Chapter 3 of 10 · Rates, lenders and switching · 7 of 10
Switching your mortgage in Ireland, step by step
Checked 21 Oct 2026the Central Bank's mortgage measures, Revenue's rules and the scheme operators' published terms.
How to switch your mortgage: the savings check, new lender approval, valuation, solicitor, redemption and the new switching rules from 2026.
Check before you hire: a solicitor should be on the register kept by the Law Society of Ireland. Law Society: find a solicitor
Written in plain English for the person buying, selling or switching. This guide covers the Republic of Ireland only.
Switching means moving your mortgage from one lender to another to get a lower rate, cashback or better terms. It is a legal process with a solicitor, a valuation and a new loan offer. This guide takes you through the nine steps, how long each takes, and the rule that applies to lenders since March 2026.
Who can switch
Anyone with a mortgage on their home can apply to switch. The Central Bank's lending limits do not apply to a switch with no extra borrowing, so the 4 times and 3.5 times income rules are not a barrier. The new lender still checks that you can afford the loan, that your payments are up to date, and that the loan ends before its maximum age, usually 65 to 70.
If you are behind on payments, start with our arrears guide and the free routes on money help. A switch is not available to a loan in arrears.
The nine steps
1. Find out where you stand
Get three figures from your current lender: your balance, your rate, and the end date of any fixed period. If you are on a fixed rate, ask for the breakage fee in writing. The fee can be zero or it can be thousands, and it changes from day to day.
Since 24 March 2026, under the Consumer Protection Code 2025, your lender must also tell you what you could save on a lower rate it offers. Ask for that letter. It may show that your own lender has a lower rate you can move to without a switch. See our changes page for the rule.
2. Compare the rates on offer
Our switcher rates page lists each lender's rates for switchers, with any cashback or legal contribution beside them. The Central Bank's average new fixed rate in August 2026 was 3.49%, and the average new variable rate was 4.16%. Look at the APRC, the fixed period, and the rate the loan moves to after it.
Put your figures into the switching calculator. It shows the saving over the fixed period after every cost, with and without cashback.
3. Decide direct or broker
You can apply to AIB, Bank of Ireland, PTSB and EBS directly. Haven, Avant Money, ICS Mortgages, MoCo and Nua Money take applications through brokers only. A broker (on the Central Bank's register) is usually paid by the lender; if a broker charges you a fee, they must tell you in writing first. See what a mortgage advisor does.
4. Apply to the new lender
The new lender asks for the same documents as a first mortgage. That means photo ID, proof of address, 3 to 6 months of bank statements, payslips and a salary certificate. It also wants your last mortgage statements and your home insurance. Self-employed applicants add two to three years of accounts and tax clearance.
The lender gives you approval in principle, then a full offer after the valuation. This step takes one to three weeks, longer if documents are missing.
5. The valuation
The new lender sends a valuer (with a PSRA licence) to confirm the home's value. The fee is about €185, and some lenders refund it. The value sets your loan-to-value, which decides which rate band you fall into. A lower loan-to-value usually means a lower rate. See what a valuer does.
6. The loan offer
The lender issues a written loan offer with the rate, the term, the conditions and the cashback or legal contribution. It is usually valid for six months. Read the conditions on mortgage protection and home insurance, which must be assigned to the new lender.
7. Instruct a solicitor
A switch needs a solicitor (check the Law Society's register). The solicitor takes the new lender's security over your home, checks the title, and arranges to pay off the old lender. A typical fee for a switch is €1,200 to €2,000 plus VAT, plus outlays for the Land Registry and searches. See what a conveyancing solicitor does. Our guide on the cost of switching lists every cost against the contributions lenders pay.
8. Redemption
Your solicitor asks your old lender for a redemption figure: the exact amount to clear the loan on the closing day, including interest to that day and any breakage fee. The old lender must provide it. The new lender pays the money to your solicitor, who pays the old lender and takes back the title deeds.
9. After the switch
Set up the direct debit with the new lender. Cancel the old one once the old lender confirms the loan is closed. Tell your mortgage protection and home insurance providers the new lender's name. Keep the old lender's closing letter. If the new loan carries cashback, note the clawback period in your calendar.
How long it takes
| Step | Typical time |
|---|---|
| Gathering documents and applying | 1 to 2 weeks |
| Approval in principle to valuation | 1 to 2 weeks |
| Valuation to loan offer | 1 to 2 weeks |
| Solicitor's work and redemption | 2 to 4 weeks |
| Whole switch | 6 to 10 weeks |
Delays come from missing documents, a valuation below the figure you expected, a title problem the solicitor finds, or a slow redemption figure from the old lender.
When a switch is not worth it
A switch has costs: the solicitor, the valuation and any breakage fee. If the saving over the fixed period is less than the costs, the switch loses money. That is common where the balance is small, the years left are few, or the rate gap is under 0.25 of a point.
Two other cases need care. If you hold a tracker, read our tracker guide first, because you cannot get it back. If you received cashback within the clawback period, the clawback counts as a cost.
The lender's duty in plain words
The Consumer Protection Code 2025 took effect on 24 March 2026. For switching, it means your lender must tell you about a lower rate it offers and how much you could save by moving to it. It must do this when a fixed rate is ending, and at other times the Code sets out. The letter must be clear and must give figures.
The duty does not require the lender to offer you another lender's rate. Comparing lenders is still your job, and the Competition and Consumer Protection Commission (the CCPC) runs the official comparison tool for it.
Where this leaves you
Run your figures through the switching calculator and see whether the saving covers the costs. If it does, the switching journey lists every step with the documents for each. Get quotes from solicitors on the Law Society's register for the legal work.
Questions people ask
How long does it take to switch mortgage in Ireland?
Usually 6 to 10 weeks from the application to the new lender paying off the old loan. The valuation, the loan offer and the solicitor's work each take a week or two, and gaps in your documents add time.
Do I need a solicitor to switch my mortgage?
Yes. The new lender needs a solicitor to take its security over your home and to pay off the old lender. A typical fee for a switch is €1,200 to €2,000 plus VAT. Some lenders pay a contribution towards it.
Do the Central Bank mortgage rules apply when switching?
No. A switch with no extra borrowing is outside the loan-to-income and loan-to-value limits. The new lender still applies its own tests on your income, your spending and your age at the end of the term.
What is a redemption figure?
The amount needed to clear your current mortgage on a given day, including interest to that day and any breakage fee. Your lender must give it to you on request. Your solicitor uses it to pay off the old loan.
What are the new mortgage switching rules in 2026?
Since 24 March 2026, under the Consumer Protection Code 2025, your lender must tell you what you could save by moving to a lower rate it offers, including when a fixed rate ends. The duty is on the lender, not on you.