Switcher Guide
Switching your mortgage could save you thousands
If your current fixed rate is ending — or you have never switched — there is a good chance you are paying more than you need to. Here is what every Irish lender is currently offering switchers.
Cashback offers for switchers
Several Irish lenders pay cashback when you switch your mortgage to them. On a €300,000 mortgage the difference can be significant.
Bank of Ireland
Up to 3%
2% on drawdown + 1% after 5 years. On a €300k mortgage that is €9,000. Not available on HVM rates.
Best switcher rate: 3.10% (4-yr green, BER A)
PTSB
2%
2% cashback at drawdown on most fixed rates. Not available on the 4-year fixed. On €300k that is €6,000.
Best switcher rate: 3.00% (4-yr fixed, ≤60% LTV)
AIB
€3,000
€3,000 flat cashback for switchers on the Higher Value 4-year fixed rate. Requires minimum loan of €250,000.
Best switcher rate: 3.00% (GreenA 3-yr, ≤50% LTV)
Avant Money
No cashback
Avant does not offer cashback, but consistently has some of the lowest rates in the market.
Best switcher rate: 3.20% (4-yr HVM, ≤60% LTV)
Haven
No cashback
No cashback, but their Green 4-year fixed is one of the best green rates available to switchers.
Best switcher rate: 3.20% (4-yr green)
What switching could save you
Example: €300,000 mortgage, 25 years remaining
Current rate (variable)
4.40%
~€1,654/month
After switching (PTSB 4-yr fixed)
3.00%
~€1,422/month + 2% cashback
Monthly saving after switching
~€232/month
How switching works
Switching your Irish mortgage is more straightforward than most people expect. A broker can handle most of the paperwork.
1
Check your current rate and remaining term
Log in to your existing lender's online portal or check your last mortgage statement. Note your current interest rate, the balance remaining, and how long is left on any fixed-rate period. Breaking out of a fixed rate early can trigger a breakage fee — check this before proceeding.
2
Compare rates across lenders
Use the MortgageWatch rate comparison table to see what is currently available. Pay attention to the APRC as well as the headline rate, and factor in any cashback on offer — a slightly higher rate with €6,000 cashback may work out cheaper overall depending on your term.
3
Get a mortgage broker involved
A broker can approach multiple lenders on your behalf, handle the application paperwork, and advise on which product genuinely suits your circumstances. Avant Money and Haven are both broker-only lenders — you cannot apply to them directly. Brokers are regulated by the Central Bank of Ireland and their advice is typically free to the borrower.
4
Get a valuation
Your new lender will require a current valuation of your property. Costs typically range from €150 to €200. This establishes your current LTV which determines which rate band applies to you — if your property has increased in value since you originally borrowed, you may qualify for a lower LTV band and a better rate.
5
Instruct a solicitor
Your new lender will need a solicitor to handle the legal transfer of your mortgage. Some lenders contribute towards legal costs — check what is included in the switching package before you appoint. The process typically takes six to eight weeks from application to completion.
Common questions about switching
How much does it cost to switch?
Typical costs include a property valuation (€150–€200), legal fees (€1,000–€1,500 plus VAT), and potentially a breakage fee if you are leaving a fixed rate early. Many lenders offer cashback that covers or exceeds these costs. Always calculate the net position before switching.
Can I switch if I am in negative equity?
Switching is generally very difficult if your mortgage balance exceeds the current value of your property. Most lenders require a maximum LTV of 90% for new applications. If you are in or close to negative equity, speak to a broker about your options.
Will switching affect my credit rating?
A new lender will carry out a credit check as part of the application process, which is recorded on the Central Credit Register. This is a normal part of any mortgage application and does not negatively impact your credit rating in itself, provided your existing mortgage is in good standing.
Can I switch if I am on a tracker rate?
You can, but think carefully before doing so. Tracker rates are set at a margin above the ECB rate and are generally very competitive. If you switch away from a tracker, you will not be able to return to a tracker rate in the future. Seek independent advice before switching from a tracker.
How long does switching take?
Typically six to eight weeks from submitting a full application to your new lender drawing down the mortgage. Having your documents in order — pay slips, bank statements, valuation, solicitor details — speeds up the process considerably.