Best Switcher Mortgage Ireland 2023, Ultimate Review

We all know switching your mortgage is the biggest thing you can do to save loads of cash, but if you’re a mortgage switcher what’s the best switcher mortgage Ireland 2023?

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 2023 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 Ireland 2023 short term switching – Avant Money 7 year Fixed Rate
  • Best switcher mortgage Ireland 2003 long term switching – Avant Money 15 year Fixed Rate
  • Best switcher mortgage multiple switcher Ireland 2023 – PTSB Variable Rate
RankMortgage ProductRate ValueRepayment SecurityEase of ApprovalApproval SpeedOverall Rating
1Avant Money Mortgage 10-30 Yr Fixed3.05.04.05.04.20
2Avant Money Mortgage 7 Yr Fixed4.03.54.05.04.05
3Avant Money Mortgage 5 Yr Fixed4.52.54.05.03.90
4Avant Money Mortgage 4 Yr Fixed5.01.04.05.03.60
5Haven Mortgage 10 Yr Fixed3.54.03.53.03.55
Rating Weighting: Rate 30%, Security 30%, Approval 20%, Speed 20%, updated 03/02/2023

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

  1. Long Term Switcher – Switcher Mortgage Ireland 2023
  2. Short Term Switcher – Switcher Mortgage Ireland 2023
  3. Multiple Switcher, Cash back Hack – Switcher Mortgage Ireland 2023
  4. What you should do, the verdict – Switcher Mortgage Ireland 2023

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

Best Long Term Switcher Mortgage – Switcher Mortgage Ireland 2023

This image has an empty alt attribute; its file name is recommended-1024x1024.jpg
Average Rate (APRC) at LTV < 50%10 Yr15 Yr20 Yr25 Yr30 Yr
Avant Money Mortgages4.42%4.42%4.42%4.42%4.42%
Haven Mortgages4.20%
AIB Mortgages4.22%
EBS Mortgages
Permanent TSB Mortgages
Bank of Ireland Mortgages4.40%
ICS Mortgages
Finance Ireland Mortgages
Ulster Bank
Bank of Ireland Mortgage (re-fixing)3.90%
KBC Mortgage3.70%
Correct as of 15/03/23. 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 a mortgage switcher.

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 Ireland 2023

Average Mortgage Rate (APRC) at LTV <50%3 Yr4 Yr5 Yr7 Yr
Avant Money Mortgage3.25%3.19%3.35%3.65%
Haven Mortgages3.50%3.80%4.10%
AIB Mortgage 3.45%3.55%3.66%3.90%
EBS Mortgage4.10%4.20%
Permanent TSB Mortgage3.98%3.90%4.13%4.35%
Bank of Ireland Mortgage4.10%4.10%
ICS Mortgages4.90%4.99%
Finance Ireland Mortgage6.09%6.06%
Ulster Bank3.60%3.80%
Bank of Ireland Mortgage (re-fixing) 3.90%3.80%
KBC Mortgage3.70%3.60%
Correct as of 15/03/23. 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 Ireland 2023

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 take out the 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 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
Rates updated 15/03/23

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 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 Mortgage2.95%2.95%2.95%3.30%3.30%
ICS Mortgages4.70%4.70%4.70%4.95%4.95%
Finance Ireland5.75%5.95%5.95%5.95%6.15%
Haven Mortgages2.75%2.95%2.95%2.95%3.15%
AIB Mortgage3.10%3.30%3.30%3.30%3.50%
KBC3.20%3.20%3.25%3.25%3.50%
Ulster Bank3.50%3.50%3.70%3.70%3.90%
EBS Mortgage3.30%3.50%3.50%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, rates updated 15/03/23

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 Ireland 2023

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 mortgage switchers 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 ProductRate ValueRepayment SecurityEase of ApprovalApproval SpeedOverall Rating
1Avant Money Mortgage 10-30 Yr Fixed3.05.04.05.04.20
2Avant Money Mortgage 7 Yr Fixed4.03.54.05.04.05
3Avant Money Mortgage 5 Yr Fixed4.52.54.05.03.90
4Avant Money Mortgage 4 Yr Fixed5.01.04.05.03.60
5Haven Mortgage 10 Yr Fixed3.54.03.53.03.55
Rating Weighting: Rate 30%, Security 30%, Approval 20%, Speed 20%, updated 03/02/2023

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 2023

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 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.

Avant Logo
  • Rates from 2.44% APRC
  • Fixed for 3-30 Years
  • Tighter approval policy
ICS Logo
  • Rates from 3.83% APRC
  • Fixed for 3-5 Years
  • Flexible approval policy
Finance Ireland Logo
  • Rates from 4.45% APRC
  • Fixed for 3-25 Years
  • Flexible approval policy

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.

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.

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]

Check out our other popular guides below.

Daire McConnon - mortgage sherpa lead

Need help with your mortgage?

No hassle, in a 15 minute call our mortgage sherpa team will guide you on the journey. 

They will help you borrow, find you the best deal and make the paperwork painless.

Best of all, they are free as they are paid for by the lenders.

Why Us?

Save €25,000 On Average

Start Saving in 6 Weeks

100% Free

100% On Line

Check out our reviews

Suzanne Powell
Suzanne Powell
14/03/2023
Lovely to deal with. Sound, honest, unbiased advice with no pressure. They'll tell you what is genuinely best for you. Would highly recommend.
Lee Palmer
Lee Palmer
09/03/2023
Great service. Highly recommended. Couldn't speak more highly of Gavin and team for making the whole experience as seamless as possible. Thanks all who were involved.
Eve Quigley
Eve Quigley
26/02/2023
Cost of living challenges, seeing prices increase daily on everything from utilities, basic essentials and services made me re-evaluate my outgoings and where savings could be had. That included my mortgage, every article I read recommended reaching out to a mortgage expert. I have no regrets in contacting Moneysherpa, I contacted three experts and only they responded. Having delved into the world of mortgages, done my own research I knew my best option would be to stay with my present provider and fix my rate, they concurred and by doing so ultimately wouldn't have made a financial gain on my ask but were still willing to share their invaluable expertise with me and that counts for a lot. They were professional, knowledgeable and offered me sound advice. I have since recommended to family/friends. Thank you Nikki and your team, I appreciate your time and words of wisdom. Best wishes to you and your company.
David O'Shea
David O'Shea
17/02/2023
Daire and the team helped me with a recent mortgage switch. Fantastic service from my first call with Daire through to completion. If you are thinking about switching mortgage then the first thing you should do is contact these guys. I am so glad I did!!
Julie Gleeson
Julie Gleeson
03/02/2023
I was delighted with the service I received from the moneysherpa team. So efficient, friendly and on point with everything. Highly recommended them.
James Grace
James Grace
02/02/2023
I used Moneysherpa when switching my mortgage provider at the end of 2022. Petrina was very helpful when detailing the different options available and working through the process. The online platform for uploading all the various documentation is very user friendly and clearly lists out what is uploaded and still outstanding. Louise then took over for the drawdown stage and answered any questions we had. I would definitely recommend Petrina and the team to anyone planning on switching their mortgage.
Gary Meade
Gary Meade
25/01/2023
Great to see a “modern” mortgage service in Ireland. Everyone knows a mortgage application can be extremely time consuming and document heavy but with everything being “online” made such a difference. Highly recommend Petrina from discussing our options from the outset and any curve balls that came our way during the process. Damian (jacobs law) and Niki in Money Sherpa. Highly recommend. Thanks everyone
Dara Gannon
Dara Gannon
16/01/2023
Had a very informative consultation with Kinga who answered all our questions and gave us sound and impartial advice. Top class service. Thanks!
Brian Carpenter
Brian Carpenter
20/12/2022
Great service...a pleasure to deal with & very prompt with responses to any queries. Would recommend to anyone.
Edwin Nienhuis
Edwin Nienhuis
20/12/2022
Very good service by the MoneySherpa team in helping us switch our mortgage earlier in the year. First an introduction call, explaining the service and next steps in detail followed by the creation of a personalised portal where you can upload all your documents and track the mortgage application process.

Get your FREE mortgage switching guide

Save big with our 26 page downloadable switching guide & tips straight to your inbox

Book your free mortgage check

Hours
Minutes
Seconds

HURRY BEFORE THEY ARE GONE: Secure your FREE 15 min online video advice call NOW

Get Your Free
Mortgage Switching Guide!

Save big with our 26 page Ultimate Switching Guide and tips straight to your inbox