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Switch Your Mortgage and Start Saving
Your mortgage is probably your biggest monthly outgoing so paying more than you need to costs you thousands over the years. If you haven't reviewed your rate recently, switching your mortgage could lower your repayments significantly.
At Irish Mortgage Brokers, we compare rates from 15+ lenders, work out exactly what you’d save, and handle the entire switch for you paperwork included.
How much could you save by switching?
How much you save depends on your balance, your current rate, and how much equity you have in your home. But for many homeowners the difference is substantial.
Illustrative example: A homeowner with €250,000 remaining over 20 years at a rate of 4.5% pays roughly €1,580 a month. Switching to a rate of 3.5% would bring repayments to around €1,450 a month, a saving of about €130 a month, or close to €31,000 over the life of the mortgage.
The quickest way to know your real number is to let us run it for you free, with no obligation.
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Is switching right for you?
Most homeowners can switch, but lenders look at a few things before approving you. You're likely a strong candidate if:
- Your outstanding balance is around €40,000 or more. Most Irish lenders set a minimum for switchers.
- You have at least 20% equity in your home (a loan-to-value of 80% or lower). The more equity you have, the better the rates you’ll be offered.
- Your fixed rate is ending or the savings beat the breakage fee. If you’re mid-way through a fixed rate, there may be a fee to leave early, but it’s often far smaller than what you’d save.
- You have a good credit record and have kept up with repayments.
- You have a reasonable term remaining on your mortgage.
Not sure if you qualify?
A quick chat is the fastest way to find out and even if a switch isn’t right for you now, your current lender won’t be told you enquired.
How to switch your mortgage, step by step
Switching sounds like a hassle, but with a broker doing the heavy lifting it's straightforward. Here's how it works:
- We review your current mortgage. We look at your balance, rate, term and the value of your home to see if switching makes sense.
- We compare the market. We check rates, offers and cash back incentives from 15+ lenders and show you what your new repayments would be.
- We arrange approval in principle with your chosen lender.
- We handle the paperwork. You provide a few documents (see below); we submit and manage the application through our online platform.
- Property valuation. Your new lender needs an up-to-date valuation of your home.
- The legal step. A solicitor handles the conveyancing. Switching fees are generally far lower than for a first-time purchase.
- Mortgage protection. In most cases you simply reassign your existing policy to the new lender – no need for a new one.
- The switch completes. Your new direct debit is set up, the old one is cancelled, and you start saving.
What documents will you need to switch mortgage?
- Proof of identity (e.g. passport or driving licence)
- Proof of address (a recent utility bill, usually within 3 months)
- Your last 3 payslips
- 6 months of current-account statements
- Statements for any loans or credit cards
- Evidence of savings
- Confirmation of your employment status
Under Central Bank rules, the lender you’re switching to must give you a decision within 10 business days of receiving your completed application.
Cashback and switcher offers: are they worth it?
Several lenders advertise cashback to attract switchers. It’s appealing, but the headline figure isn’t the whole story.
Cashback usually comes in two forms: a lump sum paid up front, or ongoing cashback paid as a small percentage of your repayments over time.
A lower interest rate often saves you more over the full term than cashback puts in your pocket up front but not always. A simple way to compare:
(Higher monthly repayment − lower monthly repayment) × number of months in the fixed period Compare that figure with the cashback on offer. If the cashback is bigger, the cashback deal may suit you better. If it’s smaller, the lower rate usually wins.
It’s exactly the kind of calculation we do for every client so you choose the option that leaves you genuinely better off.
How long does switching take?
Most mortgage switches in Ireland complete in six to eight weeks from application to drawdown, depending on how quickly documents and the valuation come through. If you're on a fixed rate that's about to end, it's worth starting early so you don't roll onto a higher variable rate in the gap.
When is the best time to switch?
There’s no single “best” month, but the natural time to switch is when your fixed rate is coming to an end you avoid breakage fees and stop yourself rolling onto a more expensive rate. That said, switching earlier can still pay off if the savings outweigh any fee.
One important note: if you’re on a tracker mortgage, switching means giving up your tracker rate permanently. Trackers are often very competitive, so it’s essential to weigh this up carefully and we’ll tell you honestly if staying put is the better move.
Why switch with Irish Mortgage Brokers?
- Access to 15+ lenders – we compare the whole market, not one bank’s products.
- We handle the paperwork – managed end to end through our easy online platform.
- Independent, honest advice – if switching isn’t right for you, we’ll say so.
- No disruption – we manage the transition so your repayments continue smoothly.
- Regulated by the Central Bank of Ireland – you’re in safe hands.
Leave your details and we'll call you back
We can call you at a time that suits you.
Frequently Asked Questions
We have answered the most common questions about equity release and lifetime mortgages in Ireland below. If you do not see your question here, contact our team directly we are happy to help.
Do I need a solicitor for equity release in Ireland?
Yes independent legal advice is mandatory under the Central Bank’s Consumer Protection Code. Your solicitor acts solely in your interest throughout the process, reviewing the mortgage agreement and advising you on your rights and obligations before you sign anything.
Solicitor fees for equity release typically range from €1,350 to €2,500 depending on the firm. Some solicitors specialized in equity release arrangements your broker can advise on suitable practices in your area.
How much equity do I need to switch my mortgage?
Most Irish lenders prefer at least 20% equity (a loan-to-value of 80% or lower), though each lender assesses applications case by case. A lower LTV usually unlocks better rates.
Will switching hurt my credit score?
The new lender will carry out a credit check as part of the application, but simply switching to a better rate doesn’t damage your credit. If your enquiry isn’t approved, your current lender isn’t affected.
Can I switch if I have a cashback mortgage?
Yes. If you received cashback when you took out your original mortgage, you don’t have to pay any of it back when you switch.
What's the minimum mortgage balance to switch in Ireland?
Most lenders accept switchers with an outstanding balance of around €40,000-€50,000 or more.
Do I need new mortgage protection insurance when I switch?
Usually not. If the amount borrowed and the term stay the same, you can reassign your existing policy to the new lender. It can be a good time to check for a cheaper policy though.
How long does it take to switch a mortgage?
Typically six to eight weeks from application to completion, depending on how quickly documents and the property valuation are provided.