Great savings to be made by moving your mortgage – Harry Dwyer
As banks prepare to increase interest rates at the later part of this year – it’s time to look more closely at the fixed rate options available and moving your mortgage to save you money.
Unless you have a variable rate of interest less than 3%, its time to look more closely at your options at moving your mortgage perhaps to a significantly cheaper fixed rate options. This will give you not only a cheaper mortgage repayment each month but also secure your repayment for whatever length of time that you want to fix your mortgage.
It may not cost you anything to move as banks are offering deals out there to pay your costs on moving, for example there are plenty of offers of 2% cashback and more on offer. PTSB are offering 2% cash back plus 2% back on your monthly repayment – For mortgage switchers less than €100,000 Ulster Bank are offering €1,500 .
Interest rates are at an historical low and certainly will increase in the medium term, so if you are looking at fixing and switching your mortgage, now is the time to do it. Best 7 year fixed on the market currently is 2.99% fixed ( 3.60% APR) , 5 year at 2.65% (2.92% APR) and 2 year is 2.30%( 3.90%APR).
When switching may also give you the opportunity to reduce your mortgage term and bringing the day closer that you might be mortgage free
Go for real choice through a mortgage broker they know the market where the best deals are and will save you money. The depth of experience that they have is invaluable in dealing with your finances.