As the recession continues to bite it is more important than ever to operate a tight personal budget. For most people their mortgage is their biggest monthly commitment and so an opportunity to reduce the cost of your mortgage should not be missed.
If your mortgage is with one of the foreign owned banks then now is the time to switch. Irish mortgage lenders have much better deals, especially if you are looking for a good fixed rate. The difference in the worst and the best 5 Year Fixed Rates is enormous. The worst 5 Year Fixed is 7.75% and the best is 3.86%. Over five years there would be a saving of over €35,000 if you picked the best rate.
However these huge savings are not for everyone. Remortgages are only available to borrowers who have equity in their properties. The highest remortgage loan to value on offer is 90% at best and as low as 50% with some lenders. Therefore a remortgage is probably not on the cards for anyone who has bought over the last 4 or 5 years.
If you do have equity in your property then you should contact a good Mortgage Broker who will calculate the possible savings for you.
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