Explainer - What do I need to know about mortgage switching?

Taking out a mortgage is a big financial commitment and you should try to get the best deal that you can on the loan. However, the best deal today may not be the best deal forever. Over time, cheaper deals can become available and you could end up paying more for your mortgage than you need to.

Switch and save

An easy way to cut your monthly mortgage bill and save money is to switch to a cheaper one. A cheaper mortgage could be available from your existing lender or offered by a completely different lender which you could switch to. Exactly how much money you could save depends on a number of factors.

Do many people switch in Ireland?

No - not at all. Despite the potential savings, most people in Ireland never switch their mortgage.

There are various reasons for this. Consumers often:

• Don’t realise how much money they could save
• Find it difficult to compare mortgages
• Believe the process is too long and complicated

How much money could you save? 

For help comparing mortgage providers and to find out exactly how much money you could save by switching see the Competition and Consumer Protection Commission’s mortgage switching calculator.

What protections are in place if you are considering switching your mortgage?

The Consumer Protection Code provides many protections for you and places obligations on lenders to ensure your best interests are served.

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