage
How to Save Thousands on Your Mortgage: A Step-by-Step Guide to Switching Rates
Did you know that regularly reviewing your mortgage interest rate could save you thousands of euros over the life of your loan? By consulting a broker, you’ll have access to a wide range of mortgage products from across the market, not just from a single bank. This gives you a better chance of finding a deal that suits your financial needs.
When Should You Consider Switching?
If your mortgage is coming off a fixed rate in the next 6 months or is currently on a variable rate, now is the perfect time to explore your options. We can help guide you through the process to see if switching makes financial sense for you.
Why Switch?
With current mortgage rates ranging from 3.45% to over 7%, the potential savings can be significant. For example, on a €250,000 mortgage with a bank’s standard variable rate, switching to the cheapest available rate could save you nearly €100 per month. That adds up to a substantial amount over time.
What Documents Do You Need?
The good news is that many lenders have reduced documentation requirements for switcher applications. However, you’ll still need to provide basic evidence of your income, such as payslips, salary certificates, and bank statements.
How Much Will It Cost?
Switching costs can be minimal, especially with many lenders offering cashback deals that cover most, if not all, of the legal and valuation fees. Combined with a lower interest rate, this can make the decision to switch an easy one.
Where to Start
Thousands of mortgage holders will be coming off fixed rates of less than 2.5% and could be facing potential increase of at least 3.5% with their own lender. With standard rates ranging from 3.6% to 6.9 %per cent, homeowners could save as much as €602 per month by securing the lowest rate, based on the average new mortgage drawn down in the last quarter . A broker can compare the options available across the mortgage market and help you secure a better deal.
Ready to find out how much you could save? Book a consultation with us at keys@prosperous for personalised guidance and see if switching your mortgage could put more money back in your pocket.