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Get out option for Fixed Rate Mortgage Holders

Options available to change your fixed rate mortgage

House in the sand








High Fix Rate Mortgage holders now have new options

Up to now if you were in a fixed rate mortgage and wanted to move to different rate, the lender would charge you a fee and in some cases this free would be high enough for people not to move.

Thankfully this has changed, at least with most lenders.

The Detail

Most mortgage holders who are locked into high fixed rates can now break free and get a better deal without having to pay a penalty. Fixed rates have been falling for months. But many people took out fixed rates when the interest charged on them was much higher. Most people are unaware of the recent changes that mean most banks now charge no breakage free, or only a small one, when people break out of a fixed rate early.

What is this change?

Before you start thinking that lenders are making these changes out of the goodness of their hearts, let me assure you they are not… It is coming from a recent EU Mortgage Credit Directive

The EU's mortgage credit directive means banks have had to change how they calculate a breakage fee when a mortgage holder wants to get out of their fixed rate early. Until recently, banks calculated the fee based on the money they would lose until the end of the mortgage term from not getting the higher rate of interest. The industry jargon for this fee is an “prepayment penalty”.  In other words, their excuse to charge a fee.

The EU directive now means the Banks can only charge a penalty based on what they would earn from keeping the mortgage funds on deposit.  As deposits rates are so low, this means breakage penalties are very low or is some cases Nil.

What do we advise?

We would advise homeowners who fixed at their mortgage in the past few years to call their lenders and see if there is a cost to opt out of their current fixed rates. Once you establish whether there is a fee or not, you can discuss options with your existing lenders as well as looking at other lenders to see what is on offer.

We are happy to shop around for you to find a better rate. Call us on Letterkenny 074 910 3938 or Dublin 01 566 3638

You can switch lenders.

You may have seen or heard that some lenders have recently reduced their mortgage interest rates. Both fixed and variable rates have been coming down now for months.

See the best Mortgage Rates available below. 

If your rate is higher than the rates listed below, you could potentially save thousands of euro over the remaining term of your mortgage by switching mortgage provider.

Terms and conditions do apply and we are happy to discuss these with you.

Switching is easy

Switching is relatively easy and in some cases free. Several lenders are willing to contribute up to €2,000 towards the cost of switching. You will have to provide some paperwork though, we can help with the rest. Not everyone can avail of a switcher mortgage but are happy to discuss the options open to you.

Benefit of Switching Providers

In a recent research, The Central Bank found that over 100,000 or 1 in 5 mortgage customers in Ireland could benefit from switching their mortgage. Are you one of them?
If you have an existing variable rate mortgage we can review mortgage rates and compare your rate to those available in the market for free. Challenge us to find you a better rate.


We have saved some mortgage clients thousands of euros by obtaining a better rate for them with an alternative lender and in some cases their new Lender has paid some of the cost of switching. The lower the loan to value the better the rates that are available.

Recently we saved a client over €32,000 of potential interest payments over the remaining term of their mortgage. Often the hassle of dealing with the paperwork is the very thing that stops people taking action but if you speak with us for 15 minutes, we will check if saving thousands of euros is in your future and we will work with you to handle the paperwork.

Cash Back

A few of our lenders are offering up to €2,000 back in cash. This will help cover the initial outlay of moving to a new provider.

Our Mortgage 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;

If Unsure

Give us a call and we will assess your ability to get a switcher mortgage and how much you could save.

Call us today: Donegal Office 074 910 3938
                         Dublin Office 01 566 3638
                       Email us          

 Best Rates Available

Home Loan Rates 

 Best Rates Available 

 Up to 50% LTV 2.75%
 Up to 80% LTV 2.9%
 1 Year Fixed  2.9%
 3 Year Fixed 2.95%
 5 Year Fixed 3.0%
 10 Year Fixed 2.95%

LTV is Loan to value. Rates correct as of 14th Dec 2017. Rates are applicable to LYV mortgage of less than 50%. Rates may be higher for higher loan to value mortgages.

 Warning: If you do not keep up your repayments you may lose your home

 Warning: You may have to pay charges if you pay off a fixed-rate loan early.

 Warning: The cost of your monthly repayments may increase.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. 
This may affect your credit rating, which may limit your ability to access credit in the future.

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