Given that Ulster Bank is winding down in the Irish market, this has caused something of a stir and customers will understandably be asking questions about what level of service they can expect and more importantly what their options are going forward. Reports suggest this won’t be an immediate move and will be executed with the needs of the customers being kept in mind.
Considering financial planning
In actual fact, Ulster Bank potentially leaving the marketplace actually provides a prompt and therefore an opportunity for all customers to review their monthly outgoings and assess whether they should switch providers for certain services that they pay for. Electricity, broadband, mobile phone bills, health insurance, hotel rooms, flights…
These are just some of the products that we all shop around for, compare prices and often SWITCH provider. If we can get €20 a month off our broadband price or car insurance then we will often SWITCH.
Have you shopped around to compare other mortgage rates versus your own rate?
Mortgage repayments are a huge part of our monthly outgoings. Many mortgage holders can save substantial money on their monthly repayments and on their overall repayments over the term of their mortgage by shopping around.
Some questions to ask yourself include; Is your mortgage currently on a variable rate? Is your fixed rate term on your mortgage due to expire in the short term?
If you fall into either of these categories give us a call at SYS Mortgages and we will give you an unbiased recommendation around a possible switch.
If you do switch, there should be little or no financial costs for switching as most providers offer a switching cash incentive, which should cover your associated professional fees for any legal or broker costs.
And if it is best advice for you not to switch we will tell you that too.
Consider the following
If you are currently on a rate of 3.5% variable you could switch to another provider with a rate as low as 2.35%.
If you owed 200k with 25 years remaining you would be currently paying €1,001.25 and after you switch to the above rate you would be paying €882.20. A monthly saving of €119.05.
You will also receive a cash switching incentive ranging from €1,500 to €5,000 depending on the provider. (All applications subject to approval and must be within central bank requirements.)
Switching providers is easy in today’s world and we do it all the time. Let us the mortgage experts in SYS mortgages check your mortgage rate and repayment.
We will do the shopping around for you and we will show you how you will save money on a monthly basis and over the longer term.
If you need any more information, contact us today on 067 57059, email firstname.lastname@example.org or view Donagh’s profile here.