Why Switching Your Mortgage is a Smart Move
Are you still paying a high-interest rate on your mortgage? Did you know that switching your mortgage could save you a lot of money? With a mortgage switch, you can reduce your monthly outgoings significantly, and enjoy better interest rates.
According to the Central Bank of Ireland, there are still thousands of people who could switch their mortgages but don’t even consider it. If your current mortgage rate is over 3%, you could save a lot of money by switching with ezfees financial sooner rather than later. In fact, the Central Bank’s research shows that more than half of Irish mortgage holders could save at least €1,000 in the first year of switching, and well over half can save €10,000 or more over the remaining mortgage term.
The Benefits of Switching Your Mortgage
Switching your mortgage is the biggest single thing that people can do to reduce their outgoings. Therefore, switching will almost certainly save you more money than anything else you can do such as changing your electricity provider. During this difficult time of high inflation where we are all feeling the pinch, switching your mortgage has the likelihood of reducing your monthly outgoings significantly. Accordingly, finding out if there are Lenders out there that are offering cheaper rates makes great sense.
The Central Bank’s Perspective on Mortgage Switching
Mortgage switching is on the increase in Ireland, but it is still relatively low. In fact, there were around 728,000 mortgages in Ireland according to the Central Bank – March 2021. Of those – about 182,000 could be eligible for switching (Balance more than 30k and on a variable rate or less than 12 months left on a fixed rate). Furthermore, there were just 7,267 switcher mortgages approved in Ireland in the twelve months ending December 2021. That works out at only 4% of eligible Irish mortgages getting switched last year.
Why More People Should Consider Switching Their Mortgages
Switching saves money! Why aren’t more people doing it? Amazingly, from January to July of 2019, only 3% of Irish Mortgage Holders actually went about switching their mortgage to make savings. There are still thousands of people in Ireland who could, but don’t even consider switching their mortgage. Considering a Mortgage Switch might be the single most money-saving exercise you can do.
There are several reasons why more people should consider switching their mortgages. First, there is a lack of awareness of the potential huge savings. Second, there are too many types of mortgages in the market to decipher. Third, many people believe that switching may be complex and time-consuming. However, at ezfees financial, we offer a “best in class” application journey, so you can switch your mortgage with ease and efficiency.
How the Central Bank is Making the Mortgage Switching Process Better
The good news for all switchers is that the Central Bank has reviewed the Mortgage Switching process to make things better for all concerned. Accordingly, the Central Bank put new measures in place that all Mortgage Lenders must now follow. This includes informing you a month in advance of a fixed rate ending and cheaper rates available, explaining if the current equity in your house means entitlement to a cheaper interest rate, providing a breakdown of the pros and cons of current offers such as cashback, and informing you of the switching process, including the length of time it may take. Within 10 working days of receiving an application, they must provide a decision.
How ezfees Financial Can Help You Switch and Save
At ezfees financial, we offer a “best in class” application journey, so you can switch your mortgage with ease and efficiency. Our friendly team is here to help you save on your monthly mortgage repayments and thousands on the overall life of your mortgage. We understand that getting a mortgage is a huge aspect of your financial life. Therefore, we ensure you source the best rate for this borrowing, which will affect your future financial wellbeing. Moreover, if it’s a great rate today, there is a likelihood it might not be the best rate in years to come. In fact, you might find yourself in a situation where you are paying far more than you would have to due to new rates available in that current market.
Contact Us Today to Find Out More
Why not get in touch with our friendly team here at Ezfees Financial for more information on how you can save on your monthly mortgage repayments and thousands on the overall life of your mortgage? Call us on 0818 910800 or email us at info@ezfeesfinancial.ie. Don’t miss out on the opportunity to save money and enjoy better interest rates by switching your mortgage with ezfees financial.
