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Readers like you keep news free for everyone.
More than 5,000 readers have already pitched in to keep free access to The Journal.
For the price of one cup of coffee each week you can help keep paywalls away.
BUYING A HOUSE is generally the most significant purchase most of us will make in our lifetime.
It’s a decision that’s made with a huge level of thought and consideration as it tends to involve a mortgage of at least 15-20 years.
But did you know that it’s possible to switch mortgages and make savings across the life of your mortgage? Not many people do, and it’s definitely worth checking out as the savings over the course of your mortgage could be significant.
It’s easy to see how much you could be saving.
You have a remaining balance on your mortgage of €250,000
Your house has a market value of €350,000.
Your mortgage term is 25 years.
Your current monthly repayments are €1,400 on a variable interest rate.Using the mortgage switching calculator, you could potentially save €121 a month or €36,440 over the lifetime of your mortgage if you switched to a lower interest rate.*
*Remember this does not factor in any additional costs. This example is for illustrative purposes only. Rates correct as of February 2016.
The switching calculator can show you all the results for the different lenders, so you can see if switching your mortgage to another provider makes financial sense for you.
If it looks like you can make a saving over the life of your mortgage there are a number of steps to take.
Good luck.
If you think that you could be saving money by switching your mortgage head over to the Competition and Consumer Protection Commission and check out their mortgage switch calculator tool. There’s also lots of information about the next steps to take once you’ve decided to make the switch.
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