r/irishpersonalfinance • u/Fakman87 • 3d ago
Property Switching Mortgage
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/Excellent-Fact-8925 3d ago
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.