MAYBE THE TIME TO FIX IS JUST NOW- Harry Dwyer Moneycare  

Have you just got your mortgage statement in the door and you are looking at your interest rate and saying “ there has got to be a cheaper interest rate out there than that ”. The likelihood is, the answer is yes and the chances are also that it will cost you nothing to switch!

Here are some of the excellent rates and offers  that are available and all through Moneycare:

If your mortgage balance is in excess of €200,000 and less than 80% of the value of your property  you could get a rate of 2.6% fixed for 4 years. If  your mortgage is in excess of €500,000 you could  get a rate as low as 2.5% fixed for 4 years. Both great rates offer a cash contribution of €1,500 which will go a long way to covering  your legal fees on switching.


If its cashback that you are after,  a select amount of banks are offering I believe for a limited period 2% cash back along with some great rates. If your mortgage is excess of €250,000 and less than 60% of the value of your property  you can get €5,000 cashback along with a very competive 3 year fixed of 2.95% – However with cashback you always have to watch the variable rate you go onto after the fixed rate, which most of the time has to be considerably higher and that high variable rate will apply for the rest of the mortgage term.


If your mortgage is €100,000 and  less you have a significantly higher value on the house it may be best to negotiate with your lender to achieve a lower mortgage rate based on Loan to Value rather that switching. In this case there is not a lot to gain in moving if you can achieve a similar rate with your existing bank.