HOW SWITCHING CAN SAVE YOU €100,000

Householders are finally cottoning on – switching your mortgage can save you €100,000. Brokers MyMortgages.ie report a three-fold increase in switching and forecast double digit growth in the first half of 2018. One reason behind the rush is borrowers want to avail of cash incentives for switching in case they are banned, as Fianna Fáil proposes. The brokerage firm cites one couple who had a €390,000 (LTV <80%) mortgage over 28 years at a variable rate of 4%. They switched to a four-year fixed rate of 2.6% and lowered their repayments by €300 – saving themselves €99,000. You can save €311 per month and €112k over an average €350k mortgage, said Joey Sheahan, of MyMortgages.ie.