Compare interest rates: The lower the rate, the less interest you’ll pay, making your repayments cheaper as well as the cost of your mortgage overall.
Choose a fixed rate term: If you choose a fixed rate mortgage, you’ll need to decide how long to fix for. Having just moved, you may want a long fixed term, or you may choose a shorter term with a cheaper rate.
What happens if you’re in negative equity?
If you owe more on your mortgage than the property is worth, this often prevents you from being able to move.
However, some lenders may let you transfer the negative equity over to your new mortgage if you meet other criteria e.g. a good repayment record for the past two years.
You should speak to your lender, a mortgage broker (mortgage credit intermediary), or a financial advisor for advice.
It is possible to move if you have a fixed rate mortgage but you may have to pay an early redemption charge (ERC).
To avoid paying fees, you may be able to:
Port your mortgage over to the new property
Wait until the end of your fixed term, when you’re free to redeem your mortgage without penalty
Porting over your mortgage involves staying with the same lender and reapplying for a mortgage with them. This may mean missing out on a better interest rate with another lender.
If your circumstances have changed since you last applied, or you wish to borrow more, you may not be eligible to port your mortgage over.
You’ll need to weigh up your options and the costs involved in each. For example paying an ERC and switching your mortgage to a better rate, or porting your mortgage over and paying a higher interest rate.
Whether you’re buying your first home, switching mortgages, or moving, this guide has everything you need to help you prepare. Here’s how the mortgage process works from start to finish.
How to switch to a better mortgage deal
Switching your mortgage to a better interest rate could save you thousands of euro or help you reduce your loan term. Here’s how to find the best switcher mortgage.
How much can I borrow mortgage calculator
You can use our free mortgage calculator to work out how much you might be able to borrow from mortgage lenders in Ireland.
What insurance do you need with your mortgage?
Getting the right insurance to protect you and your home financially is vital. Here’s the insurance you need in Ireland, and other types you may want to consider.
Warning: If you do not keep up your repayments you may lose your home.Warning: The cost of your monthly repayments may increase.Warning: You may have to pay charges if you pay off a fixed rate loan early.Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.The payment rates on this housing loan may be adjusted by the lender from time to time. (applies to variable rate loans only)Information provided and Interest rates quoted valid at 21/09/2022