You're Switching Your Mortgage
One step closer to your new mortgage
Your questions, answered
How much could I save by switching mortgage?
How much you could save by switching your mortgage depends on your current interest rate, what your outstanding balance is, and the new rates available to you. Many people can save thousands of euro a year, especially if you switch from a particularly high rate to a new, lower rate mortgage.
How long does a mortgage switch take?
Switching your mortgage in Ireland usually takes around 2-3 months, from application through to drawdown. The exact timeline depends on how quickly you get your documents together and how promptly your solicitor completes the legal steps. Have all your paperwork ready from the start to keep things moving.
Do I need a solicitor to switch mortgage?
Yes, you'll need a solicitor to handle the legal work involved in switching your mortgage. Your solicitor manages tasks like transferring the title and registering your new lender's interest in your property. There will be a legal fee, but many lenders offer cashback incentives that can help cover these costs.
What is a break fee and will I have to pay it?
A break fee, sometimes called a breakage cost, could apply if you're on a fixed-rate mortgage and switch before your agreed term ends. Different banks have different formulae to calculate the breakage fee, so it can vary greatly. Our advisors recommend calling your bank to get a quote on this before proceeding.
What are the main costs when switching mortgage?
There are 2 main costs when switching mortgage. The first one is the legal fees which can vary greatly. Always get quotes from a few solicitors but expect to pay roughly €1,500 to €2,000 for this. The second cost is the valuation which usually costs €150-€200. All in, expect at least €1,650-€2,200.
Will I lose my tracker rate if I switch?
Yes. Tracker mortgages, which followed the European Central Bank (ECB) rate plus a fixed margin, are no longer available in Ireland. Tracker rates can be higher or lower than modern rates depending on the bank's margin so speak to an advisor to find out what switching would result in for you.