Switcher guide · Ireland
Switching your mortgage is one of the simplest steps to review as an existing homeowner — particularly as your fixed rate comes to an end. Here's when it makes sense, what to weigh up, and how it works.
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Mortgage switching (remortgaging) means moving your existing mortgage to a new lender offering a better rate — keeping the same home, just a cheaper loan. Your new lender pays off your old mortgage and you continue with lower repayments.
An illustrative example — figures rounded, and your own saving depends on your balance, remaining term and the rates available:
Even after switching costs, a saving of that order typically repays itself within the first year. We calculate your exact figure before recommending anything.
Many lenders offer cashback or a legal-fee contribution to switchers, which can cover most of these costs. Most switches pay for themselves within about 12 months.
If you leave a fixed rate early, your lender may apply an early-repayment charge (break fee). It's calculated from how interest rates have moved since you fixed: if rates have risen, the charge can be nil; if they've fallen, it can be substantial.
The decision comes down to a simple break-even: does the saving from the new rate, over the time you'll keep the mortgage, outweigh the break fee plus switching costs? We run that calculation for you and only recommend switching when the answer is clearly yes.
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Enter your current mortgage and a new rate to see your saving and when the switching costs pay back.
Try our switcher calculator →Yes. If you have a mortgage on your home you can switch to a different lender to get a better rate, provided you meet the new lender's criteria — sufficient income, an acceptable loan-to-value, and a good repayment record. Switching is one of the most effective ways to cut your monthly cost, especially if your fixed rate is ending or rates have fallen since you borrowed.
Typical costs are solicitor's fees of roughly €1,000–€1,500 and a valuation of around €185. If you're still inside a fixed term, your current lender may apply an early-repayment (break) charge — check your contract. Many lenders offer cashback or a contribution toward legal fees for switchers, which can offset much or all of these costs. Most switches pay for themselves well within the first year.
A switch usually takes around four to eight weeks from application to completion — broadly similar to a purchase but without a sale chain. Having your documents ready (payslips, statements, mortgage statement) up front is the biggest factor in moving quickly. We manage the process with the new lender and coordinate with your solicitor.
Yes — the new lender will require an up-to-date valuation of your home (around €185) to confirm its current value and your loan-to-value band. If your property has risen in value since you bought, a lower loan-to-value can actually unlock a better rate, which is part of why switching can pay off.
Generally no — if you owe more than your home is worth, lenders won't take on the switch because the loan-to-value exceeds 100%. Once your balance falls below your home's value (through repayments or rising prices), switching becomes possible. We can tell you honestly whether you're likely to qualify before you spend anything.
A break fee (early-repayment charge) is what your current lender may charge if you leave a fixed rate before the term ends. It's based on how interest rates have moved since you fixed — if rates have risen, the fee can be zero; if they've fallen, it can be significant. We factor any break fee into the break-even calculation so a switch only goes ahead if you're genuinely better off.
Warning: Your interest rate may increase, and the amount of your mortgage repayments may increase as a result.
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Warning: If you take out this loan you may have to pay charges if you switch to another lender within the fixed rate period.
Warning: You should consider the total cost of the mortgage and any applicable incentive included in a mortgage offer.
See what you'd save by switching across our lender panel — free, no registration. We only recommend a switch when the numbers genuinely work for you.
Warning: If you do not keep up your repayments you may lose your home.
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