{"id":511077,"date":"2026-04-03T17:01:14","date_gmt":"2026-04-03T17:01:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/511077\/"},"modified":"2026-04-03T17:01:14","modified_gmt":"2026-04-03T17:01:14","slug":"is-your-mortgage-fixed-rate-coming-to-an-end-heres-how-you-could-save-over-e10000-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/511077\/","title":{"rendered":"Is your mortgage fixed-rate coming to an end? Here\u2019s how you could save over \u20ac10,000 \u2013 The Irish Times"},"content":{"rendered":"

Are you one of those lucky homeowners who locked in a fixed-rate mortgage<\/a> five years ago? Congratulations, you\u2019ve saved thousands of euro. All good things come to an end, however, and if you\u2019re coming to the end of a fix, it\u2019s time to act again. The numbers look very different from five years ago. <\/p>\n

Right now, the lowest mortgage rates begin with \u201c3\u201d. There are some homeowners out there, however, who have been enjoying a rate beginning with \u201c2\u201d, and some even with a \u201c1\u201d. With the same house, the same borrowings and the same mortgage term, these people have been paying hundreds of euro less every month compared to their neighbours. <\/p>\n

How did they get lucky? Some who were not locked into a fixed-rate already were in a position to fix. Others created their own luck by comparing rates, moving fast and most of all, by not being complacent. Their actions will have saved homeowners over \u20ac10,000 in some cases. So if your fix is ending, act now or be prepared to pay the price.<\/p>\n

\u201cThere are people who took out mortgages before 2022 \u2013 that\u2019s when Avant brought out their 1.95 per cent, quickly followed by ICS Mortgages with rates of 2 and 2.2 per cent \u2013 and they are in for what I call a payment shock,\u201d says Sean Corbett, director of mortgages at SYS Mortgages. <\/p>\n

Borrowers coming off a fixed-rate will automatically roll on to their bank\u2019s variable rate which is always much higher. <\/p>\n

Corbett highlights rates from ICS as an example. They had \u201cfabulous\u201d fixed-rates before 2022, says Corbett, but their variable rate is now 4.1 per cent and their three and five-year fixed-rates are over 4.8 per cent. <\/p>\n

You won\u2019t find a rate as good as your old 1.9 or 2 per cent these days but, with a bit of effort, you\u2019ll get one starting with a three, he says. Anyone simply rolling over and rolling on to a rate beginning with a \u201c4\u2033 is likely missing out on savings. <\/p>\n

New rules<\/p>\n

The good news is things have changed since you last negotiated your mortgage. In the past, your bank was only required to tell you your fix was ending and what your new rate was going to be. This was typically a much higher, variable rate.<\/p>\n

Such minimal intervention meant homeowners, especially the busy, the complacent or the unenlightened ones, simply drifted on to the new higher rate. <\/p>\n

\u201cI\u2019ve seen young first-time buyers, they\u2019ve had a mortgage for three or four years and they come back to me and say my mortgage has gone up \u20ac600 a month,\u201d says Corbett. \u201cAnd what happened? Their fixed-rate finished and they moved on to a variable rate.\u201d<\/p>\n

New Central Bank rules however mean lenders must now actively notify you of their best rates \u2013 and quantify in euro what those fixed and variable options mean for your repayment. <\/p>\n

Now, 60 days before the end of your fixed-rate, they must write to you and tell you about their cheaper mortgage options, based on the equity in your home.<\/p>\n

Alongside each alternative mortgage refinancing option they offer, they must provide you with a savings estimate in euro, personalised to your mortgage. <\/p>\n

This will show you how much you could expect to save by opting for their various fixed or variable rates. They must include the pros and cons of any incentives such as cashback offers<\/p>\n

Not only that, but four to eight weeks from their first letter, they must send you a reminder of your options. <\/p>\n

These new rules mean you will have more data, incentivising you to take action on a better rate. <\/p>\n

But you still have to act. Your bank won\u2019t automatically roll you on to the best rate. And other banks may have vastly better rates which, even under the new rules, your lender has no obligation to notify you about. So when you get that letter 60 days out, it\u2019s up to you to check if rates from other banks are better. <\/p>\n

If you don\u2019t act, you could be thousands of euro worse off. Some three in five mortgages could save over \u20ac1,000 within a year of switching, according to Central Bank data. By switching, over six in 10 homeowners will save more than \u20ac10,000 over the remaining term of their home loan. <\/p>\n

How to switch<\/p>\n

If your fix is ending this year, it\u2019s time to get prepared. If you haven\u2019t received the 60-day letter from your bank yet and you don\u2019t know what rate you are on, call them and ask the rate and your outstanding mortgage balance. <\/p>\n

The next step is to use the property price register to find out how much properties like yours are selling for in your area. This will tell you your loan to value ratio \u2013 for example, if homes like yours are selling for \u20ac600,000 and you have \u20ac300,000 left on the mortgage, your loan to value is 50 per cent.<\/p>\n

Find out your Ber too \u2013 either by paying a Ber assessor to do one, or checking the national Ber register.<\/p>\n

Armed with this information, use a mortgage rate comparison calculator, like the one from the Competition and Consumer Protection Commission (CCPC), or contact a broker to see what rates are available to you. <\/p>\n

Whether you are switching to a better rate with your own lender or switching to a new lender, you will need to provide things like bank statements and salary certificates for them to assess your repayment capacity. <\/p>\n

You\u2019ll need to pay for an up to date valuation of your home \u2013 the bank will likely provide a valuer \u2013 and a Ber cert if you\u2019re availing of a green rate. <\/p>\n

If you are switching banks, you\u2019ll need to engage a solicitor \u2013 legal and valuation fees will cost between \u20ac1,100 and \u20ac2,000, says Corbett. <\/p>\n

Banks must now provide the deeds to your house within 10 days of your solicitor asking them to do so. Get your solicitor to ask for the deeds early in the process, says Corbett. <\/p>\n

\u201cA lot of solicitors wait until the mortgage offer comes in before requesting the deeds \u2013 so if your mortgage offer is taking three weeks to issue and the solicitor only requests the deeds when it comes, you are four or five weeks along,\u201d says Corbett.<\/p>\n

Say you have a mortgage offer of 3.2 per cent fixed for four years. If you haven\u2019t yet got your deeds and drawn down the mortgage, rates could go up and you could end up on a higher rate, he says. <\/p>\n

Someone about to roll on to a variable rate of 4.4 per cent but who actively locks in a 3.1 per cent green rate instead will save over \u20ac10,000 in interest over a four-year period, says Corbett. So delays can cost you. <\/p>\n

Will rates go up this year? Financial markets are anticipating two to three quarter-point ECB interest rate hikes this year as inflation surges in the wake of the Gulf conflict.<\/p>\n

So, if you are rolling off a fixed-rate and can now fix again, consider your options without delay.<\/p>\n

You can contact us at OnTheMoney@irishtimes.com<\/a> with personal finance questions you would like to see us address. If you missed last week\u2019s newsletter, you can read it here<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"Are you one of those lucky homeowners who locked in a fixed-rate mortgage five years ago? Congratulations, you\u2019ve…\n","protected":false},"author":2,"featured_media":511078,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,137239,1294,1891,95428,56,54,55],"class_list":{"0":"post-511077","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-competition-and-consumer-protection-commission-ccpc","10":"tag-economy","11":"tag-mortgage","12":"tag-on-the-money","13":"tag-uk","14":"tag-united-kingdom","15":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/511077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=511077"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/511077\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/511078"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=511077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=511077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=511077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}