Time to Switch Mortgage?

Switching your mortgage means moving your mortgage from your current lender to a new one, usually to get a lower interest rate, reduce your repayments, or unlock equity. Your new lender pays off your existing mortgage, and you start making repayments to them instead.

Here’s how it typically works:

1. We assess your current mortgage and show you better options across multiple lenders.
2. You apply for approval with the new lender (we handle the paperwork).
3. Your solicitor handles the legal work (we can recommend a solicitor who specialises in switching mortgages, if needed).
4. Your new lender pays off your old mortgage and transfers your balance.
5. You start repaying the new mortgage – ideally with a lower rate or better terms.

With SYS Mortgages, the whole process is smooth and stress-free – and there’s no cost to use our service.

It may be worth switching mortgage providers if:

• Your current rate is higher than what’s now available
• You’re coming off a fixed term
• You want to reduce your repayments or term
• You qualify for a cashback offer from another lender
• You are considering releasing equity from your home to do home improvements, for example

You could save thousands over the life of your mortgage – and we’ll tell you exactly how much.

The most common reasons are:

• To get a better interest rate
• To lower monthly repayments
• To shorten the term and pay it off faster
• To release equity from your home
• To access cashback offers from other lenders
• To move from variable to fixed, or vice versa

Most mortgage switches are completed in 4-8 weeks, depending on your lender and how quickly documents are provided. We’ll guide the process to keep things moving.

You may face a breakage fee if you’re on a fixed-rate mortgage and switch before your term ends. This varies by lender and time remaining. It’s best to ask for a breakage fee statement from your existing lender, and we will help you decide whether it’s worth switching now or later.

You’ll usually pay €1,000-€1,500 in legal fees for a mortgage switch, but many lenders offer cashback that more than covers these costs. We’ll let you know if a cashback deal could offset your switching fees.

No – not when you have help. While there’s a bit of paperwork involved, SYS Mortgages makes switching simple. We handle everything from rate comparison to lender coordination and legal documentation.