To see if you are eligible to switch you need to think about:

• Your Loan-to-Value (LTV) ratio, which is how much you owe on your mortgage in relation to how much your house is worth. Lenders will look at your loan to value ratio when considering your mortgage application. In general, borrowers with lower LTV ratios will qualify for lower mortgage rates than borrowers with higher LTV ratios. For example, if you have €150,000 left on your mortgage, and your house is worth €300,000, your LTV is 50%.
• The outstanding balance on your mortgage. If you have a small outstanding balance, you may find it difficult to switch – the average minimum new mortgage accepted by Irish banks for someone switching is in the region of €25,000 – €50,000.
• Whether you are in negative equity. Negative equity is when you owe more on your mortgage than your property is worth. Generally, lenders won’t approve your application if you are in negative equity.
• Your mortgage term remaining. Minimum and maximum loan terms can apply to you if you are switching. This means that lenders may not accept your application if you want a mortgage term over 30 years or less than five or ten years.
• Many lenders will want to see that you have been making payments on the mortgage over the last 12 months.
• Whether you meet certain criteria. For instance, you will need to meet the new bank’s income criteria. If your personal circumstances have changed since you first took out a loan, you may have difficulties switching.
• The lender’s switching policy. Different lenders have different policies when taking on switchers and apply their own loan to value limits, which could in some cases be 80% to 90% of the current value of your home. However, the Central Bank mortgage lending requirements do not apply if you are switching your mortgage from one institution to another. This means that you are exempt from the loan to value limit and loan to income limit that applies to second time buyers.
• Your credit rating. An Irish Credit Bureau(ICB) check will be done by the new institution. From 30 June 2017, they can also check the Central Bank’s Central Credit Register. Any new loans or credit cards you have taken our since your first mortgage will be considered by your lender.  If you are in mortgage arrears, you may not be able to switch. If you’re on a tracker mortgage, there may be no benefit to switching as you won’t find a rate as low as the one you currently have.
• If you have a fixed rate mortgage, with your current lender and you break out of it early, you will have to pay a penalty. The penalty fee, sometimes known as a redemption charge, will take account of factors such as interest rate, your mortgage outstanding and the length of time you have left in your fixed rate period. However, you can still use the time between now and the end of your fixed term to consider your options.