Switching your mortgage
If you are paying a mortgage, how much you pay back every month depends on:
- Your outstanding balance: This is the amount of money you have left to pay
- Your mortgage term: This is the length of time until you have fully paid off your mortgage
- The interest rate: This is set by your lender or is based on the European Central Bank (ECB) rate if you are on a tracker mortgage.
You can switch your mortgage to another lender or to another mortgage product provided by the same lender. This could save you money because:
- The new mortgage may be at a lower interest rate
- The new lender has a special offer, like a ‘cashback’ offer
If you are currently on a variable rate, you can switch your mortgage at any time. If you are on a fixed-rate rate, you may have to pay a fee for ending the fixed-rate early. If you switch to a different lender, you will have to pay legal fees similar to when you first bought your house.
How can I get a better rate?
Can I switch?
Last updated on 24 August 2023