Many homeowners are looking at lockdown as an opportunity to review many household expenses such as utility charges, refuse charges and the big one… Mortgage rates!
In these difficult times we are looking at ways to keep spirits up, whether that be a workout with Joe Wicks, or walk (within our 2km range of course) or even some baking! We can see this time as an opportunity to do things we normally just don’t have the time to do. It is the perfect opportunity to take stock of financial affairs and ultimately save money
New Central Bank figures show that the average rate charged on new mortgages in the past year was 2.91%. Looking back, the average interest rate was well above 4% until 2016. So if you took your mortgage out pre 2016, unless you are lucky to have a tracker rate, there is a very high chance you are overpaying on your mortgage…by a substantial amount!
A Mortgage Broker can provide the right advice and support you assisting you in switching lender. There are thousands of euro to be saved over the term of the mortgage. Many lenders are now incentivising switching and re-mortgaging with offers such as cash back on draw down or money towards legal fees. Rates are starting from 2.2% (APR 2.9%) for a five year fixed rate (subject to Loan Amount and max Loan to value ratio).
There is also the opportunity to release equity on your property to do those Home Improvements or refinance existing borrowings.
Temporary or permanent changes to employment may impact the ability to borrow at the moment but it is still possible to research your options for the future. If your financial circumstances have been unaffected by covid 19 you may be in a position to apply right now.
Start saving now, call us on 021 4220019
Send an email to firstname.lastname@example.org and we can arrange a Zoom/Video Call