Switcher Mortgages


Switcher Mortgage Calculator

Property Value
Outstanding Mortgage Amount
Remaining Term
Current Monthly Repayment
Current Interest Rate

Potential savings*


* This calculator is for illustrative and guidance purposes only and is not an offer of a loan. The limits applied can vary so it's important to talk to us as early as possible about your plans. The amount you can borrow will depend on your individual circumstances and is subject to lending criteria, terms and conditions.

The Benefits of Switching:


●  The ability to borrow at a lower interest rate

●  The option of utilizing your home’s equity for additional cash

  The opportunity to switch to a product more suitable to your financial situation

  The flexibility to consolidate your debts into a single, affordable monthly payment

Real-life Example:


Tom and Laura, aged 37 and 35 with 20 years left on their mortgage and an outstanding balance of €180,000.

Before switching:

3.7% – interest rate
€1,062 – repayment per month

After switching:

2.25% – interest rate
€200,000 – new mortgage amount (extra €20,000 released for new kitchen)
€1,035pm – new repayment per month (€27pm cheaper + NEW kitchen)

Switcher Costs & Criteria:

How it works?

The upper limit on switcher mortgages is 90% of the current value of your home. Switcher mortgages were specifically excluded in the changes to mortgage rules introduced by the central bank in early 2015.

How much does it cost?

As a guide you should budget in the region of €1,200 for legal costs to switch your mortgage. Currently there are incentives from lenders varying between €1,000 and €2,000 towards legal costs.


A valuation fee of approx €150 euro is also payable as the new lender will require an up to date valuation before a loan offer is issued.

The switching process

You will need to have life cover to the value and term of your new mortgage in place before you draw down.


Redemption penalties may arise if you are breaking an existing fixed rate mortgage agreement. If you are looking to switch and are in a fixed rate mortgage agreement you will need to check with your current lender what if any penalty is payable if you switch.

We are available online 7 days a week

We want to reassure our existing and potential customers that we are there for you 24/7 in this difficult time. If you need an advice do not hesitate to contact us:


087 932 1882 | michael@mcfinancial.ie

Warning: If you do not keep up your repayments, you may lose your home. Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Put Yourself in Professional Hands

Get In Touch

Would you like to talk to someone you can trust, who will give you the best options based on your circumstances? If so, contact MC Financial today on 01-8228022, michael@mcfinancial.ie or call Michael anytime on 087 9321882