mortgage news article - doddl

Switch your mortgage now – Don’t regret paying unnecessary mortgage interest

October 31, 2019

Paul and Mary purchased their first home, taking a fixed rate on their mortgage for the first for 5 years. 

At the end of the 5 years they owed just over €240,000, had 25 years left to run and rolled onto a standard variable rate with their lender. 

Their repayment increased and every month they watched their mortgage repayment eat into a huge chunk of their monthly income, but they figured this was just part of owning a home, right? 


Paul and Mary had seen plenty of adverts from different lenders which stated that rates had reduced, but they were unsure if these rates would apply to them or if it would cost them to avail of these lower rates, or if there was a catch? 

No, there isn’t.

By June 2019 the difference between the highest (standard variable rate) and lowest interest rates (2-year fixed rate) available on the market would mean a saving for Paul and Mary of around €281per month on their mortgage. This is €3,380 per year or €6,760 over the 2-year fixed period. That’s a lot of money. 

It sure is!

Paul and Mary paid the higher rate just because they didn’t know where to start with switching their mortgage

Their lender continued to charge the higher rate and relied on the fact that Paul and Mary would be too busy to look at what rate they were paying or would just accept that the rate was what they had to pay.

So many people do what Paul & Mary did – continue to pay a higher rate after the expiry of a fixed rate or introductory offer and do not question it. 

Mortgage interest adds no value to your mortgage, your home or your lifestyle. You are paying dead money by paying more than you need to on your mortgage interest rate.

So many of our clients regret not switching mortgage earlier when they realise the other options that are available on the market to them and what they could have saved by switching earlier. 

They are also delighted when they do switch and feel chuffed that they looked into switching and didn’t continue to put it on the long finger!

At doddl we listen to our customers’ needs and come up with options to ensure that you have the best mortgage for your personal circumstances. 

This allows you to make an informed decision about which mortgage option is best for you. 

We are committed to ensuring that our customers review their mortgage at regular intervals to reduce the interest you pay on your mortgage. 

We want to be your mortgage partner through the full mortgage term and your go-to for all mortgage-related queries.

Mortgages are what we do and it is our job to know if you can save on your interest rate. We work with all the banks in Ireland so have access to lowest market rates and our advice is both free and impartial.

Don’t look back and regret what you could have saved if you switched earlier. 

Switch now and log on to to see if you can save and speak to one of our financial advisors on 01 6624600. 

We understand mortgages, we are there to help.

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