HOW CAN I SWITCH?

1 Contact lender and confirm the rate of interest, balance outstanding and term remaining on your mortgage. Ask what rate options are available to you as an existing customer.

2 Compare rates via sites such as Bonkers.ie or Ccpc.ie

3 Work out the savings or contact a mortgage broker and get them to do it for you. A broker shouldn’t cost you anything – the lender pays – but make sure it deals with the cheapest lenders (such as Avant Money) as some brokers might have a limited selection.

4 The more equity you have in your home – the better the new terms you’ll be offered. Many people don’t realise the rate they qualify gets better as they pay off the loan and property values rise.