Many Lenders in Ireland still offer incentives like cashback to attract Mortgage Switchers. Can you really save?
Switch your Mortgage with ezfees financial and you can save big time! Even with the bonus of cashback you can make huge savings.
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.
There are still thousands of people in Ireland who could, but don’t even consider switching their mortgage. Accordingly, considering a Mortgage Switch might be the single most money saving exercise you can do
If your current mortgage rate is over 3% you will save a lot of money if you switch your Mortgage with ezfees financial sooner rather than later.
What the Central Bank says
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.
Switching your Mortgage – is it worth it? Absolutely it is!
Getting a Mortgage is a huge aspect of your financial life. Accordingly, ensuring you source the best rate for this borrowing will effect your future financial wellbeing. Moreover, if its 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.
Switch and Save with ezfees financial
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 has a cheaper mortgage on offer makes great sense.
The Central Bank’s research shows that more than half Irish Mortgage Holders could save at least €1,000 in the first year of switching. In addition, well over half of Irish Mortgage Holders can save €10,000 plus over the remaining mortgage term if they switched.
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. 3 possible reasons why this is the case:-
- Lack of awareness of the potential huge savings
- Too many types of mortgages in market to decipher
- The belief that switching may be complex and time consuming
At ezfees financial, Switch your Mortgage with ease and efficency
The good news for all switchers is that the Central Bank have 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 follows. Therefore, the combination of these new measures together with the ezfees financial “best in class” application journey means you can switch your mortgage with ease and efficency.
The new measures means the Lenders must do the following:-
- Inform you a month in advance of a fixed rate ending of the cheaper rates available
- Explain if the current equity in your house means entitlement to a cheaper interest rate
- Breakdown the Pros AND the cons of current offers such as cashback
- Provide a comparison of the cost of your current mortgage versus others on offer
- Inform 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
Why not get in contact 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.
Free phone: 0818 910800