If you have a mortgage on your home you may be able to switch this mortgage to another lender or to another mortgage product provided by your current lender. There can be benefits to switching including better lending terms, savings and/or incentives or special offers.
You may have shopped around for the best rate available at the time you got your mortgage. However, this may not be the best rate available to you anymore or you may be coming off a fixed rate mortgage and so it is important to look at your options.
Switching your mortgage could allow you to save money on your monthly repayments or shorten your mortgage term if you can avail of lower interest rates on offer through another lender or another product from your existing lender. You may also find a better deal if your loan-to-value (LTV) rate has fallen or based on your Building Energy Rating (BER). Many lenders also provide financial incentives or special offers to help you cover the cost of switching if you decide to switch your mortgage to them.
Note, if you are on a tracker mortgage, you should seek professional financial advice before considering any changes to your mortgage.
A fixed interest-rate mortgage is when you are on a set interest rate for a set period of time. If the lender’s interest rates change during this set period, your mortgage will not be affected because your interest rate is fixed.
If your fixed interest rate term is coming to an end, you may find that interest rates are now higher than when you originally secured the fixed interest rate, so it is very important to shop around and look at what’s on offer.
Your lender will write to you at least 60 days prior to your fixed interest rate expiring and will provide you with:
It is important to talk your current provider about the choices available, as well as considering switching to another lender.
The loan-to-value (LTV) ratio of your mortgage is the amount you owe on your mortgage in relation to how much your home is worth. For example, if your home is worth €200,000 and you owe €150,000 on your mortgage, your LTV is 75%. You may have a lower LTV ratio now than when you first took out your mortgage if the value of your home has increased and/or your outstanding mortgage has decreased due to the accumulation of repayments over a number of years.
Some lenders may offer lower interest rates to borrowers with lower LTV ratios. You will need to get a professional home valuation to apply for a reduced interest rate based on a reduced LTV ratio. Your mortgage lender can advise you of the approved panel of valuers which you can contact.
A Building Energy Rating (BER) certificate rates your home’s energy performance on a scale between A and G. A-rated homes are the most energy efficient while G-rated are the least energy efficient.
Your Building Energy Rating (BER) may make you eligible for a more competitive rate. Note that you will need to provide a BER Certificate to your lender when applying for the rate. In order to get a BER cert a survey must be carried out by an independent registered assessor. You can find out more about how to do this on the SEAI website here.
Broadly speaking all lenders require similar documentation when you switch your mortgage but your chosen lender will provide exact details of what you need to provide.
Here is a sample of the type of documentation that you may be asked for:
If you do not already have an account, such as a current or savings account, with the lender you are looking to switch your mortgage to, you will also need proof of identify and residential address:
A Valuation Report is traditionally undertaken by a property surveyor to help determine the market value of your home. You will be advised when this is required.
A Building Energy Rating (BER) certificate rates your home’s energy performance on a scale between A and G. A-rated homes are the most energy efficient while G-rated are the least energy efficient. In order to get a BER cert a survey must be carried out by an independent registered assessor. You can find out more about how to do this on the SEAI website here.
AIB – 0818 303 035 or visit Mortgage Switcher | AIB
Avant Money — visit Avant Switcher Mortgages or by contacting any of its mortgage brokers.
Bank of Ireland – call 0818 365 850 or visit Thinking of Switching? | Mortgages | Bank of Ireland
EBS — visit Switcher (ebs.ie)
Finance Ireland — visit Switching Your Mortgage to Finance Ireland. Finance Ireland mortgages are available exclusively through a nationwide network of appointed mortgage brokers. A list of appointed brokers can be found on Finance Ireland’s website.
Haven — visit Switcher Mortgage | Mortgage Switch Ireland | Switching Cashback | Haven Mortgages
ICS Mortgages — Call 0818 427 427 or visit Switchers | ICS Mortgages | Residential Mortgages
PTSB – Call 0818 210 585 or visit Switching from another financial service provider (ptsb.ie)
Alternatively, customers may also wish to talk to a mortgage broker for impartial advice on their options:
Association of Irish Mortgage Advisors – www.aima.ie
Brokers Ireland – www.brokersireland.ie
We would also encourage customers to compare their options on the Competition and Consumer Protection Commission’s website which provides a wealth of comprehensive and independent information relating to switching lenders or changing mortgage type including a mortgage comparison tool.
If is also recommended that you contact a Solicitor who can talk you through the legal documentation, they will need you to complete regarding your property’s title deeds.
Further independent consumer advice:
If you’re struggling to meet your mortgage or other loan repayments, know that your bank or financial services provider is ready to help you.
The first step is to talk to your provider as soon as possible. Their experienced teams will explain all your options and work with you to find a way forward, whatever your situation.
The DealingWithDebt.ie website is hosted by Banking and Payments Federation Ireland and provides answers to some of the questions you might have as well as links and contact details for all the mortgage providers in Ireland.
If you need advice and assistance to deal with any type of debt, whether it is mortgage, loan, credit card or overdraft, you can contact the State’s Money Advice and Budgeting Service (MABS). The MABS service is a free, independent, confidential and non-judgemental service which is provided by skilled and experienced advisors for people who are in debt or at risk of getting into debt
The MABS Helpline, 0818 07 2000, is open Monday to Friday, 9am to 8pm. The MABS face-to-face service is available in over 60 locations nationwide – see www.mabs.ie to find your nearest MABS office.
Abhaile is a service to help homeowners find a resolution to their home mortgage arrears. It provides vouchers for free financial and legal advice and help from experts, which are available through MABS.
The aim of Abhaile is to help mortgage holders in arrears to find the best solutions and to keep them, wherever possible, in their own homes. A dedicated adviser will work with you and your lender to find the best solution for your situation.
Contact: 0818 07 2000 (Monday – Friday 9am – 8pm)
Visit the Abhaile website here.
Where a borrower believes that they are insolvent i.e. unable to meet their loan repayments while maintaining a minimum standard of living they may be eligible for a personal insolvency arrangement. The Insolvency Service of Ireland (ISI) is responsible for the personal insolvency framework. Check out the website set up to help borrowers find out more about insolvency solutions at backontrack.ie
The Personal Insolvency Act introduced three new structures to deal with unsustainable debt, both secured and unsecured, as follows:
A Debt Relief Notice (DRN) to allow for the write-off of debt up to €35,000, subject to a 3-year supervision period.
A Debt Settlement Arrangement (DSA) for the agreed settlement of unsecured debt, with no limit involved, normally over 5 years.
A Personal Insolvency Arrangement (PIA) for the agreed settlement of secured debt up to €3 million (though this cap can be increased) and unsecured debt, with no limit involved, normally over 6 years.
Further details of the insolvency framework and the individual arrangements are available at the ISI website. View the ISI website here.
The Citizens Information Board is the statutory body which supports the provision of information, advice and advocacy on a broad range of public and social services. You can get information and advice face-to-face at your local Citizens Information Centre by phone through the Citizens Information Phone Service on 0818 07 4000, or by accessing the Citizens Information website here.
Free Legal Aid Centres (FLAC) is an independent charity that campaigns on legal issues. It provides an information and referral line (01 906 10 10) and organises evening Legal Advice Centres throughout Ireland in conjunction with the Citizens Information Board. Access the FLAC website here.
The Competition and Consumer Protection Commission’s personal finance information website provides information and advice on a range of financial issues including managing your money, tackling debt and repossession and making a complaint.
You can find more helpful information about the Consumer Protection Code 2012 here and advice on switching your mortgage from the CCPC here.
Where a borrower believes that they are in serious financial difficulty and a voluntary payment plan or insolvency arrangement is not sustainable, they may consider bankruptcy. The rules regarding Bankruptcy were amended in 2016 to reduce the duration of an arrangement to 12 months, previously 3 years. The duration of a bankruptcy payment order was reduced from 5 years to 3 years, except in cases of non-co-operation or the concealment of assets when it can be extended for a longer period.
The Insolvency Service of Ireland (ISI) is responsible for the bankruptcy system and further details can be found at the ISI website.
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