Ever thought about switching your mortgage? Here's what you need to know

By Brian Dillon

June 15, 2021 at 4:35pm

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Ever thought about switching your mortgage? Here's what you need to know

Have you ever thought about switching mortgage provider? There are a few things you should know first to make sure you're getting the best deal. Because if you decide to do so, you could save on monthly repayments. And who doesn't want that? It can seem like a somewhat daunting task, so we're here to give a helping hand by telling you everything you need to know about switching your mortgage to AIB.

Long story short, you could end up saving quite a bit of money.

Get €2,000 into your Current Account

Yes, if you switch, you'll get €2,000 into your current account within two months of switching to help cover your costs, even if your current account is with a different bank.

No fees

If you do choose to have your current account with AIB, they won’t charge maintenance and transaction fees on your AIB personal bank account if you use it to pay for your AIB Mortgage.

Lowest Ever Green Mortgage from just 2.1%

What's more, if you have a high-energy rated home there is a lower rate of interest available to you (from 2.1% to 2.25% depending on your loan to value). You can choose this rate if you are buying or building a home in which you are going to live in once it has a BER rating between A1 and B3. It pays to be green, so head here to find out more.

Six Months Deferred Start

For the first six months after switching, you can hold off paying your mortgage. AIB will then spread those six months’ payments over the rest of your mortgage term so when you start paying again, your repayment will be a little higher.

Plus, if something happens and you need to stop paying your mortgage for up to six months, you can apply for a payment break and spread the six-month balance over the rest of the mortgage.

Extra Repayment Options

In a few years time, you may find yourself in a position where you are able to pay more off your mortgage. If you switch to AIB, you'll be able to explore extra payment options, giving you the freedom to pay off your mortgage the way you want to at the time.

So, how do you go about switching?

Well, the first step is to talk to one of AIB's mortgage experts who will be able to tell you everything you need to know, making the process as seamless as possible. You can book an appointment with your local Mortgage Advisor by using the 'Request a Mortgage Appointment' option on www.aib.ie/mortgages. They'll explain the process in-depth and make sure you have all the information you need before proceeding.

Once you've provided the documentation the advisor has outlined, they'll tell you exactly how much you can borrow by giving you Approval in Principle. After that, it's time to get your property valued.

Once you receive a Mortgage Letter of Offer, you'll need to hire a solicitor to ensure you understand the details of the contract and once you're happy, you can sign. AIB will also need to see that you have mortgage protection and home insurance in place, for your safety as well as theirs. Once you have met all of the conditions of the contract, meet your solicitor and signed, the money will be transferred to your solicitor and the switching process is in motion.

Want to find out more about the benefits of the AIB Mortgage Switcher? Make sure to head here or see how much savings you could make by trying AIB's mortgage calculator.

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