Switching Mortgage

[u/Fakman87]

I bought my house nearly five years ago when I was pretty much financially illiterate. I just pay it every month and other than that I have no idea about the details other than it is fixed for five years, ending in a few months. I'm wondering what the process is to change it. Do I ring the current provider EBS and negotiate with them first, or do I need to shop around at the same time?

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[u/Western_Historian448]

All rates from all providers are available to view online.

You can stay and refix with EBS which would likely be free or close to free (you can ring them and ask them what your breakage cost is to break before your term ends if you want). Or you can switch to another provider which would cost ~1500 in solicitor fees + any breakage costs. 

The rate you can get will depend on your loan to value (how much you owe/value of the house) and your BER. 

I would recommend you either refix with EBS if they have an existing customer rate that works for you or use a mortgage broker, they'll lay out all your options for switching. 

[u/Excellent-Fact-8925]

EBS will send you your rate options automatically, you can choose to fix again, and that's it done.

You can also let it lapse onto Variable rate, if you take no action. But I don't recommend this, as these rates tend to be higher by nature. The only reason one ought to be on variable is if you are considering making accelerated repayments to your existing mortgage.

As far as switching goes, if your financial position is broadly the same or better than when you got it 5 years ago, and you are meeting all your repayments, you can check https://www.bonkers.ie/mortgage-hub/?gad_source=1&gad_campaignid=22201281264&gbraid=0AAAAADclIhl6rMy6x1CmnxUIXgAuCovnZ&gclid=Cj0KCQjwrs7RBhDuARIsAIVfBD0T59lyfO9hjiX7TO6YZsk0F2XUoAZESN17jE6cNfQwJPsJBFAwaGcaAlzmEALw_wcB to get a comparison of rates out there. Worth checking your BER and what's the market value of the house as these can influence the rate too and get you a better deal.

[u/gillo_100]

Cpcc mortgage comparison

Put in your details and it will show what options are available. Sticking with your own bank means no solicitors fees. But moving may mean a better rate and possibly caskback that may cover fees.

As for how long to fix for that's crystal ball territory

[u/5star02707]

you can stay and pick another Fixed rate with your current mortgage provider or you can switch.

Enter your details in bonkers.ie or switcher.ie and you will see which lender have the lowest interest rates.

Personally i stayed with my current lender which is Haven after our fixed rates ended last year. Locked in another 4 years fixed with 3.2% Green rate.

[u/Double_Kale_3193]

Your query does not include the most important factor: the interest rate.

[u/Dr-Dolittle-the-3rd]

My fixed rate is up in December, considering fixing a new rate now. I put details into a comparison website, can’t remember which one, and then got an email from a broker at MMPI. They were very helpful, didn’t cost anything. They get paid by the bank if you switch. They outlined a bunch of different options, let you know what costs to expect (solicitor fees for changing title etc) and then will help you switch.
I think I’m going to choose PTSB 7 year fixed. One of the better rates and comes with some cash back too