Huge Savings for Mortgage Switchers in 2024 – up to €7,000 can be saved by switching your lender!

The value of how much can be saved from mortgage switching increased dramatically last year. The rise in switching follows multiple rate cuts over the past six months, with some lenders reducing their rates by as much as 1.5 percentage points. This resulted in many savvy mortgage holders shaving up to €7,000 a year from their biggest outgoing by moving to another lender. This represented a 45pc rise in the value of switcher financing last year, according to Doddl.ie Mortgage Switching Index. Talking to a trusted broker is a significant part of the process.

Switching expert and chief executive of mortgage broker Doddl.ie Martina Hennessy said large numbers of those now moving their mortgage had been on variable rates.
“Many mortgage holders who came off fixed rates had been content to remain in variable products waiting for further cuts,” she said.
“They now see the value in locking in to lower rates and can find them with an alternate lender to their current mortgage provider.”
“The vast majority of those who complete the mortgage-switching process are now turning to brokers for market-based advice – trying to ensure they get the best rate on their largest financial commitment.”
The gap between the highest and lowest rate on the market is now double, with the lowest rate currently standing at 3pc and the highest rate at 6.15pc.
“Switching has become a core product for lenders and is now no longer the daunting task it once was – seven lenders will offer cash-back switcher packages to cover legal costs associated with switching,” she said.
“The process is also much quicker than ever before.”
Ms Hennessy said that when the switcher index was introduced five years ago the average switching time was eight weeks.
“However, this has changed completely, with one of our recent switches being completed from application to draw down in 10 working days,” Ms Hennessy said.
To find out your best options for switching, talk to us to find out more on 071 9194194 or email mortgages@obg.ie