Hands up who’s already planning to sign up for a gym membership when January rolls around? One last splurge over Christmas and then it’s New Year, new you? Good luck, but be warned: the odds are not in your favour. You’re fighting one of the most powerful forces known to humanity: inertia.
Gym memberships spike in the days following the New Year’s Eve blow-out, but more often than not, it’s money thrown away. Finding the motivation to keep going is hard.
But while we’re on the subject of throwing money away, you might not realise that this could be what you’re doing every month that you leave your current mortgage agreement in place. The higher interest rate you’re paying today adds nothing to the value of your house; it’s like excess weight.
There’s a range of very attractive mortgage switching offers available right now with low interest rates. In some cases, you get a cash back lump sum, which in itself is a motivation for some people to switch their mortgage. Cash back isn’t always a bad thing; you could put it towards a family holiday or a pension, for example. But you need to understand that it will cost you more in terms of repayments.
When we have many options open to us, we can get overwhelmed, and that’s often enough reason to keep things as they are.
And that’s before we get to what’s involved in switching. Psychology plays a huge part here: some people feel that it’s a really difficult process. But did you know that since the start of last year, the Central Bank of Ireland introduced new measures aimed at making it even easier for consumers to switch mortgage providers?
Here’s where we come back to our gym motivation question. This is inertia at work: the feeling that something will be hard, so it’s easier all round just to do nothing. Or we worry so much about making the wrong decision that we don’t make any decision at all. But then, when we do nothing, nothing changes.
What if your gym guaranteed results in six to eight weeks? A big difference you could really see? You’d sign up on the spot. Well, that’s how it is with switching your mortgage. You could save €3,498 per year on average, or more than €291 a month, with very little effort on your part.
Not all mortgage switching experiences are the same. If you go to a particular bank because you’ve seen their ad, then all they are going to sell you is the offer they’re promoting at the moment.
When you go to an independent mortgage broker, they will look at your total financial position, how long you have left on your mortgage, the stage of life you’re at, and will give you impartial advice on the option that’s right for you. Think of it like a financial fitness test. All you need to do is gather some basic documents about your financial status, and we take care of the rest.
Minimum effort, maximum return
Training for a marathon is hard. Lifting weights is hard. Moving your mortgage isn’t. Unlike going to the gym, there’s very little heavy lifting involved, and you won’t find yourself in a sweat. Best of all, you’ll see the results fast, and slim your mortgage down in no time.
Put down the calculator and pick up the phone. Our friendly advisors will be happy to walk you through the process. Phone us today on 01 6624600 or arrange a call back at a time that works for you.