Many people are currently laid off from work or are working remotely from home. This is something of a double edged sword.

It gives us plenty of time to do the chores we have been postponing or tasks we don’t normally have time to do. But we have lots of hours to fill, even if only to stem the tide of boredom. Having a plan as to what you are going to do each day is a great help.

Many people will be living on a reduced income and will be looking at how to make ends meet.

Those with a mortgage will be considering taking a break from their mortgage payments for three months. This will provide an effective, short term cash flow boost to the family finances. But remember, once the payment break period ends, normal mortgage repayments will resume.

So, now might therefore be a good time for people with a mortgage to look at switching it to another lender.

Will it be worthwhile to switch? If you are paying 4% or more on your mortgage, it is highly likely to be worth your while switching.

Will there be costs involved? Yes, valuation fees and legal fees will be incurred and you can expect those to cost you between €1,500 and €2,000. However, the good news is your new lender will generally cover those costs for you so you won’t be out of pocket.

Will I have to gather a lot of paperwork? You will, but this might be a perfect time to do that because we are all stuck inside and actively looking for something to do.

Can a broker help me? Of course, we offer a full re-mortgage full service. This includes, assessing your current mortgage to see if it remains suitable for you. If not we review the market and identify the most suitable and cost effective alternative mortgage. We explain fully the costs and benefits of your new mortgage and make all the arrangements on your behalf.

In our experience, the benefits nearly always outweigh the costs and if not, you can hold on to your existing mortgage.