MORTGAGE SWITCHING
AIB, RABO, ULSTER BANK, BANK OF IRELAND
MIGHT SAVE YOU THOUSANDS OF EUROS
If you are one of the hundreds of thousands of Irish people that suffer from the feeling that: "Oh, I
couldn't be bothered with all the hassle and paperwork involved in switching my mortgage ", it may well be save you money to keep reading.
The Central Bank says that you have a one in five chance to stop wasting over € 1,000 in the
first year after the switch, or up to € 10,000 over
the full duration of your mortgage.
In fact, if you are able to convince your present mortgage provider that you do intend to switch,
(and have done a small amount of research related
to the other bank deals on offer), you may not need
to switch at all, as your current lender may well
reduce your payment for fear of losing your account, both mortgage related and personal or business bank accounts.
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The Central Bank recently released a report that analysed over 500,000 individual mortages currently being repaid in the Irish mortgage market, and they found that 27,000 people could save in excess of € 10,000 over the full mortgage term and 16,000 people may be able to save € 1,000 in the first year.
If it's the cost of switching that's putting you off, bear in mind that the banks absolutely do want (and in reality they need) your money and are prepared to grant you € 1,000 switching fees. As the legal and valuation costs of mortgage switching come to around € 1,3000 on average, it will only cost you € 300, which you will more than recoup during the first year with your new lender.
As mentioned above, if you can demonstrate to your present bank your definite intention to switch, they may back down, (as happens with the yearly haggle with your car insurance company over your motor insurance), agree to lower your mortgage payments and it will cost you nothing.
It's certainly worth a try, what have you got to lose, other than possibly your current overpayment every month?
You Can Find The Latest Mortgage Rates Here
This is a summary of a recent Irish Times newspaper article and is subject to errrors and omissions. Always seek professional advice based on your own particular financial circumstances.
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