Let’s Talk Switcher Mortgages with Sinead Boylan
There has never been a better time to explore the best Mortgage Switcher options currently available. Did you know you can reduce your interest rate by up to 2% or more by Switching? At W P O’Reilly & Associates Ltd. we can look after the switching process and secure the strongest offer available for you. By Switching your mortgage, you can reduce your monthly payments, while reducing your interest rate, to save you thousands over the lifetime of your mortgage or alternatively you can reduce the term of your mortgage by keeping your repayments the same on a lower interest rate.
Mortgage Loan amount of €350,000 over 30 years remaining term.
Main Criteria for eligibility for a Switcher Mortgage
• You already have a Private Dwelling Home (PDH) mortgage or a Buy to Let/
Investment Property mortgage for a property in the Republic of Ireland.
• You have been keeping payments up to date and have no historic credit issues.
• You can demonstrate Affordability.
• Your Loan to Value (LTV) is less than 90% for a Private Dwelling Home and 70% for a
Buy to Let Property. Your LTV is the current outstanding balance on your mortgage
as a percentage of your current property value.
The 5 Steps to Switching your mortgage
1. Contact W P O’Reilly to review your circumstances
2. Complete Switcher Application
3. A Valuation will be arranged on your home
4. Full Loan Offer & Legal Process
5. Draw down your Mortgage/Redeem your existing mortgage
Cash Back Offers
There are a number of Cash Back Offers available with new and Switcher mortgages for a Private Dwelling Home (PDH) which can be very attractive however you need to bear in mind that a Cash Back offer may end up costing more
over the term of the mortgage compared with a standard product due to higher Interest Rates. While customers can use the cashback offers to their advantage by switching regularly, our experience would suggest this is rarely the case.
To get the ball rolling, contact your existing lender and confirm your rate of interest, balance outstanding and term remaining on your mortgage. Ask the lender if the variable rate you are on is the best available and what fixed rate options are available as an existing customer. Then either compare rates with other institutions yourself or contact:
in W P O’Reilly & Associates Ltd.
on 01 849 8989
to ask for a comparison of your existing
terms with appropriate alternatives.