Brendan Burgess
Founder
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According to Charlie Weston in today's Indo.
Mass mortgage switching will 'terrorise' banks
The plan is to get at least 10,000 people who owe less than their properties are worth to commit to moving their mortgage to a lender with a lower rate.
Switching to the best-value mortgage could see a family with a €250,000 home-loan saving around €1,500 a year. This is because there is a one percentage point gap between the highest and lowest variable rates in the market. One Big Switch would negotiate a deal with one lender for a cut-price deal, and the Irish Mortgage Holders Organisation would use its financial experts to carry out the switching.
Mass mortgage switching will 'terrorise' banks
The plan is to get at least 10,000 people who owe less than their properties are worth to commit to moving their mortgage to a lender with a lower rate.
Switching to the best-value mortgage could see a family with a €250,000 home-loan saving around €1,500 a year. This is because there is a one percentage point gap between the highest and lowest variable rates in the market. One Big Switch would negotiate a deal with one lender for a cut-price deal, and the Irish Mortgage Holders Organisation would use its financial experts to carry out the switching.