Compare your rate against switching, net of costs.
Net saving from switching
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New monthly payment
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Monthly saving
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Your breakdown
Updates live as you type
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Value
Worked example
Take a 280,000 euro balance with 22 years left, currently on 4.5% and looking at a 3.5% switch. At 4.5% the monthly repayment is about 1,672.68 euro; at 3.5% it falls to about 1,522.30 euro, a saving of roughly 150.38 euro a month. Over the full 22 years the current rate costs about 441,588 euro and the new rate about 401,888 euro, so switching saves close to 39,700 euro in payments before costs. Subtract a 1,500 euro switching cost and add a 2,000 euro cashback offer, and the net saving is about 40,200 euro. The cashback alone more than covers the legal and valuation fees here.
How it is calculated
The tool amortises the same outstanding balance twice over the remaining term, once at your current rate and once at the new rate, using the standard repayment formula. Multiplying each monthly payment by the number of months left gives the total you would pay on each rate, and the difference is the gross interest saved. It then subtracts your switching costs, such as legal and valuation fees, and adds any cashback the new lender offers, to give the net saving. A switch makes sense when that net figure is comfortably positive. Many Irish lenders offer cashback or pay your fees to win the business, which often tips the maths, but always compare the full remaining-term cost rather than just the advertised rate, since a low rate with a short fixed period can revert higher later.
Frequently asked questions
Is it worth switching my mortgage in Ireland?
Switching is worth it when the interest saved over the remaining term beats the switching costs. Many Irish lenders offer cashback or pay your legal and valuation fees to win your business, which can tip the maths in your favour. Always compare the total cost over the full remaining term, not just the headline rate.
What are the typical costs of switching a mortgage in Ireland?
The main costs are solicitor fees (typically 1,000 to 1,500 euro plus VAT at 23%), a valuation report (150 to 250 euro), and sometimes a mortgage protection review if your policy needs updating. Some lenders absorb all of these as part of a switcher package. Stamp duty does not apply when refinancing an existing residential mortgage under Irish Revenue rules.
Does Revenue allow mortgage interest relief for switchers in Ireland?
The Mortgage Interest Tax Credit introduced in Budget 2024 applies to the increase in interest paid in 2023 versus 2022, and was extended to 2025 qualifying periods. To claim it you file a self-assessment return or use Revenue myAccount. Switching to a lower rate mid-year means only the months at each rate count toward your qualifying interest, so keep payment records. The credit is capped at 1,250 euro per property for a single filer and 2,500 euro for a jointly assessed couple.
How long does the mortgage switching process take in Ireland?
Allow 6 to 10 weeks from application to drawdown. You will need up-to-date payslips, 6 months of bank statements, evidence of the outstanding balance from your current lender, and a solicitor. Your new lender orders a valuation and issues a loan offer; your solicitor then handles the title search and redemption of the existing mortgage. Banks must give you at least 30 days to accept or reject a loan offer under the Consumer Protection Code.