Apply Now
Call Us

Top Strategies for Switchers to Save Money

Top Strategies for

Switchers to Save Money

Top Strategies for

Switchers to

Save Money

A mortgage switch or mortgage refinance is the process of moving your mortgage from one lender to a new lender. The term and interest rates of your mortgage tend to change and it is quite beneficial if you want to take advantage of lower interest rates. You can also switch if you are not thrilled with your current lender and are interested in a more friendly and understanding lender.

SOME OF THE CIRCUMSTANCES WHEN SWITCHING YOUR MORTGAGE IS AN EXCELLENT IDEA PRIMARILY INCLUDE:

  1. To save money by taking advantage of lower mortgage rates available in the market
  2. Reduce the term of your current mortgage, as you can opt to overpay and minimize the term of the mortgage
  3. Borrow extra money; if your property has increased in value, you can consider opting for a re-mortgage to release the equity of your property.
  4. If your fixed term ends
  5. If the ECB changes its interest rate and your mortgage costs change

CIRCUMSTANCES WHEN YOU MIGHT CHOOSE NOT TO REMORTGAGE INCLUDE:

  1. The current lender offers competitive rates: switching can be unnecessary if your current lender offers competitive rates and the fines you will incur when switching are exponentially high.
  2.  Your credit score is poor
  3. You have switched your employment status to self-employed, as most lenders will require one year to ensure your income is sustainable to pay for your mortgage.

Ideally, switching your mortgage is the best way to save money. At our company we work with different customers who want to use the switching option to save money.

Some of your top switchers primarily include:
 The Passive Switcher
  The Cautious Switcher
  The Artful Switcher
  The Banker
  The Clinical Switcher

1. The Passive Switcher

Switch to a lower rate and lower your monthly payments. There are plenty of low-rate fixed term products out there so if you are looking to feel better about your finances, and have more fun money, this works well.

2. The Cautious Switcher

Switching mortgages in Ireland is the best way to take advantage of lower rates. The cautious switcher switches to a lender offering lower rates which will help lower their monthly payments. However, you prepay or overpay in this switching process to improve your cash flow. Most lenders will allow an average of 10% overpayment on the fixed term loan, but you can overpay as much as you like for a mortgage with variable rates. This idea is recommended for borrowers who wish to switch to lower interest rates while enjoying the option of overpaying with the additional cash flow.

3. The Artful Switcher

The artful mortgage switcher is one who skillfully switches to a loan with a cashback offer and uses the money to settle a higher-cost debt. The method is ideal if you have personal or car loans, as you can use the cash back to pay those loans and take advantage of lower monthly interest payments.

4. The Banker

You can switch mortgages as a banker. The method allows you to switch with the cashback offer and use it to pay down your outstanding mortgage. Banking all your savings upfront is the most recommended method to pay your mortgage early enough, with minimum interest on the capital.

5. The Clinical Switcher

Mortgage switching in Ireland is quite streamlined with the clinical switcher option. In this method, you switch to a lower rate and minimize the mortgage term so that the monthly payments don’t change. You might not immediately notice the impact of the switch on your finances. But in the long term you will save tens of thousands from your mortgage by simply taking a few years off your loan repayment period.

1. The Passive Switcher

Switch to a lower rate and lower your monthly payments. There are plenty of low-rate fixed term products out there so if you are looking to feel better about your finances, and have more fun money, this works well.

2. The Cautious Switcher

Switching mortgages in Ireland is the best way to take advantage of lower rates. The cautious switcher switches to a lender offering lower rates which will help lower their monthly payments. However, you prepay or overpay in this switching process to improve your cash flow. Most lenders will allow an average of 10% overpayment on the fixed term loan, but you can overpay as much as you like for a mortgage with variable rates. This idea is recommended for borrowers who wish to switch to lower interest rates while enjoying the option of overpaying with the additional cash flow.

3. The Artful Switcher

The artful mortgage switcher is one who skillfully switches to a loan with a cashback offer and uses the money to settle a higher-cost debt. The method is ideal if you have personal or car loans, as you can use the cash back to pay those loans and take advantage of lower monthly interest payments.

4. The Banker

You can switch mortgages as a banker. The method allows you to switch with the cashback offer and use it to pay down your outstanding mortgage. Banking all your savings upfront is the most recommended method to pay your mortgage early enough, with minimum interest on the capital.

5. The Clinical Switcher

Mortgage switching in Ireland is quite streamlined with the clinical switcher option. In this method, you switch to a lower rate and minimize the mortgage term so that the monthly payments don’t change. You might not immediately notice the impact of the switch on your finances. But in the long term you will save tens of thousands from your mortgage by simply taking a few years off your loan repayment period.

How to Switch your

Mortgage in Ireland?

Each lender has their criteria when it comes to accepting mortgage switchers. When considering switching your mortgage  to a new lender, it is paramount to consider the following factors.

Know your Mortgage Situation

It is imperative to find out how much you still owe and the remaining term on your mortgage. Ensure you identify the current interest rate you are paying. You can contact your lender and request an updated mortgage statement. Also, it would be best if you estimated the present value of your home.

Compare Different Lenders

Mortgage switch rates tend to differ depending on the lender you select. Ensure you compare the different rates and evaluate a lender offering ideal rates in the market. You can use the remortgage calculator Ireland, which will easily compare interest rates. The remortgage calculator will help you determine your new rates and the monthly payments you are expected to make.

Kick off the Switch Process

After considering the amount of your mortgage and the cost of changing mortgage providers, it is time to start the switching process. If you are unsure how to switch your mortgage, you can consider using the services of a mortgage broker.

The new lender must review your financial situation and value your home. The valuation needs to be updated so they can know how big your loan is compared to the home value. They need to establish how much equity you have.

Is Switching your Mortgage the Right Move?

Switching your mortgage is a brilliant financial decision. In most instances, it helps you take advantage of cheaper mortgage rates and obtain a fixed rate that will keep your monthly repayment rates relatively consistent. You might also need a mortgage that will suit your circumstances.

Before considering switching, you need to evaluate restrictions on your mortgage product. There may be exit fees but currently most customers are able to exit with no fees.

Final Thoughts,
Switching your mortgage is an excellent move to lower your mortgage rates.

Make an overpayment on your mortgage, reduce the mortgage rate, and deal with a friendlier lender. When considering switching, you need to weigh your options, such as the term remaining on your loan and any exit fees you are likely to be subjected to by your lender. We have outlined the top 5 strategies you can combine to maximize your benefits. You can also discuss with our mortgage experts and find a switching technique that works for you.

How to Switch your

Mortgage in Ireland?

Each lender has their criteria when it comes to accepting mortgage switchers. When considering switching your mortgage  to a new lender, it is paramount to consider the following factors.

Know your Mortgage Situation

It is imperative to find out how much you still owe and the remaining term on your mortgage. Ensure you identify the current interest rate you are paying. You can contact your lender and request an updated mortgage statement. Also, it would be best if you estimated the present value of your home.

Compare Different Lenders

Mortgage switch rates tend to differ depending on the lender you select. Ensure you compare the different rates and evaluate a lender offering ideal rates in the market. You can use the remortgage calculator Ireland, which will easily compare interest rates. The remortgage calculator will help you determine your new rates and the monthly payments you are expected to make.

Kick off the Switch Process

After considering the amount of your mortgage and the cost of changing mortgage providers, it is time to start the switching process. If you are unsure how to switch your mortgage, you can consider using the services of a mortgage broker.

The new lender must review your financial situation and value your home. The valuation needs to be updated so they can know how big your loan is compared to the home value. They need to establish how much equity you have.

Is Switching your Mortgage the Right Move?

Switching your mortgage is a brilliant financial decision. In most instances, it helps you take advantage of cheaper mortgage rates and obtain a fixed rate that will keep your monthly repayment rates relatively consistent. You might also need a mortgage that will suit your circumstances.

Before considering switching, you need to evaluate restrictions on your mortgage product. There may be exit fees but currently most customers are able to exit with no fees.

Final Thoughts,
Switching your mortgage is an excellent move to lower your mortgage rates.

Make an overpayment on your mortgage, reduce the mortgage rate, and deal with a friendlier lender. When considering switching, you need to weigh your options, such as the term remaining on your loan and any exit fees you are likely to be subjected to by your lender. We have outlined the top 5 strategies you can combine to maximize your benefits. You can also discuss with our mortgage experts and find a switching technique that works for you.

HAVE QUESTIONS

Read our FAQ

You're called Switcheroo.ie but do you help First Time Buyers and Home movers?

Yes, we absolutely do. As long as you are looking to buy a residential property we stand ready to help. We like the name Switcheroo as you are switching home if you are a mover and even if you are a buyer you are switching from tenant to homeowner!!!

What’s the best mortgage I can get?

That’s a question we hear a lot but there is no simple answer to this. There are a number of factors to this which both you and we need to consider when you are thinking of getting a mortgage.
Mortgages come with different terms and banks use different criteria to establish who they lend to, how much and at what rate. Don’t stress too much! You can find out pretty quickly to see if it’s worth your while. From there we will guide you through the process and make sure you get the right mortgage for you and make the process as simple as possible.

If I am a switcher how much can I save?

The Central Bank of Ireland published research that showed that many existing mortgage holders can save over €10,000 euros by switching their mortgage. It will depend on your specific circumstances but just 20 seconds on our calculator will show you what its worth for you to switcheroo.

What documents will you need from me?

Initially, none. The first step is for you to take our Financial Health Check in your secure customer portal. This will help us understand your circumstances and see if you are mortgage fit but we don’t need documentation at that stage. Only later when we move on to preparing your submission to a lender, will we need to make sure that your information is accurate, and we’ll need documentation from you then. Those include proof of your identity, income, utility bills with proof of address, as well as things like visa status where it applies. We’ll always make it clear exactly what we need and why.

Do you perform credit checks?

Our job is to make sure that you have the best possible chance of being accepted. So, we perform our own affordability check before sending anything to a lender. This leaves no footprint on your credit history.

I want to switcheroo, what’s next?

On our website there are calculators that will help you figure out what you can save or what your mortgage would cost. From there you’ll need to register into your customer portal so we can perform a Financial Health Check on you to assess what you can afford.

If all is well, we will then ask for more details on your current circumstances and the specifics of the house you want to mortgage.

Usually, this shouldn’t take more than 60 minutes, and you’ll be one step closer to a mortgage. At this point, you can have a phone call with one of our mortgage experts. They will answer any questions you have and tell you exactly what documents you’re going to need. From there, the expert team will guide you through the application process and keep you updated on progress. You can check progress online and we will keep you updated along the way.

What does Switcheroo.ie do with my data?

It’s all explained in our privacy policy, but basically: we won’t spam you and we won’t pass on your data to other companies so that they can spam you. We hate that.

How does Switcheroo.ie make money?

Yep, we don’t charge any commission. If you get a mortgage using Switcheroo.ie, the lender you use pays us a commission. Some intermediaries charge you an additional commission but not us, we are free forever. These commission never affect our advice. Our reputation and livelihood depend on us always giving our customers the best possible advice. The important bit is we’ll never charge you a penny.

HAVE QUESTIONS

Read our FAQ

You're called Switcheroo.ie but do you help First Time Buyers and Home movers?

Yes, we absolutely do. As long as you are looking to buy a residential property we stand ready to help. We like the name Switcheroo as you are switching home if you are a mover and even if you are a buyer you are switching from tenant to homeowner!!!

What’s the best mortgage I can get?

That’s a question we hear a lot but there is no simple answer to this. There are a number of factors to this which both you and we need to consider when you are thinking of getting a mortgage.
Mortgages come with different terms and banks use different criteria to establish who they lend to, how much and at what rate. Don’t stress too much! You can find out pretty quickly to see if it’s worth your while. From there we will guide you through the process and make sure you get the right mortgage for you and make the process as simple as possible.

If I am a switcher how much can I save?

The Central Bank of Ireland published research that showed that many existing mortgage holders can save over €10,000 euros by switching their mortgage. It will depend on your specific circumstances but just 20 seconds on our calculator will show you what its worth for you to switcheroo.

What documents will you need from me?

Initially, none. The first step is for you to take our Financial Health Check in your secure customer portal. This will help us understand your circumstances and see if you are mortgage fit but we don’t need documentation at that stage. Only later when we move on to preparing your submission to a lender, will we need to make sure that your information is accurate, and we’ll need documentation from you then. Those include proof of your identity, income, utility bills with proof of address, as well as things like visa status where it applies. We’ll always make it clear exactly what we need and why.

Do you perform credit checks?

Our job is to make sure that you have the best possible chance of being accepted. So, we perform our own affordability check before sending anything to a lender. This leaves no footprint on your credit history.

I want to switcheroo, what’s next?

On our website there are calculators that will help you figure out what you can save or what your mortgage would cost. From there you’ll need to register into your customer portal so we can perform a Financial Health Check on you to assess what you can afford.

If all is well, we will then ask for more details on your current circumstances and the specifics of the house you want to mortgage.

Usually, this shouldn’t take more than 60 minutes, and you’ll be one step closer to a mortgage. At this point, you can have a phone call with one of our mortgage experts. They will answer any questions you have and tell you exactly what documents you’re going to need. From there, the expert team will guide you through the application process and keep you updated on progress. You can check progress online and we will keep you updated along the way.

What does Switcheroo.ie do with my data?

It’s all explained in our privacy policy, but basically: we won’t spam you and we won’t pass on your data to other companies so that they can spam you. We hate that.

How does Switcheroo.ie make money?

Yep, we don’t charge any commission. If you get a mortgage using Switcheroo.ie, the lender you use pays us a commission. Some intermediaries charge you an additional commission but not us, we are free forever. These commission never affect our advice. Our reputation and livelihood depend on us always giving our customers the best possible advice. The important bit is we’ll never charge you a penny.

THE SWITCHEROO.IE DIGITAL MORTGAGE PLATFORM

We focus on great customer experience to
support you through your application

Don’t take our word for it, read what our customers think of us

THE SWITCHEROO.IE DIGITAL MORTGAGE PLATFORM

We focus on great customer experience to
support you through your application

Don’t take our word for it, read what our customers think of us

THE SWITCHEROO.IE DIGITAL MORTGAGE PLATFORM

We focus on great customer experience to support you through your application

Don’t take our word for it, read what our customers think of us

Call to talk

With a Mortgage Expert

Call to talk

With a Mortgage Expert

Call to talk

With a Mortgage
Expert

Good news for First Time Buyers! Switcheroo Mortgages is now accepting mortgage applications for 4 times income.

Under the new central bank guidelines, first time buyers will be able to borrow up to 4 times their income from January onwards, but Switcheroo Mortgages is accepting applications from now.