Co. Tipp People Could Save €11,000 By Switching Mortgage

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Tipperary mortgage holders could stand to save over €11,000 each by switching their mortgage according to a new report.

The analysis by moneysherpa.ie shows that a person in the Premier County paying back over €200,000 is paying €746 by switching it could drop to €684 per month – a saving of 61 euro.

The company says the Premier County as a whole could save 69 million if everyone was to make the change.

Nationally over 180,000 households nationwide could save over €15,000 each by switching their mortgage.

Savings have reached record levels due to a combination of rising house prices and falling mortgage rates.

With higher house prices mortgage holders now have lower loan to values and can get lower rates.

According to the latest data from the Central Bank of Ireland standard variable rate mortgage holders are on a mortgage rate of 3.48%, despite fixed rates of 2.2% or less now being available.

Commenting on the analysis Mark Coan, Managing Director of moneysherpa.ie said “Our analysis highlights the massive opportunity people have to save by switching mortgage.

“Mortgage switching is the single biggest thing most of us can do to get our finances in shape.

If you aren’t on a tracker or fixed rate you should almost certainly switch.”

“As the cost of living crisis deepens, clawing back money lost through high interest payments can help lift the burden on households and inject money back into the local economy”

Most mortgage brokers offer switching for free and legal costs for switching are usually half that for your original mortgage.