Switching Mortgage with the First Home Scheme in Ireland

Yes. Having an active First Home Scheme Equity Facility does not stop you from changing mortgage provider. The outcome depends on whether the new mortgage provider participates in FHS and whether you are borrowing extra money as part of the switch.

A mortgage switch means taking a new mortgage with a different lender to replace the mortgage already secured on your home. Changing to another rate with your existing lender is normally a rate change rather than a mortgage-provider switch. Ask your lender and FHS to confirm the route if the change also includes extra borrowing or a material change to the security.

Do not treat the redemption amount as an ordinary switching fee. Full redemption buys back the FHS percentage in your home. The euro amount can be higher or lower than the original FHS contribution because it is linked to the relevant property value.

As reviewed on 11 August 2026, the FHS lists these participating lender groups:

• Allied Irish Banks plc: AIB, EBS and Haven Mortgages.
• Bank of Ireland Group plc.
• PTSB.

Every other mortgage lender is treated as non-participating for the FHS switching rules. Participation can change, so check the current FHS switching page before accepting a loan offer.

1. Sign in to the FHS customer portal. Open the mortgage-switching area rather than using the original application route.
2. Complete the Mortgage Switching Notification form. State whether material alterations have been made and provide your solicitor details.
3. Upload the form and supporting evidence. FHS identifies the documents it needs for your route; the annual mortgage statement is part of the published process.
4. Wait for the correct response. A participating-lender switch without a top-up receives a notification acknowledgement. A participating-lender switch with a top-up requires FHS confirmation that it has no objection.
5. Follow the redemption route where required. A non-participating-lender switch cannot complete with the existing FHS share left in place.

• The completed Mortgage Switching Notification form from the FHS customer portal.
• Your latest annual mortgage statement.
• The new lender name, proposed mortgage amount and switch details.
• Your solicitor’s name and contact information.
• Details of any material alterations to the property.
• A property valuation if available or requested by FHS.
• The top-up amount and purpose where the new mortgage includes extra borrowing.
• Your FHS annual statement so you can identify the current equity percentage and any service charges.
• A fixed-rate break-fee quotation and any cashback or switching-contribution conditions from the lenders.

FHS can request additional evidence. Treat this as a preparation list, not a promise that every switch uses exactly the same document pack.

A switch with extra borrowing is both a mortgage switch and a mortgage top-up. The new lender still applies its own affordability and underwriting tests, while FHS checks the effect on its equity facility.

For a participating-lender switch with a top-up, you must retain at least a 10% equity interest in the property after the top-up. FHS must confirm that it has no objection before completion. If some of the top-up will buy back part or all of the FHS share, an FHS-approved valuation may be needed to establish the redemption amount.

Read the Mortgage Top-Ups with FHS guide before combining the two processes.

Aoife’s home is currently valued at €420,000. Her mortgage balance is €270,000, the remaining term is 20 years and her rate is 4.2%. FHS retains a 10% equity share. For planning only, she estimates the current share at €42,000 and accrued service charges at €1,200.

On the same €270,000 balance, reducing the rate from 4.2% to 3.5% lowers the illustrative repayment from about €1,665 to €1,566, a saving of roughly €99 per month. If legal and valuation costs total €1,700 and there is no break fee, the simple break-even point is about 17 months.

The non-participating-lender route tells a different story because the redemption funding increases the mortgage modelled. Redemption is not money lost like a fee—it removes the FHS equity interest—but it can remove the expected monthly saving and increase the mortgage interest paid. Only an official FHS redemption figure, lender offer and solicitor’s cost statement can confirm the real comparison.

1. Confirm the new lender’s FHS status. Check the current official list, not an old article or comparison table.
2. Ask your current lender for the exit figures. Include the mortgage balance, fixed-rate break fee and any switching-contribution clawback.
3. Compare like with like. Use the same mortgage term when comparing repayment and total-interest figures.
4. Notify FHS before completion. Submit the switching form and supporting documents through the customer portal.
5. Separate redemption from fees. List the FHS share, service charges, legal fees, valuation fee and lender charges individually.
6. Check protection and insurance. Confirm whether mortgage-protection cover must be replaced or increased.
7. Do not sign on assumptions. Get the lender, FHS and solicitor confirmations required for your exact route.

• Treating every cheaper advertised rate as available for your loan-to-value, income and mortgage type.
• Assuming the original FHS euro contribution is the current redemption amount.
• Calling full redemption a switching fee instead of recognising that it buys back the FHS equity interest.
• Ignoring the top-up rules because the extra borrowing is being arranged during a switch.
• Comparing monthly repayments using different remaining terms.
• Forgetting legal fees, valuation costs, fixed-rate break fees, contribution clawbacks or protection-cover changes.
• Waiting until the new loan offer is ready before notifying FHS.