SWITCHING MORTGAGE
Young home owners with family after switching mortgage for a better interest rate
Switching your mortgage is easy.
The key criteria we look at when SWITCHING mortgage are as follows:
  • Is your current mortgage less than or equal to 90% of the value of your home?
  • Do you have a good credit history and have you maintained your mortgage up to date?
  • Do you have sufficient income remaining after your mortgage to meet your commitments as they fall due?
  • Is your income secure?
  • Are you committed to switching?

If you can answer yes to these questions there is every possibility that we can switch you to a better value lender.

Remember you can also save a fortune through better value mortgage protection insurance.

Switching mortgage has never been easier with GMC Mortgages as you can apply online.
1
Your current mortgage deal is soon to finish

Often the initial rate you pay for a mortgage is set for a period of time. Once expired, your mortgage reverts to the provider’s standard variable rate. The exact period of the initial rate will vary depending on the deal. For example, a two-year fixed mortgage rate will either last for two years from the date you take out the mortgage or on a date of two years or more set by the lender. Discounted variable rates can also be for a set period of time.

If you signed up for a mortgage with a set time period for the initial rate, then once this ends you are likely to be placed onto a higher SVR. As a result your mortgage repayments will go up. Lenders should send you notification that your initial rate is coming to an end. It is worth noting down the date yourself as well. You should allow at least three months to start comparing current mortgage deals.

Looking to switch mortgage?
2
Loan-to-value has decreased to a more competitive tier

When you compare mortgage deals you will often find the lower rates are with the deals that require a lower LTV. Your LTV can decrease over time as you pay off your mortgage balance and can further reduce if your home also increases in value. Therefore, the rates available to you now may be lower than when you first took out your mortgage, as you will likely be in a lower LTV bracket.

switching mortgage can bring happiness to a family
3
You are able to make overpayments

A pay rise, inheriting a large sum of money or paying off a large debt can all lead to an improvement in your financial situation, in which case you may have more money for your mortgage each month. If you did want to start making extra payments on your mortgage, it is important to check that your current mortgage can accept overpayments. If this is not possible and you are comfortable with any early redemption payments (if applicable), then you could look for a new mortgage deal and reduce your mortgage term. Reducing your mortgage term will increase your mortgage payments but save you money in total interest costs.

Family home on a on variable rate mortgage
4
Are you looking for a fixed-rate deal on your mortgage

During financially uncertain times, mortgage borrowers often want to lock their mortgage into a fixed-rate deal as it gives them certainty of the cost of their mortgage each month. Borrowers on variable rate mortgages may decide they do not want the risk of an increase in their lender’s base rate and consequently a potential increase in their mortgage.

Home owners switching mortgage with GMC broker
5
Mortgage rates have reduced over time

When mortgage rates consistently drop over time, then you may find your current mortgage rate is less competitive than it once was. If the reduction in rate is great enough this can still outweigh the impact of early redemption fees and the costs of obtaining a new mortgage deal. When making this type of decision it is important you take mortgage advice to make sure the finances do stack up in your favour.

Why talk to one bank when you can talk to all the banks with GMC Mortgages
Ulster bank mortgages
AIB mortgages logo
Permanent TSB mortgages
KBC mortgages
Mortgages with Finance Ireland
Bank of Ireland Mortgages
ICS mortgages
Avant Money low interest rate mortgage
Mortgages
Apply
Online

If you are interested in switching mortgage, our team will thoroughly assess your application and any supporting documents. This will build up an overall picture of how you manage your finances. We want you to take out a mortgage with us but need to make sure you don’t overstretch yourself financially. As we work with all the major lenders, we can offer the best rates on the market. Click below to apply for a mortgage online instantly with GMC mortgage brokers.

Switch mortgage with GMC with our online mortgage application form
Apply for a mortgage online for home in Ireland
Mortgages
Apply
Online

If you are interested in switching mortgage, our team will thoroughly assess your application and any supporting documents. This will build up an overall picture of how you manage your finances. We want you to take out a mortgage with us but need to make sure you don’t overstretch yourself financially. As we work with all the major lenders, we can offer the best rates on the market. Click below to apply for a mortgage online instantly with GMC mortgage brokers.

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