The expiry of an existing mortgage deal
Given that a lot of mortgage deals can only last a few years, generally, two to five years which is the typical length of time offered for a fixed rate it’s important to be aware of these expiry dates.
When these fixed rate deals come to an end your lender will likely default to their standard variable rate. This will often be much higher than the old, fixed interest rate. If you want to be able to remortgage to a cheaper rate, then start looking around three to six months before your rate ends. This will prevent delays that could result in you being stuck with your lender's higher variable rate offering.
You want a better rate
Given the number of changes going on in the Irish Mortgage market, it's not surprising that the average householder is not aware of the changing rates and different products now available. Keeping an eye on these changing rates can save you a lot of money over the term of your mortgage. When deciding on this make sure that you have reviewed any break charges or switching fees to ensure that the savings exceed these costs.
Your home’s value has increased
Keeping an eye on the value of your home is important. A lot of lenders offer discounted rates to homeowners that have a loan to value (LTV) of 50% or less. Other factors that could potentially get you a better mortgage rate from your lender include a BER rating of B3 or better.
You want to borrow more.
Perhaps your current lender has said no to lending you extra money or the terms it's offering aren't very good. Switching to a new lender might enable you to raise money cheaply at lower rates than your existing lender is offering.