Should we make a switch and save on our mort­gage?

Irish Examiner - - Life/Style -

With some lenders re­duc­ing mort­gage rates and new providers en­ter­ing the mar­ket, house buy­ers are be­ing urged to seek spe­cial­ist ad­vice and shop around when look­ing for a home loan.

Last week, Avant­card an­nounced that it will en­ter the Ir­ish mort­gage mar­ket this au­tumn. Avant­card is owned by Span­ish bank­ing group, Bank­in­ter, which al­ready has asub­stan­tial mort­gage busi­ness in both Spain and Por­tu­gal. The com­pany said switch­ers, movers and first-time buy­ers will be able to avail of the new prod­ucts through a num­ber of mort­gage bro­kers.

“We are de­lighted to be en­ter­ing the Ir­ish mort­gage mar­ket,” Chris Paul, CEO of Avant­card said. “Sup­ported by our par­ent, Bank­in­ter, and build­ing on our strong con­sumer fi­nance legacy, we are con­fi­dent that we will be able to pro­vide markedly bet­ter value for cus­tomers and de­liver gen­uine, long-last­ing change.”

The fol­low­ing day, Per­ma­nent TSB an­nounced changes to their mort­gage in­ter­est rates to­day, with re­duc­tion to both fixed and vari­able rates. The cuts will ben­e­fit both new and ex­ist­ing cus­tomers.

The an­nounce­ments were de­scribed by Trevor Grant, Chair­per­son of the As­so­ci­a­tion of Ir­ish Mort­gage Ad­vi­sors (AIMA), as ‘good news for con­sumers all round’.

“It’s great to see PTSB re­duc­ing their in­ter­est rates,” he said. “Un­doubt­edly, the Avant Money an­nounce­ment of their in­ten­tion to en­ter the mar­ket with likely mar­ket lead­ing and pos­si­bly record low rates, has kick-started a mort­gage rate re­view by all lenders that’s likely to bode well for cus­tomers.”

He be­lieves th­ese an­nounce­ments are likely to trig­ger rate re­duc­tions by other lenders and urged prospec­tive buy­ers to shop around and not sim­ply take a mort­gage from their cur­rent bank.

“This is likely to gen­er­ate a surge in switch­ing,” Mr Grant said. “With so much mar­ket change likely, and the num­ber of op­tions in­creas­ing, it is now more im­por­tant than ever that prospec­tive mort­gages cus­tomers ob­tain ad­vice from a ded­i­cated mort­gage in­ter­me­di­ary who can ad­vise them on all of their mar­ket op­tions and as­sist them in ob­tain­ing the most suit­able prod­uct to match their unique cir­cum­stances and re­quire­ments.

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