• Blog
  • Is your mortgage on a standard variable rate?

Is your mortgage on a standard variable rate?

Standard Variable Rate
In this article
    Add a header to begin generating the table of contents

    You might be entitled to a greatly reduced interest rate!

    Have you taken out a mortgage in last number of years? If so, there is a very good chance that you are paying over the odds each month. Why is this? Well, it really comes down to one thing: a high standard variable rate.

    In fact, some of these loans could now have variable interest rates of over 4% – which is very high. Are you one of these people? We’ve got some great news for you so. If you can show that your mortgage is less than 80% of the value of your home, you are entitled to an reduced interest rate of 3.1% by switching your mortgage to another lender through Top Mortgages.

    All we would need to know is the value of your home as well as the outstanding mortgage balance. Switching is hassle-free. Our qualified staff look after everything and make it easy for you. Not only that, but there are no legal fees either. That’s because lenders now provide €2,000 towards covering the legal costs you’d normally have to pay.

    That sounds great and all. But do you really save that much by switching?

    The answer, without doubt, is ‘yes’. We even have the figures to prove it! The table below shows the example of a mortgage holder with a property valued at €250,000 and a mortgage of €200,000 being repaid over a period of 25 years:

    Property Value€250,000
    Mortgage Term25 years
    Current Interest Rate4.3%
    Monthly Repayments @ 4.3%€1,089.08
    Reduced Interest Rate with Top Mortgages3.1%
    New Monthly Repayments @ 3.1%€958.86
    Monthly Savings€130.22

    As you can see, there are significant savings to be made by switching your mortgage today -especially for those with more valuable properties. What are you waiting for? Getting in touch with one of our mortgage advisors is easy: simply leave a request for a callback on our Contact Us for a ‘Switcher Mortgage’ and we’ll get back to you as soon as possible!

    Paul Quinlan

    Paul Quinlan

    Last updated: 10th October 2020