Best Switcher Mortgage Rates 2022, Ultimate Review

We all know switching your mortgage is the biggest thing you can do to save loads of cash, but what’s the best switcher mortgage?

Switcher Mortgage

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

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

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

Based on our review of all 250 switcher mortgages in the market we recommend the following options.

  • Best switcher mortgage short term switching – Avant Money 7 year Fixed Rate
  • Best switcher mortgage long term switching – Finance Ireland 15 year Fixed Rate
  • Best switcher mortgage multiple switcher – PTSB Variable Rate
RankMortgage ProductAPRCApprovalSpeedRate RiskRating
1Finance Ireland Mortgage 15 Yr Fixed 2.96%GoodMediumLow4.75
2Avant Money Mortgage 15 Yr Fixed3.48%MediumGoodLow4.50
3Avant Money Mortgage 7 Yr Fixed2.81%MediumGoodMedium4.00
4Avant Money Mortgage 3 Yr Fixed2.44%MediumGoodHigh3.50
APRC is the Average Rate paid across the whole mortgage term @ LTV of <50%

Read on to see which approach is the best fit for you and how much you could save.

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

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

Best Long Term Switcher Mortgage – Switcher Mortgage

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Average Rate (APRC) at LTV < 50%10 Yr15 Yr20 Yr25 Yr30 Yr
Avant Money Mortgages3.26%3.48%3.58%3.58%3.57%
ICS Mortgages
Finance Ireland Mortgages2.93%2.96%3.07%3.22%
Haven Mortgages3.10%
AIB Mortgages2.99%
EBS Mortgages
Permanent TSB Mortgages
Bank of Ireland Mortgages3.50%
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.

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. 

Best fixed short term mortgage rate – Switcher Mortgage

Average Mortgage Rate (APRC) at LTV <50%3 Yr4 Yr5 Yr7 Yr
Avant Money Mortgage2.44%2.50%2.60%2.81%
ICS Mortgages2.78%2.99%
Finance Ireland Mortgage3.03%3.17%
Haven Mortgages3.00%3.00%2.90%
AIB Mortgage 2.72%2.77%2.68%2.88%
EBS Mortgage3.50%3.20%3.40%
Permanent TSB Mortgage3.57%3.14%3.46%3.36%
Bank of Ireland Mortgage3.70%3.30%3.6%
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 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

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

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

Compare
Cash back
Cash back MinCash back MaxCash back conditions
Avant Money€0€0NA
Haven€0€2,000Switcher only
AIB Mortgage€0€2,000Switcher only
Permanent TSB0%2%2% not available to 4 year fixed term.
EBS Mortgage2%3%2% on drawdown 1% after 5 years
Bank of Ireland2%3%2% on drawdown 1% after 5 years

You 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 are with the three providers with the cash back offers.


Follow on/Variable Mortgage Rates
up to
50% LTV
Follow on Rate
up to
60% LTV
Follow on Rate
up to
70% LTV
Follow on Rate
up to
80% LTV
Follow on Rate
up to
90% LTV
Follow on Rate
Avant Money2.45%2.45%2.45%2.70%2.70%
ICS Mortgages2.45%2.45%2.45%2.70%2.70%
Finance Ireland2.75%2.95%2.95%2.95%3.15%
Haven Mortgages2.75%2.95%2.95%2.95%3.15%
AIB Mortgage2.75%2.95%2.95%2.95%3.15%
KBC3.00%3.00%3.05%3.05%3.3%
Ulster Bank3.50%3.50%3.70%3.70%3.90%
EBS Mortgage3.30%3.50%3.5%3.50%3.70%
Permanent TSB3.70%3.70%3.70%3.70%3.90%
Bank of Ireland3.90%3.90%4.20%4.20%4.50%
Probable follow on variable rates post fixed period based on current variable rates by provider

If you are prepared to switch 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 you 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 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 or ICS 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 once to the best rate and save yourself all the hassle.

What You Should Do, the Verdict – Switcher Mortgage

So should you make multiple switches?

Taking the cash back offers and switching 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.

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

You also need to be prepared to put in the hard yards, although switching is a lot easier than taking out a new mortgage, switching 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 switch master plan, the market might change, the providers conditions might change and your own circumstances might change.

For most people then making the switch once to a lower on-going interest rate is the best policy. You still save thousands without all the hassle and risk of the multi 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.

That’s why we would recommend using a broker to help you switch to a fixed rate product with a low on-going rate from Avant Money or Finance Ireland. 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.

RankMortgage ProductAPRCApprovalSpeedRate RiskRating
1Finance Ireland Mortgage 15 Yr Fixed 2.96%GoodMediumLow4.75
2Avant Money Mortgage 15 Yr Fixed3.48%MediumGoodLow4.50
3Avant Money Mortgage 7 Yr Fixed2.81%MediumGoodMedium4.00
4Avant Money Mortgage 3 Yr Fixed2.44%MediumGoodHigh3.50
APRC is the Average Rate paid across the whole mortgage term @ LTV of <50%

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

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

The non bank lenders ICS, Avant Money and Finance Ireland have really leapt ahead of the pack this year with a 0.5% discount across all mortgage types. This has left the banks, who are weighed down with legacy costs, trailing in their dust.

These non bank lenders are only available via a mortgage broker or via one of our own mortgage sherpas, click for a mortgage check up with one of our sherpas here.

Avant Logo
  • Rates from 2.44% APRC
  • Fixed for 3-30 Years
  • Tighter approval policy
ICS Logo
  • Rates from 2.78% APRC
  • Fixed for 3-5 Years
  • Flexible approval policy
Finance Ireland Logo
  • Rates from 2.93% APRC
  • Fixed for 3-25 Years
  • Flexible approval policy

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 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 calculating your repayments you can click here.

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 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.

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]

Why Choose Us

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Daire McConnon - mortgage sherpa lead

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Check out our reviews

Angie - Mortgage Sherpa
Angie - Mortgage Sherpa
Louise Winters - Mover
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Very helpful, knowledgeable, friendly & efficient staff. Would highly recommend!
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Angie - Mortgage Sherpa
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Angie was amazing! Looked after us so well. Would definitely recommend for anyone looking a mortgage.
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Daire - Mortgage Sherpa
Sandra Chubb - Switcher
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They were really friendly, gave me independent advice and helped me pull together the paperwork. Most people don't realise they are in a position to save so much by switching
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Petrina - Customer Sherpa
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Easy to use web app instead of email really helped. Would definitely recommend moneysherpa for your mortgage.
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Martina - Document Sherpa
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Martina is very helpful all throughout the mortgage process.
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