Why consider switching your mortgage?
1. Lower interest rates and repayments
One of the biggest reasons to switch is to secure a lower rate:
- Even a small rate reduction could add up to thousands of euros saved over the term of your mortgage.
- On a typical Irish home loan, the difference between the cheapest and most expensive lenders can be worth around €165 per month3.
If your current rate hasn’t been reviewed in years, or your initial fixed rate has ended, it’s worth checking if better deals are available.
2. Better mortgage terms and flexibility
Switching can also allow you to:
- Move to a shorter term to pay off your mortgage sooner
- Access more flexible overpayment options
- Lock into a fixed rate for budgeting certainty or move to a variable rate if you prefer flexibility
3. Access to additional funds
If your home has risen in value and you’ve built up equity, switching can sometimes allow you to release funds for:
- Home improvements or energy upgrades
- Debt consolidation (e.g. paying off higher-interest personal loans)
- Other large expenses, subject to affordability and lender criteria
The growing role of switchers in Ireland
Recent data shows strong growth in switching activity:
- In 2024, re-mortgage/switching volumes and values rose by over 36% and 45% year-on-year4.
- In 2025, switcher approvals continued to climb, with volume up 37.6% and value up 58.8% in the first ten months compared with 20245.
This suggests more homeowners are reviewing their rates and not simply staying with their original lender for the full term.
Potential drawbacks and costs
Before you decide to switch, consider:
Upfront and transaction costs
- Legal fees - you’ll need a solicitor to handle the new mortgage.
- Valuation fees - the new lender will arrange an up-to-date valuation.
- Broker or advisory fees - depending on who you use.
Early-repayment charges
If you’re currently on a fixed rate, your lender may charge a break fee:
- Ask your existing lender for a written breakdown of any early-repayment charges.
- A broker can help you weigh any break fee against the projected savings from a lower rate.
Fresh affordability checks
Switching is treated like a new application:
- Your new lender will review your income, outgoings, credit history and Central Credit Register (CCR) record.
- If your circumstances have changed (e.g. income reduced, new loans), it may affect which deals you qualify for.
Is switching right for you?
Switching is more likely to make sense if:
- Your current rate is significantly above the best rates available
- You have a reasonable remaining term (so there’s time to recoup costs)
- You’re comfortable with the process and paperwork
A mortgage broker can model the costs vs savings so you can see:
- The payback period (how long it takes savings to cover switching costs)
- The total interest saved over the remaining term
- The impact on your monthly cash flow