The fall of energy discounts and the rise of mortgage rates - WLR FM
With energy discounts decreasing and mortgage rates rising, many Irish households are wondering how they will pay their bills this winter.
In light of this, Daragh Cassidy appeared on WLR FM to explain why energy consumers and mortgage holders should consider switching suppliers or rates to cut the cost of their bills.
He also discussed the arrival of the much-needed €200 energy credit issued by the Government in the latest Budget.
Key points from the interview:
Energy prices
- In Ireland, gas and electricity prices are at record highs and inflation is at a 40-year high.
- Although discounts for gas and electricity deals have reduced from up to 40% to 5-10%, you can still save money by switching suppliers.
- By switching energy suppliers you can save around €400, but if you use more than the average gas and electricity usage these savings could be higher.
- You should switch suppliers as soon as your contract ends. You should also keep an eye on when your renewal date is so that you are aware of when you can switch.
- Across the country, consumers are receiving the first €200 credit of the €600 energy announced by the Government in the 2023 Budget.
- As well as this, people who are on fuel allowance and social welfare payments can expect to receive the extra supports the Government announced in the coming weeks.
- Find out how to lower your energy usage and bills this winter by reading our top energy-saving tips here.
Mortgage rates
- Rising mortgage rates are another worry on many people’s minds this Christmas, with both Bank of Ireland and AIB recently increasing their fixed mortgage rates.
- If you are on variable or tracker mortgages, Daragh recommends seeking out financial advice about switching your mortgage to a lower fixed mortgage rate.
Cut the cost of your bills this Christmas
Whether you want to reduce your gas and electricity bills, or switch to a lower mortgage rate, on bonkers.ie, you can use our free energy and mortgage comparison services to help you find the best deals or rates on the market.
Switch and save
Find out how you can switch suppliers over a range of products with the help of our product-specific guides.
- Find out how to switch gas and electricity supplier on bonkers.ie.
- Discover how our free mortgage broker service can help you switch to a lower mortgage rate.
- Learn how to apply for a mortgage protection policy today on our site.
Head over to our blog and guide pages to stay up to date on the latest news as well as our best money saving tips.
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