Key Post Switch or re-fix my mortgage? Breakage fee calculator and savings estimates for your case (Ireland)

Newbie! said:
Hi Paul, apologies I understand what you're saying now. Yes, it is definitely 3.9%. I did query this with the bank last week and was told 'it's really variable as I have never actually seen rate changes applied'! What do I do with that information?
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@Newbie! Is your mortgage a buy-to-let mortgage or a mortgage on the home that you live in?
 
holyGrail said:
Current lender: Bank of Ireland
Outstanding mortgage balance: 80k
Approximate value of your property: 500k
The date you started your fixed-rate mortgage: December 2020
How many years you fixed for: 5
Your current mortgage interest rate: 3.0%
Your current monthly repayment: 1140.10
Your property's BER: A3
Are you due to get extra cashback from your current lender in the future: 2300 in December 2025
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  • Switching immediately to KBC's 5-year fixed rate (2.4% with €3,000 cashback) will save you about €620 over the next 4 years
    • When this fixed rate expires you will be a customer of Bank or Ireland's (but there will only be about 18 months left on your mortgage)

  • Switching immediately to Haven's 4-year green fixed rate (2.0% with €2,000 cashback) will save you about €540 over the next 4 years

  • Switching immediately to AIB's 5-year green fixed rate (2.1% with €2,000 cashback) will save you about €320 over the next 4 years
    • And it is quite likely that you will be able to make unlimited overpayments without penalty for the foreseeable future (see this thread)

  • Breaking immediately and re-fixing on Bank of Ireland's 5-year fixed rate (3.0% and you will get the 1% (€2,300) cashback) will not save you or cost you anything over the next 4 years. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

These savings estimates use for comparison the scenario of switching to the 3.0% rate with Bank of Ireland when the current fixed rate ends. And that's assuming that Bank of Ireland are even offering a 3.0% rate in December 2025 – it could be higher (or lower). You would get the Bank of Ireland €2,300 future cashback in such a scenario, and the savings estimates account for this. The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

Because your outstanding mortgage balance is less than €100k, it is not possible for you to switch to Avant.

Note that the savings estimates given above could easily be wiped out if interest rates rise before you complete any switch, so think carefully about whether or not it seems worth it. (Breaking and re-fixing with BOI can be done very quickly, and so the risk of a rate rise in that case does not exist – unless BOI make you switch to variable first and then switch back to fixed.)
 
Paul F said:
At @Brendan Burgess's suggestion, I am creating this thread as a place where people can request guidance on whether they should switch their mortgage and, if so, which lender and rate they should switch to.

You are allowed to switch even if you are in the middle of a fixed rate with your current lender. The savings can be very significant, even if you have to pay fees.

The guidance will include an estimated calculation of the break fee ("early breakage charge" / "breakage cost") if you are currently on a fixed-rate mortgage, and the savings you would make. (If you are currently on a variable-rate mortgage, you do not have to pay a break fee when switching.) I am not aware of an online mortgage break fee calculator for Ireland, but this is arguably the next best thing.

To request guidance, please provide the following information:
  • Current lender
  • Outstanding mortgage balance (how much you still owe)
  • Approximate value of your property
  • The date you started your fixed-rate mortgage (month and year)
  • How many years you fixed for
  • Your current mortgage interest rate
  • Your current monthly repayment (excluding any overpayments)
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when?
If you are looking for information on something that is not directly related to break fees or which lender to switch to, first check the below links to see if your query has been answered before. Consider asking your question in one of those threads before asking it here.

Nothing in this thread should be considered financial advice.
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Hi all, would really appreciate any advice/help. Don't know what to do. Here are our details
  • Current lender - Ulster Bank
  • Outstanding mortgage balance (how much you still owe) - €116,000
  • Approximate value of your property - €275,000
  • The date you started your fixed-rate mortgage (month and year) - Drew down mortgage August 2015 (25 year mortgage)
  • How many years you fixed for - Initially fixed for 3 years then fixed again in August 2018 until 31/03/2023
  • Your current mortgage interest rate - 2.6%
  • Your current monthly repayment (excluding any overpayments) - €690
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary - Not available but 35 year old house so not good I think
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No
 
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Hello everyone. I started a fixed rate mortgage on a high value mortgage in February but looking to go fixed for longer as it looks like interest rates are going to go up and up. Any ideas on break fees for the below? Cheers
  • Current lender: ICS
  • Outstanding mortgage balance (how much you still owe): €456,000
  • Approximate value of your property: €510,000
  • The date you started your fixed-rate mortgage (month and year): February 2022
  • How many years you fixed for: 3 years
  • Your current mortgage interest rate: 2.35%
  • Your current monthly repayment (excluding any overpayments): €1,691
  • Your property's BER (Building Energy Rating) – G
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? N/A
 
Current lender: PTSB

Outstanding mortgage
balance (how much you still owe) €170949.00

Approximate value of your property €360,000

The date you started your fixed-rate mortgage (month and year) November 2018

How many years you fixed for: 5 Years

Your current mortgage
interest rate: 3%

Your current monthly repayment (excluding any overpayments) €779.00

Your property's BER (Building Energy Rating) A2

Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No

PTSB confirmed there is no breakage fee at present
 
Hi. Another request from family member if you could advise on best option it would be greatly appreciated. Thanks Paul!

Current lender: Avant

Outstanding mortgage
balance (how much you still owe) €175,372.00

Approximate value of your property €380,000

The date you started your fixed-rate mortgage (month and year) October 2021

How many years you fixed for: 3 Years

Your current mortgage interest rate: 1.95%

Your current monthly repayment (excluding any overpayments) €805.00

Your property's BER: A2

Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No

Other information: Avant confirmed breakage fee is currently zero
 
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Newbie! said:
Yes, it is definitely 3.9%. I did query this with the bank last week and was told 'it's really variable as I have never actually seen rate changes applied'! What do I do with that information?
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Hi Newbie

1) Where are you getting the information that it is 3.9%?
2) Is it on a recent statement?
3) If it is 3.9% , you should write to KBC and ask them to issue you with a document outlining the changes in the mortgage rate on the account since you took out your mortgage
4) Do not rely on what someone tells you on the phone.
5) Why are you paying a high variable rate - why have you not fixed?
 
Brendan Burgess said:
Hi Newbie

1) Where are you getting the information that it is 3.9%?
2) Is it on a recent statement?
3) If it is 3.9% , you should write to KBC and ask them to issue you with a document outlining the changes in the mortgage rate on the account since you took out your mortgage
4) Do not rely on what someone tells you on the phone.
5) Why are you paying a high variable rate - why have you not fixed?
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1) Where are you getting the information that it is 3.9%? Both written statement (from Jan 2022) and re-confirmed over the phone yesterday.
2) Is it on a recent statement? As above
3) If it is 3.9% , you should write to KBC and ask them to issue you with a document outlining the changes in the mortgage rate on the account since you took out your mortgage. Ok, doing it now...
4) Do not rely on what someone tells you on the phone. I usually wouldn't.
5) Why are you paying a high variable rate - why have you not fixed? Why do people do foolish things Brendan? Busy lives and just let the quite things slide past. Completely our fault.
 
Paul F said:
@MidasTouch This interest rate is not correct. Could you go back to your family member and get them to verify all of their mortgage details (and update your post accordingly)?
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Paul F said:
@MidasTouch This interest rate is not correct. Could you go back to your family member and get them to verify all of their mortgage details (and update your post accordingly)?
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Apologies, you are right. I've updated the rate to be correct, it should have been 1.95% and not 1.9%. Thanks for spotting!
 
Any advice greatly appreciated thanks or deals on switching
  • Current lender - Ulster Bank
  • Outstanding mortgage balance (how much you still owe) - 458k
  • Approximate value of your property - 750k - UB account says we have 73% equity but thats not taking into account house price rise and we totally upgraded the house
  • The date you started your fixed-rate mortgage (month and year) December 2018
  • How many years you fixed for 5 years
  • Your current mortgage interest rate 2.6%
  • Your current monthly repayment (excluding any overpayments) 2163
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary C ish
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? Nope
 
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Paul F said:
Your break fee should be around €60 at the moment – but it is volatile because wholesale interest rates are volatile, so confirm it with Bank of Ireland (and please post it here when you receive it, including the date of the letter).
  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €7,740 over the next 4 years

  • Switching immediately to Permanent TSB's 4-year fixed rate (2.05% with 2% monthly cashback) will save you about €7,660 over the next 4 years
    • Note that Permanent TSB discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Permanent TSB customer, the best rate you would be able to switch to today is 2.95%
    • So if you switch to them now, you will not be eligible to switch to one of their low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will save you about €5,980 over the next 4 years

  • Switching immediately to AIB's 5-year fixed rate (2.45% with €2,000 cashback) will save you about €5,340 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will save you about €5,080 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will save you about €3,740 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will save you about €3,740 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Bank of Ireland's 5-year fixed rate (3.0% with no cashback) will leave you worse off by about €280 over the next 4 years. But it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

These savings estimates use for comparison the scenario of switching to the 3.0% rate with Bank of Ireland when the current fixed rate ends. And that's assuming that Bank of Ireland are even offering a 3.0% rate in August 2022 – it could be higher (or lower). The estimates also account for any fees (break fee, solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

The estimates also assume that your loan-to-value ratio (LTV) really is below 60% so that you are eligible for the listed rates. Your LTV estimate is 235.0k/420.0k = 56.0%. If you get a valuation of less than €392k, you will need to make a few more monthly mortgage payments and/or a small overpayment to get the LTV below 60%. But that is not a reason to delay the switch – i.e., you can start the switch immediately.

If you want savings estimates for longer-term fixed rates, let me know.


See this thread for information on the overpayments allowed (without penalty) by various lenders.
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Thanks Paul.
 
Foley1 said:
  • Current lender - Ulster Bank
  • Outstanding mortgage balance (how much you still owe) - €116,000
  • Approximate value of your property - €275,000
  • The date you started your fixed-rate mortgage (month and year) - Drew down mortgage August 2015 (25 year mortgage)
  • How many years you fixed for - Initially fixed for 3 years then fixed again in August 2018 until 31/03/2023
  • Your current mortgage interest rate - 2.6%
  • Your current monthly repayment (excluding any overpayments) - €690
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary - Not available but 35 year old house so not good I think
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No
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Your break fee should be zero at the moment – but it is volatile because wholesale interest rates are volatile, so confirm it with Ulster Bank (and please post it here when you receive it, including the date of the letter).

Note: you may receive two separate letters from Ulster Bank a few days apart, and their structure and wording can lead to confusion. Look for the line that says: "To break out of this fixed rate early, you would have to pay a fee of €X". That amount is your break fee. Ignore all other references to break fees.
  • Switching immediately to KBC's 5-year fixed rate (2.4% with €3,000 cashback) will save you about €1,560 over the next 4 years
    • Note that if you decide to do this, your mortgage will soon move onto Bank of Ireland's books, and they discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Bank of Ireland customer, the best rate you would be able to switch to today is 3%
    • So if you switch to this KBC offer now, you will probably not be eligible to switch to one of Bank of Ireland's low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to AIB's 5-year fixed rate (2.35% with €2,000 cashback) will save you about €780 over the next 4 years

  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €460 over the next 4 years

  • Switching immediately to Ulster Bank's 5-year fixed rate (2.35% with no cashback) will save you about €240 over the next 4 years. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • Note that if you decide to do this, your mortgage will soon move onto Permanent TSB's books, and they discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Permanent TSB customer, the best rate you would be able to switch to today is 2.95%
    • So if you switch to this Ulster Bank offer now, you will probably not be eligible to switch to one of Permanent TSB's low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will leave you worse off by about €400 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will leave you worse off by about €820 over the next 4 years – but with the even-longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will leave you worse off by about €1,460 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will leave you worse off by about €1,460 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Ulster Bank's 7- or 10-year fixed rate (2.8% with no cashback) will leave you worse off by about €1,700 over the next 4 years – but with the even-longer security of 7 or 10 years on a fixed rate. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • The same warnings as above regarding higher Permanent TSB rates in the future apply

  • Switching immediately to Avant Money's "One Mortgage" (a 2.5% fixed rate with no cashback) will leave you worse off by about €1,900 over the next 4 years – and the interest rate will remain fixed for the remainder of your mortgage term (approximately 17 years)

These savings estimates use for comparison the scenario of switching to the 2.35% rate with Ulster Bank when the current fixed rate ends. And that's assuming that Ulster Bank (or Permanent TSB, if they have taken over your mortgage by then) are even offering a 2.35% rate in April 2023 – it could be higher (or lower). The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

It may seem like it is not worth switching to another lender but bear in mind that your mortgage will soon be owned by Permanent TSB, whose rates are much higher than Ulster Bank's. So if you don't switch now, you might find that you really want to switch in a few years' time, at which point rates might be higher (and it might be impossible to switch if your financial situation has deteriorated).

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).
 
Paul F said:
Your break fee should be zero at the moment – but it is volatile because wholesale interest rates are volatile, so confirm it with Ulster Bank (and please post it here when you receive it, including the date of the letter).

Note: you may receive two separate letters from Ulster Bank a few days apart, and their structure and wording can lead to confusion. Look for the line that says: "To break out of this fixed rate early, you would have to pay a fee of €X". That amount is your break fee. Ignore all other references to break fees.
  • Switching immediately to KBC's 5-year fixed rate (2.4% with €3,000 cashback) will save you about €1,560 over the next 4 years
    • Note that if you decide to do this, your mortgage will soon move onto Bank of Ireland's books, and they discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Bank of Ireland customer, the best rate you would be able to switch to today is 3%
    • So if you switch to this KBC offer now, you will probably not be eligible to switch to one of Bank of Ireland's low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to AIB's 5-year fixed rate (2.35% with €2,000 cashback) will save you about €780 over the next 4 years

  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €460 over the next 4 years

  • Switching immediately to Ulster Bank's 5-year fixed rate (2.35% with no cashback) will save you about €240 over the next 4 years. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • Note that if you decide to do this, your mortgage will soon move onto Permanent TSB's books, and they discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Permanent TSB customer, the best rate you would be able to switch to today is 2.95%
    • So if you switch to this Ulster Bank offer now, you will probably not be eligible to switch to one of Permanent TSB's low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will leave you worse off by about €400 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will leave you worse off by about €820 over the next 4 years – but with the even-longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will leave you worse off by about €1,460 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will leave you worse off by about €1,460 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Ulster Bank's 7- or 10-year fixed rate (2.8% with no cashback) will leave you worse off by about €1,700 over the next 4 years – but with the even-longer security of 7 or 10 years on a fixed rate. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
    • The same warnings as above regarding higher Permanent TSB rates in the future apply

  • Switching immediately to Avant Money's "One Mortgage" (a 2.5% fixed rate with no cashback) will leave you worse off by about €1,900 over the next 4 years – and the interest rate will remain fixed for the remainder of your mortgage term (approximately 17 years)

These savings estimates use for comparison the scenario of switching to the 2.35% rate with Ulster Bank when the current fixed rate ends. And that's assuming that Ulster Bank (or Permanent TSB, if they have taken over your mortgage by then) are even offering a 2.35% rate in April 2023 – it could be higher (or lower). The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

It may seem like it is not worth switching to another lender but bear in mind that your mortgage will soon be owned by Permanent TSB, whose rates are much higher than Ulster Bank's. So if you don't switch now, you might find that you really want to switch in a few years' time, at which point rates might be higher (and it might be impossible to switch if your financial situation has deteriorated).

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).
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Many thanks, lots of food for thought. You are a great support to those of us who struggle with all the options. We will certainly update you on our reply from Ulster Bank re break fee
 
Hi Paul,

Great thread, appreciate the efforts.
  • Current lender  AIB
  • Outstanding mortgage balance (how much you still owe) 185,000
  • Approximate value of your property 320,000
  • The date you started your fixed-rate mortgage (month and year) March 2021
  • How many years you fixed for 5 years
  • Your current mortgage interest rate 2.15%
  • Your current monthly repayment (excluding any overpayments) €765
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary  B2
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when?  No
I understand I can break and immediately refix with AIB for another 5 years at (currently) no cost at 2.15% and with the ability to overpay at will during the 5 years.

What I'm struggling with is whether to do this or fix with (most likely) Finance Ireland at 2.4% for 15 years / 2.5% for 20 years (and incur cost of solicitor, valuation etc.)

I'm generally risk averse in these matters, leaning towards fixing for the 15 or 20 years.
 
  • Current lender  BOI
  • Outstanding mortgage balance (how much you still owe) 253,000
  • Approximate value of your property 420,000
  • The date you started your fixed-rate mortgage (month and year) Oct 2018
  • How many years you fixed for 5 years
  • Your current mortgage interest rate 3%
  • Your current monthly repayment (excluding any overpayments) €1,199
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary  C2
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? Yes, 1% after 5yrs in Oct 2023
Is switching a mortgage a similar process to getting the mortgage in the first place? OH is self employed and the business was hit by Covid and availed of supports available, but wages back to normal now, would this go against us now?

Thanks very much.
 
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bennybob said:
  • Current lender: ICS
  • Outstanding mortgage balance (how much you still owe): €456,000
  • Approximate value of your property: €510,000
  • The date you started your fixed-rate mortgage (month and year): February 2022
  • How many years you fixed for: 3 years
  • Your current mortgage interest rate: 2.35%
  • Your current monthly repayment (excluding any overpayments): €1,691
  • Your property's BER (Building Energy Rating) – G
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? N/A
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Your break fee should be zero at the moment – but it is volatile because wholesale interest rates are volatile, so confirm it with ICS. Note: it is possible that your break fee will be higher than zero because ICS Mortgages are a non-bank lender. I would be grateful if you could post your break fee quote here when you receive it, including the date of the letter.
  • Switching immediately to Permanent TSB's 3-year fixed rate (2.8% with €9,118 initial cashback and 2% monthly cashback) will save you about €4,320 over the next 2 years
    • Note that Permanent TSB discriminate between new and existing customers, i.e., their best rates are not available to existing customers
    • For example, if you were an existing Permanent TSB customer, the best rate you would be able to switch to today is 2.95%
    • So if you switch to them now, you will not be eligible to switch to one of their low rates in the future and you will end up on a higher interest rate. When that happens, you may want to switch again to another lender, which will incur costs (and it might be impossible to switch if your financial situation has deteriorated).

  • Switching immediately to EBS's 5-year fixed rate (2.75% with €9,118 cashback) will save you about €4,060 over the next 2 years

  • Switching immediately to Permanent TSB's 5-year fixed rate (2.85% with €9,118 initial cashback and 2% monthly cashback) will save you about €3,880 over the next 2 years
    • The same warnings as above regarding higher Permanent TSB rates in the future apply

  • Switching immediately to Haven's 3-year fixed rate (2.35% with €5,000 cashback) will save you about €3,540 over the next 2 years

  • Switching immediately to Permanent TSB's 7-year fixed rate (3.0% with €9,118 initial cashback and 2% monthly cashback) will save you about €2,540 over the next 2 years – but with the longer security of 7 years on a fixed rate
    • The same warnings as above regarding higher Permanent TSB rates in the future apply

  • Switching immediately to Haven's 5-year fixed rate (2.55% with €5,000 cashback) will save you about €1,740 over the next 2 years

  • Switching immediately to AIB's 4-year fixed rate (2.3% with €2,000 cashback) will save you about €1,000 over the next 2 years

  • Switching immediately to Haven's 7-year fixed rate (2.65% with €5,000 cashback) will save you about €840 over the next 2 years – but with the even-longer security of 7 years on a fixed rate

  • Switching immediately to Haven's 10-year fixed rate (2.85% with €5,000 cashback) will leave you worse off by about €960 over the next 2 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to AIB's 5-year fixed rate (2.55% with €2,000 cashback) will leave you worse off by about €1,260 over the next 2 years

You are not currently eligible to switch to Permanent TSB or EBS (because you have been with your current lender for less than 12 months). However, you may be able to start the switching process with them now – but only draw down (complete the switch) in February 2023. Contact them to find out.

You will be eligible to switch to AIB in August (but there may be nothing stopping you from starting the switching process now). It is not known how long you must be with your current lender before you are eligible to switch to Haven. Contact them to find out (and please post their answer here if you do).

Bear in mind that interest rates could rise between now and the time that you complete any switch, especially if you switch to PTSB or EBS (since you will have to wait 8 months).

You are not eligible to switch to Avant or Finance Ireland because your loan-to-value (LTV) ratio is above 80%. It is currently about 456.0k/510.0k = 89.4%.

These savings estimates use for comparison the scenario of doing nothing. The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

Even though the savings with Permanent TSB and EBS over the next couple of years are bigger than those with AIB and Haven, notice how Permanent TSB's and EBS's interest rates are much higher. Therefore, the better value over the medium to long term is likely to be with AIB or Haven.
 
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MidasTouch said:
Current lender: PTSB
Outstanding mortgage balance (how much you still owe) €170949.00
Approximate value of your property €360,000
The date you started your fixed-rate mortgage (month and year) November 2018
How many years you fixed for: 5 Years
Your current mortgage interest rate: 3%
Your current monthly repayment (excluding any overpayments) €779.00
Your property's BER (Building Energy Rating) A2
Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No
Click to expand...
@MidasTouch
  • Switching immediately to Haven's 4-year green fixed rate (2.0% with €2,000 cashback) will save you about €6,300 over the next 4 years

  • Switching immediately to AIB's 5-year green fixed rate (2.1% with €2,000 cashback) will save you about €5,660 over the next 4 years
    • And it is quite likely that you will be able to make unlimited overpayments without penalty for the foreseeable future (see this thread)

  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will save you about €4,600 over the next 4 years

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will save you about €3,280 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will save you about €2,640 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will save you about €1,640 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will save you about €1,640 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Permanent TSB's 5-year green fixed rate (2.8% with 2% monthly cashback) will save you about €340 over the next 4 years. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

  • Switching immediately to Permanent TSB's 7-year fixed rate (3.0% with 2% monthly cashback) will leave you worse off by about €980 over the next 4 years – but with the even-longer security of 7 years on a fixed rate. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

These savings estimates use for comparison the scenario of switching to the 2.8% rate with Permanent TSB when the current fixed rate ends. And that's assuming that Permanent TSB are even offering a 2.8% rate in November 2023 – it could be higher (or lower). The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

If you want savings estimates for longer-term fixed rates, let me know.

Bear in mind that interest rates could rise between now and the time that you complete any switch.
 
MidasTouch said:
Current lender: Avant
Outstanding mortgage balance (how much you still owe) €175,372.00
Approximate value of your property €380,000
The date you started your fixed-rate mortgage (month and year) October 2021
How many years you fixed for: 3 Years
Your current mortgage interest rate: 1.95%
Your current monthly repayment (excluding any overpayments) €805.00
Your property's BER: A2
Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when? No
Click to expand...
@MidasTouch Here are the savings estimates for your family member's situation.
  • Switching immediately to Haven's 4-year green fixed rate (2.0% with €2,000 cashback) will save you about €220 over the next 4 years

  • Switching immediately to Avant Money's 4-year fixed rate (1.95% with no cashback) will not save you or cost you anything over the next 4 years. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).

  • Switching immediately to AIB's 5-year green fixed rate (2.1% with €2,000 cashback) will leave you worse off by about €440 over the next 4 years
    • And it is quite likely that you will be able to make unlimited overpayments without penalty for the foreseeable future (see this thread)

  • Switching immediately to Avant Money's 5-year fixed rate (2.15% with no cashback) will leave you worse off by about €1,320 over the next 4 years

  • Switching immediately to Avant Money's 7-year fixed rate (2.25% with no cashback) will leave you worse off by about €2,000 over the next 4 years – but with the longer security of 7 years on a fixed rate

  • Switching immediately to Avant Money's 10-year fixed rate (2.4% with no cashback) will leave you worse off by about €3,000 over the next 4 years – but with the even-longer security of 10 years on a fixed rate

  • Switching immediately to Avant Money's "One Mortgage" (a 2.5% fixed rate with no cashback) will leave you worse off by about €3,660 over the next 4 years – and the interest rate will remain fixed for the remainder of your mortgage term (approximately 22 years)

  • Switching immediately to Finance Ireland's 10- or 15-year fixed rate (2.4% with no cashback) will leave you worse off by about €4,480 over the next 4 years – but with the even-longer security of 10 or 15 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

  • Switching immediately to Finance Ireland's 20-year fixed rate (2.5% with no cashback) will leave you worse off by about €5,140 over the next 4 years – but with the even-longer security of 20 years on a fixed rate
    • This product has a benefit in relation to moving home in the future that is explained below

These savings estimates use for comparison the scenario of switching to the 1.95% rate with Avant Money when the current fixed rate ends. And that's assuming that Avant Money are even offering a 1.95% rate in October 2024 – it could be higher (or lower). The estimates also account for any fees (solicitors' fees, valuation fee) that you have to pay and any cashback offered by the above lenders.

It is not clear if Avant will allow your family member to break out of their current fixed rate and re-fix on a different rate (or a longer term) – this extract from their T&Cs suggests that they won't allow it, but it is worth a try. If your family member attempts to do this, please post here to say whether they were successful or not.

All of Avant's rates, and Finance Ireland's 10-year and longer fixed rates, allow you to avoid any potential break fee if you move home in the future (as long as you take out a new mortgage with them, and subject to certain conditions). And in the case of Finance Ireland you can "take your mortgage with you" – meaning that you get to keep the same interest rate when you move (again, subject to certain conditions).

It is not known how long you must be with your current lender before you are eligible to switch to Haven or Finance Ireland. Contact them to find out (and please post their answers here if you do).

Bear in mind that interest rates could rise between now and the time that you complete any switch.
 
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