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Best Switcher Mortgage Ireland 2024, Ultimate Review

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Switching your mortgage is the biggest thing you can do to save money, but if you’re considering switching mortgage what’s the best switcher mortgage Ireland 2024?

Switcher Mortgage

There are seven different mortgage lenders in Ireland right now, with over 250 different mortgages on offer.

In this rundown we will recommend the best switcher mortgage Ireland 2024 short term, the best switcher mortgage for the long term and the best switcher mortgage for multiple mortgage switchers.

The right switcher mortgage for you depends on whether you are looking to switch mortgage and stick or if you want to switch mortgage multiple times.

Based on our review of all 250 switcher mortgages in the Irish market we recommend the following options if your looking to switch mortgage.

  • Best switcher mortgage Ireland 2024 short term switching – Avant Money 7 year Fixed Rate
  • Best switcher mortgage Ireland 2024 long term switching – Avant Money 15 year Fixed Rate
  • Best switcher mortgage multiple switcher Ireland 2024 – PTSB Variable Rate (Handle with care)
Rank Mortgage Product Rate Value Repayment Security Ease of Approval Approval Speed Overall Rating
#1. Avant Money Mortgage 10-30 Yr Fixed 4.25 5.0 4.0 5.0 4.58
#2. Avant Money Mortgage 7 Yr Fixed 4.25 3.5 4.0 5.0 4.13
#3. Haven Mortgage 10 Yr Fixed 3.5 4.0 3.5 5.0 3.95
#4. Avant Money Mortgage 5 Yr Fixed 4.5 2.5 4.0 5.0 3.90
#5. Haven Mortgage 7 Yr Fixed 4.0 3.5 3.5 3.0 3.55

Rating Weighting: Rate 30%, Security 30%, Approval 20%, Speed 20%, updated 26/09/2023

Read on to see how you can switch mortgage and how much you could save.

  1. Long Term Switcher – Switcher Mortgage Ireland 2024
  2. Short Term Switcher – Switcher Mortgage Ireland 2024
  3. Multiple Switcher, Cash back Hack – Switcher Mortgage Ireland 2024
  4. What you should do, the verdict – Switcher Mortgage Ireland 2024

If you want to see how different providers compare on your mortgage you can click here.

Best Long Term Switcher Mortgage – Switcher Mortgage Ireland 2024

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Standard Mortgage Average Rate (10-15yr) at LTV < 50%
APRC at LTV < 50% Avant Money Haven Mortgages AIB Mortgage EBS Mortgage Permanent TSB Bank of Ireland ICS Mortgages Finance Ireland Bank of Ireland (Re-fixing)
10 Yr 4.00% 4.70% 4.76% 5.20% 4.70%
15 Yr 3.95%
20 Yr 3.95%
25 Yr 3.95%
30 Yr 3.95%
Correct as of 01/11/23. APRC is the Average Rate paid across the whole mortgage term.

The Avant Money 15 year fixed rate product has the lowest introductory rate in the market for the first fifteen years, with a market leading APRC over the lifetime of the mortgage for anyone looking to switch their mortgage.

If you know you staying put and want to lock out future interest rate rises this may be the mortgage for you.

The leading score on rate, whilst not dropping many points on the basis of flexibility, makes the Avant Money 15 year fixed product the best mortgage rate choice overall if you are switching mortgage. 

Best fixed short term mortgage rate – Switcher Mortgage Ireland 2024

Standard Mortgage Average Rate (3-7yr) at LTV 50%
Fixed Term APRC Avant Money MoCo Haven Mortgages AIB Mortgage EBS Mortgage Permanent TSB Bank of Ireland ICS Mortgages Finance Ireland Bank of Ireland (Re-fixing)
3 Yr 3.87% 5.21% 4.00% 4.09% 4.20% 4.61% 4.90% 6.64% 4.40%
4 Yr 3.92% 4.19% 4.28%
5 Yr 3.94% 5.06 4.30% 4.47% 4.50% 4.72% 4.90% 6.35% 4.40%
7 Yr 3.97% 4.60% 4.58% 4.79% 6.04%
Correct as of 22/03/24. APRC = Average Rate paid across the whole mortgage term, table, excludes Mortgage value >€250,000, excludes Green mortgages

If you want to save on legacy rates, but want to keep your options open then there are still some good mortgage switching options out there.

If you have a sparkling credit history the Avant Money 5 year and 7 year fixed are a great deal.

Multiple Switch, Cash Back Hack – Switcher Mortgage Ireland 2024

Irish Mortgage providers use either introductory fixed rates or once off cashback offers to tempt new mortgage switchers.

Cashback offers from EBS, PTSB and Bank of Ireland give you 2% of the total mortgage amount back in cash when you switch mortgage. So on the average mortgage switch of €240,000 that’s €4,800 in cash at drawdown as shown below.

Compare Cash back Cash back Min Cash back Max Cash back Conditions
MoCo €0 €1,500 All
Haven Mortgages €2,000 €5,000 Switcher, €5,000=>€250,000 not 4yr green rate
AIB Mortgage €0 €2,000 Switcher Only
Permanent TSB 0% 2% 2% not available to 4 year fixed term.
EBS Mortgage 2% 3% 2% on drawdown 1% after 5 years.
Bank of Ireland 2% 3% 2% on drawdown 1% after 5 years.

Rates updated 26/05/23

Mortgage switchers should tread carefully though as the rates from these providers are some of the highest in the market. Surprise surprise, as you can see from the table below the highest follow on and variable rates for those switching mortgage are with the three providers with the cash back offers.

Variable/Follow On Rates Comparison
Follow on Variable Rate Avant Money ICS Mortgages Finance Ireland Haven Mortgages AIB Mortgage MoCo EBS Mortgage Permanent TSB Bank of Ireland
Up to 50% LTV 3.75% 6.20% 6.40% 3.75% 3.75% 5.20% 4.15% 4.40% 4.15%
Up to 60% LTV 3.75% 5.95% 6.20% 3.95% 3.95% 5.20% 4.15% 4.50% 4.15%
Up to 70% LTV 3.75% 6.95% 6.20% 3.95% 3.95% 5.20% 4.15% 4.50% 4.45%
Up to 80% LTV 3.95% 6.20% 6.20% 4.15% 3.95% 5.20% 4.15% 4.70% 4.45%
Up to 90% LTV 3.95% 6.20% 5.15% 4.15% 4.15% 5.20% 4.15% 4.70% 4.75%
*Probable follow on variable rates post fixed period based on current variable rates by provider, rates updated 5/12/23. PTSB rates applicable from 17/01/24

If you are prepared to switch mortgage multiple times though you can get your hands on the cash back offers without paying the higher on-going rates. One of the few times you can really have your cake and then get to eat it afterward.

So if you take out a variable mortgage with PTSB you can take up the cashback offer, then switch mortgage to Bank of Ireland take out another variable rate cashback offer, then EBS for your final variable rate cashback offer.

On the average switcher mortgage of €240,000 that’s

  • €4,800 Cash Back (PTSB)
  • €4,800 Cash Back (BoI)
  • €4,800 Cash Back (EBS)
  • Total Cash = €14,400

Even better when you have picked up your cash from EBS you can then switch to a fixed rate deal through a broker with Avant Money to get on a low interest rate.

This last step is really important as it can save you as much as the multiple switch hack.

In our view the smartest thing to do is to switch mortgage once to the best rate and save yourself all the hassle.

What You Should Do, the Verdict – Switcher Mortgage Ireland 2024

So should you make multiple mortgage switches?

Taking the cash back offers and switching mortgage multiple times is perfectly legal. As long as you choose a variable rate rather than a fixed rate you aren’t tied in to a minimum period before switching mortgage.

You will have to pay solicitors fees though for each mortgage switch, these come in at around €1,300 a switch, although many solicitors will knock a bit off for multiple mortgage switches if you haggle.

You also need to be prepared to put in the hard yards, although mortgage switching is a lot easier than taking out a new mortgage, switching mortgage 4 times over isn’t to be taken lightly.

Finally, mortgages are a major financial commitment and can be pretty complex. While you’re working through your multiple mortgage switching master plan, the market might change, the providers conditions might change and your own circumstances might change.

For most people then switching mortgage once to a lower ongoing interest rate is the best policy. You still save thousands without all the hassle and risk of the multi mortgage switch strategy.

That’s why we don’t recommend the multi switch strategy. The reality is that although on paper the multi switch strategy makes sense, for most of us life gets in the way and it’s way too much hassle.

We would recommend using a broker to help mortgage switchers switch to a fixed rate product with a low ongoing rate. The lenders with the lowest rates can usually only be accessed by brokers, many brokers are free to use and they can take the pain out of the paperwork.

Rank Mortgage Product Rate Value Repayment Security Ease of Approval Approval Speed Overall Rating
#1. Avant Money Mortgage 10-30 Yr Fixed 4.25 5.0 4.0 5.0 4.58
#2. Avant Money Mortgage 7 Yr Fixed 4.25 3.5 4.0 5.0 4.13
#3. Haven Mortgage 10 Yr Fixed 3.5 4.0 3.5 5.0 3.95
#4. Avant Money Mortgage 5 Yr Fixed 4.5 2.5 4.0 5.0 3.90
#5. Haven Mortgage 7 Yr Fixed 4.0 3.5 3.5 3.0 3.55

Rating Weighting: Rate 30%, Security 30%, Approval 20%, Speed 20%, updated 26/09/2023

The payback might not be as immediate as with the multi switch strategy, but for much less work you will still save thousands and get the best value.

If you are prepared to put in the work and take on the risks involved in a multi switch strategy however, don’t forget to talk to a broker about that final step to switch to a long term lower rate, otherwise you will lose almost all you gained by collecting those cash backs in the first place.

What’s Next – Switcher Mortgage Ireland 2024

It makes more sense than ever for mortgage switchers to compare mortgage rates with massive savings available. There probably isn’t another financial decision that has as big an impact on your wallet.

Overall, the Avant Money 15 year fixed rate came clearly out on top as the overall best mortgage rate, which saves an amazing €20,000+ for mortgage switchers in most cases. Avant Money’s 7 and 4 year products are also a great choice for those looking for shorter or medium fixed terms.

If you want to see what you could save by switching mortgage you can calculate your mortgage repayments here.

Logo 1 Best Buys

Avant Money Mortage

  • From 3.61% aprc
  • Years Fixed: 3-30
  • Approval Policy: Tight
Logo 2 Best Buys

Haven Mortage

  • From 4.00% aprc
  • Years Fixed: 3
  • Approval Policy: Complex
Green Mortgage 6 Best Buys

Bank of Ireland

  • From 3.90% aprc
  • Years Fixed: 4
  • Approval Policy: Flexible

You can also check out our deep dive reviews into the best mortgage rates and products by clicking the links below.

If you want to know more about mortgage switching you can click here.

If you want to get your savings started right now, set up a free no obligation video call with a mortgage sherpa here.

Switcher Mortgage Frequently Asked Questions

What is a switcher mortgage?

A switcher mortgage also known as a remortgage is simply getting a new mortgage with a different lender than your current lender while staying in the same home. Switcher mortgages have exactly the same rate and product features as new mortgages, the only thing that makes them a switch is you aren’t switching home you are switching lender.

How long does a switcher mortgage take?

It depends on the broker and lender you choose, but with the right lender it can be completed in 6 weeks or less. Look for a broker who has all 7 lenders on their books and has an online mortgage process if you want the fastest switch.

How many people switch mortgage Ireland?

In 2022 a record number of people switched mortgage at its highest level since 2008, with over 1% of mortgage holders (over 7,000) are now switching every year, but that’s still much lower than the 4% who switched annually before the financial crash in 2008..

Can you switch mortgage anytime?

Yes, contrary to what many people think you can switch even if you are in your fixed rate period. If you are outside this period there will be no charges known as a ‘breakage fee’, but even if you are in your fixed period there may be no fee applicable. Under EU law breakage fees can only be applied in limited circumstances so ask your bank if you will have to pay a breakage fee they have to do this straight away under the same legislation.

How to switch mortgage provider?

The simplest way to switch mortgage is to speak to a mortgage broker. Brokers fees are usually paid for by the lenders and many have exclusive access to lenders with the best rates. The lowest rates are often only available via brokers. 

What is mortgage switching?

Mortgage switching is taking out a new mortgage with a new lender, usually because the new lenders interest rate is lower and using that mortgage to pay off the old mortgage. The average saving on switching in Ireland is over €20,000, leading to increased numbers of switchers.

How much does it cost to switch mortgage providers?

It costs around €1,500 to switch mortgage if you do it right. 
1) A solicitor gathers the right paperwork and checks the terms of the new loan. The fees usually come in between €1,350 to €1,600 including VAT. 
2) An estate agent values your home. So the bank can put you on the right rate and usually comes in at €150 excluding VAT.

How much are the legal fees to switch mortgage?

Legal fees to switch mortgage usually come in from €1,350 to €1,500. The solicitor has to request the deeds from your old bank and then handles the paperwork with your new bank. They will also make sure you understand the terms of the new loan before you sign the new loan agreement. 

Do I need a solicitor to switch mortgage?

Yes, under the law you need a solicitor to switch mortgage. The solicitor will transfer the deeds from your old lender to your new lender and to advise you on the terms of the new loan offer. Having a solicitor also gives you and your bank confidence in the paperwork. A mortgage broker will handle the solicitor for you.

How much to switch mortgage?

Average costs to switch mortgage are under €1,500 inc VAT to cover a solicitor and estate agent. If you shop around you should be able to find a mortgage broker who is fully paid for by the lender and will manage the solicitor and estate agent on your behalf. 

How long does it take to switch mortgage lenders?

It usually takes 4-6 weeks to switch mortgage lenders with the right broker. Switching mortgage is pretty straightforward compared to buying a property first time round. First you need to pass your new lender’s credit check, this is usually pretty quick, as you already have evidence you are paying a mortgage with your old lender. 
Then you need to get a solicitor involved to handle the contract paperwork. Finally, a local estate agent selected by the new lender values the property. 

What is involved to switch mortgage provider?

There are 4 steps to switch mortgage provider.
1. Find the best lender using an online calculator
2. For credit approval you will need to prove who you say you are and provide evidence of your ability to repay the loan. To confirm you are on the right rate the new lender will also ask you to get your home professionally valued. 
3. Now comes the legal bit, which is much simpler than when you buy. Your solicitor gets the paperwork sorted, checks you understand it and you sign. 
4. When all the boxes have been ticked your new lender will ask you to fill in a new direct debit to collect your repayments. 

How to switch mortgage provider? 

5 simple steps to switching your mortgage
Step 1 – Calculate your mortgage savings online
Step 2 – Find a mortgage broker fully paid for by the lenders 
Step 3 – Gather your paperwork, bank statements and salary certificates
Step 4 – Use your broker to manage the solicitor and estate agent
Step 5 – Enjoy your new mortgage savings every month

How easy is it to switch mortgage?

Using a mortgage broker can make the switch mortgage process very straightforward, they will handle all the paperwork for you. If you shop around you should be able to find a broker that is fully paid for by the lenders. Solicitors fees and Estate agent fees are also covered by some lenders. It takes 6-12 weeks to complete the switch from start to finish.

How do I switch mortgage lenders?

To switch mortgage or to remortgage you simply take out a new mortgage with a new lender and use that to pay off your old mortgage provider. Typically this is to avail of a lower mortgage rate with the new lender on the same mortgage amount or to increase the mortgage known as ‘topping up’ to release equity from your home. It makes sense to consult with a mortgage broker before switching.
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How often can you switch your mortgage provider?

There’s no limit on how often you can switch your mortgage provider, even if you have received a cashback offer. If you are still in your fixed rate period you need to watch out for ‘breakage fees’. Under EU law the fee is capped in line with the cost to the lenders of providing the rate. This depends on the difference between the interest rate when you fixed and the interest when you switch. As a result, often there are no fees at all, but the only way to be sure is ask your bank what your fee would be.

How many times can you switch mortgage?

Under EU law there is no limit on how many times you can switch your mortgage. This also means that you can avail of multiple cashback offers. The best rates however are fixed rate mortgages which can have penalties if you switch within the fixed period. 

When can you switch mortgage?

You can switch mortgage for free if you are outside your fixed rate period, usually 3 or 5 years after you took out the loan. Even if you are in the fixed rate period you may be able to switch without penalty due to EU law. Ask your lender to calculate what ‘break out’ fee would apply in your particular case.  
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Can you switch from a fixed rate mortgage?

You most certainly can switch from a fixed rate mortgage. A lot of people think this always incurs a fee, but due to an EU law banks can now only cover their costs with these fees. This means the fee the bank is allowed to charge depends on the difference between the rate when you fixed and the rate when you switch. You should ask your bank what fee would apply to you, more often than not it turns out there are no fees at all.

Can you switch mortgage if in negative equity?

If your loan is larger than the value of your property, switching can be tricky as the bank ‘backs’ the mortgage with the value of your house. It often makes sense to get an up to date valuation and then talk to an experienced mortgage broker about your options if you think you might be in negative equity.

How much will I save if I switch mortgage?

f you bought after 2008 you may be one of the 175,000 mortgage holders on rates of 4.2% APRC, meaning big savings if you switch mortgage. The average saving for these customers is around €20,000 over the duration of the mortgage. Even if you aren’t on a 4.2% rate, you will probably save thousands by switching.

Annual Percentage Rate Charge (APRC) calculated on a €100,000 loan over 20 years. APRC represents the average rate across the lifetime of a typical mortgage and is recommended as the best rate to use for comparisons by the CCPC. [1]

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