Example of a change in Interest Rate*
If you have 20 years left on your mortgage with €200,000 outstanding at an interest rate of 3.5% your monthly repayments would be approx. €1,160 per month and the total cost of credit would be slightly more than €78,000.
If you were to switch to a mortgage with a rate of 3% with the same term and amount, the monthly repayments would drop to €1,110 and the total cost of credit would be just over €66,000.
This change in rate would result in a savings of approx. €12,000 over the 20 year term.*
This example has been taken directly from the Competition and Consumer Protection Commission Website on 1 May 2020. https://www.ccpc.ie/consumers/money/mortgages/switching-lenders-or-mortgage/