A significant number of Irish house owners are paying substantially more for their mortgage than they need to be.
With new players entering the Irish market, there could be numerous opportunities for you to save money on your mortgage;
The mortgage market is currently a very competitive sea where borrowers have available a multitude of options for switching their current mortgage for other lenders’ offer with better interest rates and products;
That is why it is always a great idea to review your mortgage conditions.
I think we all agree that reducing one’s household expenses and saving money are opportunities not to be missed. And think of the things you can do with a few extra thousand euros in your pocket per year.
Opting for a Remortgage will save you thousands in mortgage repayments, allowing you to spare those savings for consolidating old debts, reduce on your mortgage’s term, perform renovations on your home or pay for your outgoings and other expenses.
At Financial Architects, we are specialists when it comes to Mortgages and aid many Irish mortgage-holders switch their mortgage every month.
We make it our mission to maximise the savings on your mortgage.
How do Switcher Mortgages Work?
When you are applying for a Remortgage, the lending institution you are applying to will pose certain conditions such as assuring you have met your previous mortgage repayments and that your property does not present negative equity. Therefore, borrowers with mortgage debts or with a lower current market value than their outstanding on their mortgage cannot apply for a mortgage switch.
It is considered that an 80% loan to value ratio (LTV) on your mortgage should assure that you qualify for a mortgage switch approval.
Switching your mortgage can:
- Lower your monthly mortgage repayments
- Reduce years off your mortgage term
- Increase the borrowed amount
- Spare your savings for needed home improvements
Some of the main lenders in Ireland offer a superb deal called cashback but guess what, you are paying for it with a very high Standard Variable rate when your 5-year fixed rate runs out.