Five tips for switching your mortgage provider and getting the best deal

The number of people switching their mortgage to avail of a better deal is soaring. The latest figures from Banking and Payments Federation Ireland found that there was a near 43% jump in people switching their mortgage over the last year. Given that making the switch could save you thousands of euro, Niamh Hennessy has compiled the top five tips to consider when switching your mortgage

There are very strict criteria to be met when getting a mortgage and it is the same when it comes to switching

Bite the bullet 

You may still be traumatised about how hard it was to get your mortgage over the line in the first place that the idea of switching fills you with dread. However, it can be done and switching will not be as difficult as getting your first mortgage. Get into your mind that switching mortgage provider could save you thousands of euro and go for it. Generally it will take around eight weeks to complete a switch so try not to get frustrated and abandon the process if you feel it is taking too long. Joey Sheahan of MyMortgages.ie said every mortgage holder should reassess their situation every three years regardless of what rate they are on.