We have saved some existing mortgage holders thousands of euros by obtaining better terms for them with an alternative Lender and in some cases their new Lender has paid the cost of switching. For example in some cases for loans of less than 80% of the value of your home a rate of 2.95% variable is currently available in the market. Recently we saved a client potential interest payments in excess of €40,000 over the remaining term of their mortgage.
Often the hassle of dealing with the paperwork and switching is the very thing that dissuades clients from acting but if someone said to them, speak with us for 15 minutes , we may subsequently complete some forms and we will give you a cheque for €40,000 we are not sure many of them would say no!?
The insistence of many Banks in not cutting their existing customers standard variable rates by an appropriate amount or in some cases not at all is a scandal and comes despite numerous requests from the Central bank and Politicians. There are 300,000 mortgage customers on high standard variable rates. These customers can potentially save thousands of euro over the remaining term of their mortgage by switching mortgage provider. Switching is relatively easy and in some cases free. A number of lenders are willing to contribute up to €3000 or up to 3% cashback toward the cost of switching.
In recent research, The Central Bank found that over 100,000 or 1 in 5 mortgage customers in Ireland could benefit from switching their mortgage
Our Switcher Challenge
To find out if you can make the switch and how much you can save from switching (subject to normal lending criteria) we just need the following information;
“Affinity Advisers helped us to switch mortgage providers. We had a very positive experience during this process. The service provided by Peter Gilbourne was professional and if we had any questions he was very quick to respond to us. We found the whole experience to be stress free and I would recommend Affinity Advisors to anyone seeking financial advice and we would use them again in the future.”
Brenda & Darren Casey
“Having worked with Trevor and his team on various complex mortgage projects/restructurings over the past 3 years, I can’t recommend their services highly enough. Trevor is extremely knowledgeable in all aspects of the mortgage market, and his professionalism, integrity, and attention to detail are second to none. A pleasure to deal with.”
Warning:YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.
Effect of missing repayments
Warning: IF YOU DO NOT MEET THE REPAYMENTS ON YOUR CREDIT AGREEMENT, YOUR ACCOUNT WILL GO INTO ARREARS. THIS MAY AFFECT YOUR CREDIT RATING, WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE.
Warning: You may have to pay charges if you pay off a fixed rate loan early
Warning: IF YOU DO NOT KEEP UP YOUR REPAYMENTS YOU MAY LOSE YOUR HOME.
If your mortgage is ever on a variable rate
Warning:THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.
Warning: THE COST OF YOUR MONTHLY REPAYMENTS MAY INCREASE.
Warning: THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.
If your mortgage is ever on a fixed rate
Warning: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED-RATE LOAN EARLY.
If your mortgage is an equity release mortgage and is being used for debt consolidation purposes:
Warning: THIS NEW LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS. THIS MEANS YOU MAY PAY MORE THAN IF YOU PAID OVER A SHORTER TERM.