Q I’m looking at switching my mortgage from a variable rate to a fixed rate, but I’m finding it hard to understand all the different options. I’m afraid I’ll end up choosing the wrong one and paying more instead of less. Can you help?
Rebecca, Co Tipperary
A It’s a good time to be thinking about switching your mortgage given the increase in mortgage interest rates.
In general, if you’re not on certain tracker mortgages, switching your mortgage will almost certainly save you more money than switching any other product or service you have.
Firstly, consider your loan-to-value (LTV) ratio. This is how much you owe on your mortgage in relation to how much your house is worth.
Given the increase in house prices over the last few years, your LTV should be lower than when you took out your mortgage. If your LTV has fallen, you may be able to get a reduction in your mortgage rate by submitting an up-to-date valuation of your property.
You should compare rates from other mortgage providers to see if you can get a better deal that suits your needs and saves you money. You can use the mortgage comparison tool on our website ( CCPC.ie) to compare mortgage products.
However, do not be tempted by cashback offers alone, or other introductory offers. It’s important to consider the full offer – including the interest rate over the long term – to see if the cashback offer is actually good value.
While there is quite a bit of paperwork involved in switching providers, it may be possible for you to switch quite easily to a better rate with your current provider. And, even if you are already on a fixed-term mortgage, it can still be worth switching.
Ask your bank if a breakage fee will apply and consider this in the context of how much you could save.
How do I ensure I don’t buy a charger that might cause a fire?
Q I have come across various warnings about faulty chargers causing fires. What should I look out for when buying a charger and what should I do to ensure I am being safe when charging electrical items?
Thomas, Dublin City
A You are right to be cautious about chargers. To ensure you are purchasing a safe charger, you should buy from a reputable retailer and check for the CE safety mark.
Cheaper electrical chargers are usually of poor quality, tend to feel very light, and the USB port may be upside down – all signs that they may not comply with safety regulations.
Don’t buy an unbranded electrical charger.
The registered company name, trademark and address of the manufacturer and the EU importer must appear on the charger, the labelling, and/or the packaging.
Chargers should also come with clear instructions or a safety manual with appropriate safety warnings.
All electrical chargers must be suitable for use in a standard three-pin wall socket in Ireland.
And if a charger has a two-pin plug, it should not be sold to a consumer here.
Make sure you buy an electrical charger that is compatible with your device, as an unsuitable electrical charger could damage it or pose a fire or explosion risk.
If the electrical charger is difficult to plug in and does not go into the wall socket easily, it may be unsafe and could damage the safety mechanism in the wall socket. If this happens, you should stop using it immediately and dispose of it safely.
Do not leave devices charging overnight or unattended, and never charge on a flammable surface like a duvet. Instead, charge on a hard, non-flammable surface, and unplug the electrical charger when your device is fully charged.
If your charger is damaged, stop using it immediately and dispose of it safely.
Lastly, do not overload wall sockets. It can be tempting to plug all your devices into one extension lead or a multi-plug adapter, but this can pose a serious fire hazard.
Larger appliances such as heaters should always be plugged directly into a wall socket and should not share a socket with any other devices.
If you come across an electrical charger that seems unsafe or doesn’t have a CE mark, don’t buy it or use it. Instead, contact the CCPC with the details of the product and where you saw it.
You can contact us through our website or call us on (01) 402 5555.
