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Dublin: 10°C Monday 23 May 2022

‘LTV... Is that Live TV?’: We asked people how much they know about mortgages

And how much do we know about switching them?

Image: YouTube

Source: Journal Media Studio/YouTube

‘LTV… Lower Tax… No.’ 

Although it might seem like a daunting process, switching your mortgage can potentially save you thousands over the lifetime of your mortgage (as we heard first-hand). If you feel like you might be paying more than you need to, it could be time to consider switching.

You can check your options using the CCPC mortgages money tool - all you’ll need to supply is the market value of your house, your outstanding mortgage amount and your current monthly repayments – simple. Once you’ve figured out the ins and outs, you can decide whether to switch, try to convince your current lender to match a rate or stay put.

So, how much do we really know about the process? We took the streets to quiz people on things like the timeline for switching, who you’d need to talk to, and what on earth LTV stands for…

Watch the video above to find out how people got on – turns out that we do have a good idea of our options, just not exactly how they work.

And how did you get on with your own answers? You can find out everything you should know about switching mortgage here

Read more: ‘I saved thousands in a few years’: One homeowner on why they switched mortgage – plus how you can too

‘Isn’t PCP connected to the internet?’ We asked people what they really know about car finance

Think you might benefit from a mortgage switch? You can get unbiased advice with the Competition and Consumer Protection Commission (CCPC) by checking out their mortgage switching guide. Make sure you’re fully up to speed on your options by visiting their mortgage comparison tool.

Sponsored by:

CCPC

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