Compare switcher mortgage deals in Ireland
Switching your mortgage could help to reduce your repayments and save you thousands in interest. Compare remortgage deals and find the right switcher mortgage for you.
LatestMortgage interest rates
The European Central Bank (ECB) sets interest rates for the euro area every six weeks.
The refinance rate was cut by 0.25 base points to 2.15% in June 2025.
When the ECB rate changes, your lender can increase or reduce your mortgage rate if you’re on a variable rate, but is under no obligation to do so. Those on tracker mortgages may feel the impact of changes immediately.
If you have a fixed rate mortgage, the interest rate will stay the same until your deal ends.
What is a switcher mortgage?
A switcher mortgage is when you take out a new mortgage with another lender or your current mortgage provider.
Also known as remortgaging, you don’t need to move home; you’re just moving your mortgage.
You can remortgage with a new lender or arrange a new mortgage deal with your existing mortgage provider, and choose a fixed or variable rate home loan.
The benefits of mortgage switching include:
By switching to a cheaper mortgage when your existing fixed term loan ends, or you’re on your lender’s standard variable rate, you’ll pay less for your mortgage.
How much can you save by remortgaging?
It depends on your existing rate and the size of your mortgage, but homeowners could save up to €7,300 per annum by switching from the highest to the lowest rate mortgage, according to the latest doddl.ie Mortgage Switching Index.
Whatever your circumstances, you could potentially save thousands of euros when you switch to a cheaper mortgage and lower interest rate.
When is the best time to switch mortgage?
The best time to switch is when you’ve come to the end of your fixed term rate, or you’re on your lender’s standard variable rate mortgage, and there are cheaper mortgage products available.
If your home loan is a:
- Fixed rate mortgages: You’ll need to wait until the term ends or pay an early repayment charge (ERC) to your existing mortgage provider. Start your search early though. You may be able to lock in another rate a few months in advance of your term ending, but don’t switch until it’s penalty-free.
- Variable rate mortgages: You’re not tied in, so you can remortgage at any time, but double check there are no exit fees. You should keep an eye on rates and consider switching mortgages when cheaper mortgage rates come on the market.
How to compare switcher mortgages
Our switcher mortgage search can help you compare deals and find the right one.
Whether you’re switching mortgage providers to reduce your monthly mortgage repayments, consolidate debt, or invest in property, compare interest rates across different lenders. Whatever your circumstances, plan ahead and make sure your credit record is in good shape.
If you only look at mortgages with your current lender, you could miss out on a better deal with another mortgage provider.
Before you switch your mortgage, consider:
Choose the best mortgage for your needs
Once you’re armed with the information you need and ready to compare mortgages, here’s what you need to do to ensure you switch to the best mortgage deal for you.
- Use our comparison tool filters to enter property value, mortgage amount and repayment term to find mortgages with the correct loan to value (LTV) and monthly payments.
- Decide whether you’re looking for a fixed term or variable rate (or would consider both). A fixed rate mortgage offers guarantees fixed monthly payments, while a variable rate mortgage gives you greater flexibility.
- Choose a low interest rate and APRC (Annual Percentage Rate of Charge) to reduce your total mortgage cost and benefit from cheaper monthly repayments.
- Compare incentives like cashback offers or legal cost reimbursements and find out about any additional fees or mortgage product costs.
- Once you’ve chosen a mortgage offer, you can submit a request for free advice from a mortgage broker who’ll guide you through the mortgage switching process from start to finish.
What is loan to value (LTV?)
LTV is how the size of the loan compares to the property’s overall value. So if the house you want to buy costs €300,000 and you need to borrow €255,000, you’ll have an LTV of 85%.
With a repayment mortgage, you gradually pay back the original loan amount. This increases the portion of your home you own outright and reduces your loan-to-value (LTV).
A lower LTV is beneficial when you remortgage, as it often qualifies you for a better interest rate.
Your LTV can also decrease if your property’s value increases. In this scenario, even if your loan amount stays the same, it represents a smaller percentage of your home’s higher value.
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What does equity mean?
It’s the difference between your outstanding mortgage balance and what the property is worth.
For example, if you have a mortgage of €150,000 and the value of your property is €300,000, you have €150,000 equity. This also means your loan to value (LTV) is 50% because you owe half of what the property is worth.
What is negative equity?
This is where your mortgage balance is higher than the value of your property.
For example, if you have a €250,000 mortgage and the value of your property plummets to €220,000, you have €30,000 of negative equity.
Being in negative equity can make it harder to remortgage your property.
How much can you borrow when you switch?
Lenders still need to check your affordability even if you don’t want to increase your mortgage.
Affordability is based on things like your income and outgoings, which may have changed since you previously applied for a mortgage.
Here are some things that can affect how much you can borrow.
- Your loan to value (LTV)
- Your loan to income (LTI)
- How much equity you have
- Your credit history
- Your outgoings
Using our switcher mortgage calculator
You simply need to provide the property value, the mortgage amount and the repayment term.
Once you input your details our online mortgage switcher calculator will show you how much your monthly mortgage payments could be from Ireland’s mortgage lenders and switcher mortgage deals based on your circumstances.
To find out exactly how much you can borrow, contact a mortgage broker (mortgage credit intermediary) or talk directly to your lender.
Switching your mortgage means you must get a property valuation and pay solicitor’s fees. Find out more about costs in our guide to switching mortgages.
Can you remortgage to release equity?
Remortgaging to release equity means increasing your existing mortgage and using the extra funds for something else e.g. home improvements.
Whether you can do this depends on:
- The loan to value (LTV)
- How much equity is in the property
- Your creditworthiness
- Affordability
Speak to a mortgage broker (mortgage credit intermediary) or lender to check eligibility and how much you can borrow.
How much does switching mortgage cost?
When you switch, you’ll need a solicitor to handle the legal matters. This isn’t as extensive as the conveyancing process when you buy a property, so the fees are lower and typically range between €1,000 and €2,000.
Your new lender will require a valuation of your property to confirm its current market value. This fee is usually around €150 to €250, plus VAT.
The good news is that many Irish lenders offer cashback to cover legal fees, although check the overall costs of the mortgage to ensure you’re getting the best deal.
Before proceeding with a mortgage switch, always get a detailed breakdown of all fees from your chosen solicitor and lender.
How long does the mortgage switching process take?
When you switch your mortgage provider, you’ll need to apply for a mortgage in principle and then complete a mortgage application in full.
You’ll also need an up to date property valuation and a solicitor to manage the legal work, particularly if you’re switching lenders.
The time your switcher mortgage takes varies depending on the lender and your circumstances, but you should allow between four and ten weeks.
If you remortgage with your current lender, the process may be quicker because they already have your personal details and may not require further checks.
Do you always need a solicitor to switch mortgages?
It depends on whether you’re switching to another lender. If you are switching lenders, you are applying for a new mortgage, so you’ll need a solicitor to:
- Check and sign your mortgage offer letter
- Draw down the new mortgage and pay off the old mortgage
- Carry out searches on the new property (if you’re moving house)
Popular questions
What is the difference between a switcher mortgage and remortgaging?
A switcher mortgage and remortgaging are essentially the same thing.
Although some people use the term remortgage to describe topping up their mortgage with their existing lender or releasing equity, and a switcher mortgage to describe moving their mortgage from one lender to another - both terms describe taking out a new mortgage on an existing property.
What documents will I need to switch my mortgage?
It depends on whether you’re switching to a new lender or sticking with your current provider, but you’ll likely need:
- Photo ID like a driving licence
- Proof of address
- Three months of bank statements
- Wage slips (3-6 months)
- Evidence of any other income
Self-employed homeowners may need to provide accounts or other proof of income.
It is also worth accessing your credit record to check it’s up to date and accurate.
Why has my loan to value gone down?
A reduced loan to value (LTV) is a positive thing. It means you have more equity in your home and will be eligible for lower mortgage interest rates.
If you have a repayment mortgage, you pay off the capital over time, which increases the percentage of your home you own.
This reduces your loan to value (LTV), which is good news when you remortgage, as having a lower LTV often means you can get a better interest rate.
Your LTV can also go down if the property’s value increases because you owe less in relation to what it’s worth.
What happens to my Mortgage Protection Insurance if I switch?
In most cases, you can transfer or “assign” your existing mortgage protection policy to your new lender.
This is often the most straightforward and cheapest option, especially if your mortgage balance and term aren’t changing significantly.
However, if your mortgage amount or term increases your existing policy might not provide sufficient cover for the new, larger or longer mortgage. Therefore, you would need to increase the cover on your existing policy or take out a new one for the full amount.
If your mortgage amount or term decreases, your existing policy will still cover the remaining balance, but you might be paying for more cover than you need. This could be an opportunity to switch to a new, cheaper mortgage protection policy that matches your reduced mortgage balance.
Compare mortgage rates & deals
Find a range of first time buyer and home mover mortgage deals in Ireland using our comparison.