SEVEN STEPS FOR HELP YOU MAKE THAT MOVE

1. Check your loan-to-value ratio, the balance on your mortgage, the value of your house (www.propertypriceregister.ie) and your credit rating (www.icb.ie).

2. A valuation costing around €130 plus VAT is required for switching mortgages – or getting a better deal from your own lender.

3. If locked into a fixed-rate contract, you’ll have to pay a penalty to break it.

4. Compare rates using the CCPC’s mortgage comparison tool. Bonkers.ie too.

5. If your LTV improves, you may move into a more preferential lending bracket with your lender anyway. But you generally have to ask for this.

6. Switching involves legal fees, which can be range €1,200-€2,000. If a solicitor tries to charge more then haggle or go elsewhere. Some lenders give you a contribution.

7. If you decide to switch, it’s like getting a new mortgage. Your solicitor will advise on any concerns. If all is in order, the deeds will be requested from your old bank. You’ll sign a new loan agreement, which the solicitor will send to your new bank along with the deeds. When the deal is in place, your solicitor will liaise with your new lender.