A Guide to Switching Your Mortgage Provider

Overhead view of a man & woman sitting on sofa at a small round coffee table with a folder and calculator.

02 Jul 2018

Posted in:  Mortgages

Your home is the biggest investment you’ll ever make, and one you’ll spend months if not years maintaining, improving and tweaking. Doesn’t it make sense that your mortgage provider should get a makeover every now and then too? Spring cleaning is never that much fun, but when it comes to upgrading your current provider you could save more than a few streaky windows if you spend a little time shopping around. Here’s our straightforward guide to switching mortgage providers.

Why Switch?

Okay, before we jump into the deep end, let’s take a second to ask if changing providers is even worth the effort. Well, unless you’re already an AIB customer, we can quite confidently say yes. Not only do we provide you with a personal mortgage adviser to help you deal with the nitty-gritty of switching, offer you a range of competitive interest rates and charge you no fees when you drawdown a PDH mortgage, but we’ll also give you €2,000 straight into the current account you use to pay your mortgage within two months of switching.

Bear in mind though, your eligibility depends on a few factors; your payments have to be up to date and your mortgage needs to have some equity in it, which means the balance is less than the value of the house. If you have a tracker mortgage with another mortgage provider, you will lose it when you switch to us. We recommend you speak to an independent financial advisor before you make the switch.

Get Straight to the Rates

AIB offers Ireland’s lowest variable rates and we are pretty proud of that fact. We continue to lead the mortgage market with a 0.25% reduction on our Standard Variable Rate Mortgages, the fifth reduction for existing customers in three years. What this means to our customers is considerably more financial flexibility. Pop over to our Switcher Calculator and find out in real time how much you could save if you switched.

Time to Say Goodbye

Parting is such sweet sorrow. Or just sweet. The ins and outs of saying goodbye to your current provider, arranging a valuation, and all that paperwork can be decidedly off-putting. But keep in mind the amount you can save and you’ll be parting before you know it. Not convinced? AIB’s team of mortgage switchers are here to help. A completely free service, they’ll talk you through the steps needed to pull the old switcheroo, they’ll make the reams of paperwork a breeze, and they’ll help you kiss goodbye to your old providers.

Thinking of Making the Switch?

To get things started, set up a call with one of our expert mortgage advisors or make a branch appointment.

Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to the origination and servicing of mortgage loans and mortgages. Allied Irish Banks, p.l.c. and AIB Mortgage Bank are regulated by the Central Bank of Ireland. Copyright Allied Irish Banks, p.l.c. 1995.

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