Switcher Mortgage or Remortgage Donegal

Considering Switching Mortgage Provider in Donegal?

There is a lot of noise around at the minute about switching your mortgage to a different lender.

So, let’s look at Should, Could & Would you switch providers. There is a lot of noise around at the minute about switching your mortgage to a different lender.
So, let’s look at Should Ya!, Could Ya! & Would Ya! switch providers?

Should Ya!

Well, the long answer short is, Yes, you should. If you are paying more than you should. That is if your interest rate is higher than what is available for other providers in the marketplace. Always get advice though from a mortgage broker, one that is not tied to any one lender, before switching your mortgage. While some offers look great, you need to know the full picture.
You need to know exactly what is being offered, the pros and the cons. Your existing provider might offer a better rate than you are currently on as well, so it is important to check with them as well.

Is a switcher mortgage always a good idea?

No! Not in all cases
Whilst the interest rate is a good starting point to consider whether to switch or not it is not the only factor to consider. If you are on a Tracker rate with your current provider for instance, you need to consider the implications of switching, the new provider will not give you a tracker rate. Caution is needed here and advice is very important.
Your individual circumstances also have a bearing on whether you should switch your mortgage or not.
Things like:

Your Age
How long your mortgage has to run
Your plans for the property in question

So, the “Should Ya!” reason to switch, in the first instance, is to save money.

Switcher Mortgage Letterkenny, Donegal, Example Scenario

This is an actual case we work on. (Obviously, names have been changed)
Bill & Mary, have a mortgage balance of €175,000 with 23 years to run, the current interest rate is 4.2%, Feb 2023, they are paying €989 monthly, there was a rate of 2.95%, Feb 2023, available to them, the new repayment would be €874 monthly, a saving of €115.84 monthly. It could be argued this would represent a saving of €31,972 over the remaining 23 years.

If you enjoy overpaying for everyday items, then, you should not switch providers. Remember your mortgage is an everyday item. That is, you think about it almost every day…

Could Ya!

Now, this is where it gets interesting. Not everybody that should switch will be able to. The process of switching mortgage providers is almost the same as applying for a new mortgage, whilst, the terms and condition of a new application are not exactly the same as a swither application a lot of the lending criteria is the same.
So, things like

Your Age
Your employment or self-employment
Your income
Your credit history
The value of your property versus the outstanding balance of your mortgage

All have a bearing on whether switching is an option for you or not.
The only way to really know if “Could Ya!” is an option is to talk to someone that can help you figure it out. Give us a call at 074 910 3938
If the property in question is not your principal private residence then switching providers may not be an option or even a good idea.

Would Ya!

That is, would ya be bothered? The hassle of it all.

A question for you.

If you had a hole in your pocket and you were losing, let’s say, €55.23 per month out of this hole. Would you stop using the pocket until you got it mended or continue to use it and continue to lose money? I think not…
So why continue to lose money with your mortgage repayments

We suggest that a little hassle is worth enduring, if, savings can be made and most importantly, it is the right decision after taking advice. Why continue to pay more than you need to?

We are happy to help you through the process of Switching Mortgages in Letterkenny, Donegal. Findamortgage.ie can make it easier.

What about the cost of switching mortgages in Letterkenny, Donegal?

A few lenders, not all, are offering “Cash Back”. This will help cover the initial outlay of moving to a new provider. Again, advice is needed as not all Cash Back offers are the same, and not all offer long-term value for money.
For more on Cash Back click here

Take Action

Our advice is to get advice to help you to:

Educate yourself on whether switching mortgages is an option for you or not.
Look at the pros & cons of switching

If you want help, we are happy to advice.

Call us today at (074) 910 3938 Email Us

*example above is based on a mortgage of €175,000, term 23 years, existing rate is variable 4.2% with Bank of Ireland, switching to a variable rate of 2.95% with Haven Mortgages. Rates correct as of Feb 2023

Warning: If you do not keep up your repayments you may lose your home

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Warning: The cost of your monthly repayments may increase.

Warning: If you do not meet the repayments on your loan, your account will go into arrears.

Recommendation on Application for Mortgage

The best recommendation is by far to get guidance from a source not connected to the lenders. The ideal person to provide this advice is a financial broker/mortgage broker (like us). Many people talk themselves out of a mortgage by contacting lenders directly without first seeking guidance.

I advise you to consult with me before making any mortgage financial choices since the material above is provided for informational purposes only and in no way represents financial advice. I advise using a comprehensive strategy when making financial plans, and I can assist you in implementing your ideas.

Make Sure to Find a Mortgage Broker Donegal Advice

When looking for a Mortgage in Letterkenny, Donegal, and Ireland, engaging a mortgage broker might provide a number of advantages and valuable benefits. Some benefits of hiring Brokers and Advisors are: offering access to a wide range of lenders, helping you save time and effort, providing expertise and knowledge, negotiating power, and personalized mortgage service.

Make an appointment with one of our advisors, who will help you find a mortgage in Donegal. Speak with us right now. We are available to assist you with your Mortgage concerns and worries. Ask us questions about mortgages. We cover first-time buyers’ mortgages, remortgage or switcher mortgages, self-build mortgages, investor or property mortgages, and more. Contact findamortgage.ie in Letterkenny, Co Donegal, or by phone at 074 910 3938.