{"id":2358,"date":"2017-04-27T12:21:59","date_gmt":"2017-04-27T12:21:59","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?page_id=2358"},"modified":"2021-09-16T18:02:56","modified_gmt":"2021-09-16T17:02:56","slug":"switching-from-a-subprime-mortgage","status":"publish","type":"page","link":"https:\/\/ccpc.inventise.ie\/consumers\/money\/mortgages\/changing-your-mortgage\/switching-from-a-subprime-mortgage\/","title":{"rendered":"Switching from a subprime mortgage"},"content":{"rendered":"<p>With a <span class='tooltipsall tooltip_post_id_custom_cca13f1540e50c3c8fb1d014492a069b classtoolTipsCustomShortCode' style='border-bottom:2px dotted #888;'>subprime mortgage<\/span><script type=\"text\/javascript\">jQuery(\"document\").ready(function(){ toolTips('.tooltip_post_id_custom_cca13f1540e50c3c8fb1d014492a069b','These are mortgages with higher interest rates that people may take out with certain specialist lenders if they are having difficulty getting a mortgage elsewhere\\.'); });<\/script> you are probably paying a higher rate of interest than you would with most other mortgage types but you may be able to <a href=\"https:\/\/ccpc.inventise.ie\/consumers\/money\/mortgages\/switching-lenders-or-mortgage\/\">switch mortgage providers<\/a> and save money.<\/p>\n<p>If your mortgage is 80% or less than the current value of your home, you may be able to switch to a lender offering a lower rate of interest. However, the reasons you could not previously get a lower-rate mortgage will need to have changed.<\/p>\n<p>You may be able to switch if:<\/p>\n<ul>\n<li>You had a poor credit history but you have kept up with your mortgage repayments and other financial commitments.<\/li>\n<li>You did not previously have a credit history as you had never had a loan or credit card, but you now have a track record of paying a mortgage.<\/li>\n<li>Your circumstances have changed. For example, you can now prove your income in a way you could not before or your income is more regular and guaranteed.<\/li>\n<\/ul>\n<p>If you cannot switch now, continue to make your mortgage repayments and pay off any other debts you have. Save regularly, even if it is small amounts. Once your credit history has improved and other debts are paid off, look to see what other <a href=\"https:\/\/ccpc.inventise.ie\/consumers\/financial-comparisons\/mortgage-comparisons\/\">mortgage options<\/a> with lower interest rates may be available to you.<\/p>\n<h3>Costs of switching<\/h3>\n<p>When you switch mortgage providers there can be costs and fees involved such as legal costs, valuation fees or a breakage fee if you are on a fixed rate. However, you could save money in the long term by switching to a mortgage with a lower rate. You can see the amount you can save by using our <a href=\"https:\/\/ccpc.inventise.ie\/consumers\/tools-and-calculators\/mortgage-calculator\/\">mortgage calculator<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With a you are probably paying a higher rate of interest than you would with most other mortgage types but you may be able to switch mortgage providers and save money. If your mortgage is 80% or less than the &hellip;<\/p>\n","protected":false},"author":111,"featured_media":0,"parent":2018,"menu_order":88,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"tags":[18,8,17],"class_list":["post-2358","page","type-page","status-publish","hentry","tag-housing","tag-money","tag-mortgages"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Switching from a subprime mortgage - CCPC Consumers<\/title>\n<meta name=\"description\" content=\"If you have a subprime mortgage and your mortgage is 80% or less than the current valuation, you may be able to switch to a lender offering a lower rate.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Switching from a subprime mortgage - 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