Remortgaging FAQ

How much can I save?
A typical monthly saving on a €250,000 mortgage may be as follows:
House value €500,000
Mortgage €250,000-rate 4.5%
Term remaining 25 years
Monthly savings on new rate 3.65%  €118
Annual savings €1,416.

What costs are involved in switching my mortgage?

Costs
In many cases your costs will be covered by the new lender.

The costs of switching is approximately, €1,750 including legal and valuation fees.

Some lenders offer incentives to new customers to make switching easier.

  • Cash back ranging from €2,000 to €5,000 with Haven Mortgages.
  • Bank of Ireland cash back of up to 3% of the mortgage.
  • Permanentsb cash back of 2% of the Mortgage.
  • Avant €1,500 incentive on their long term fixed rate products
Avant also offer a facility to overpay your mortgage annually by up to 10% of the mortgage balance.

Terms and conditions apply to these various incentives.

 

Other matters to consider.
  1. You will need to have life insurance to the value and term of your new mortgage in place prior to drawdown. Your existing mortgage protection policy should be fine for this this requirement. We will also provide you with quotations from six of Ireland's leading insurance companies to compare with your existing policy.
  2. Redemption penalties may arise if you are breaking a fixed rate mortgage agreement. When interest rates are rising redemption penalties are rare. If you want to switch and are in a fixed rate you will need to check with your current lender if they are charging a brake fee.
How long does the process take?
A mortgage switch typically takes two months from the time you register on our application portal until closing.
Where do I start?
An initial discussion with one of our mortgage consultants is a good place to start. Call us on 01 8327250. Please take a few minutes to review the questions below.

You can also go directly to our Mortgage Portal and complete your application by following the link below.

Mortgage Portal Link 

Will I qualify to switch my mortgage to a better value provider?
The principle rules are:
  • You have a good credit history.
  • Your current mortgage balance is not more 3.5 times your current gross income.
  • Your mortgage balance is 80% or less of the current value of your home.
  • Your income is secure.







What documentation do I need to switch mu mortgage?

Our online application portal allows you to securely complete your application and sets out exactly what information you need to upload.
In summary your will need to upload the following information:

  • ID Documentation ( Passport or Driving license and Visa documents (as appropriate)
  • Bank statements
  • Salary cert, 3 months payslips and year end earnings summaries
  • Accounts and tax compliance information if you are self employed
Will I save money by remortgaging?


Real savings occur when switching your mortgage only when you switch to a better mortgage rate.

In advising our client's on switching the important factors to look out for are as follows:

Is the new lender going to stay in the Irish Market and if not, are we satisfied that our clients could easily move elsewhere?
How much will you save each month by switching?
How much will you save over the term of your mortgage?
How long will it take to cover any cost incurred in switching?

 

Will my bank charge me a break fee if I want to switch my mortgage>
This article was written on 06/12/2022. Interest rates are rising quickly at present. .
In a rising interest rate environment break fees are unusual and the chances are that you will have no brake fee to pay if you have taken out a fixed rate mortgage in the 5 years up to December 2021.

What should I do if I have loan or mortgage arrears?
Mortgage and loan arrears happen for all sorts of reasons.

Typical circumstances giving rise to arrears include:
  • Unemployment,
  • Health issues
  • Borrowing to much to fund our lifestyle.
Lenders will generally not refinance a mortgage where there is evidence of arrears outstanding over the past five years,

If your mortgage or loan is in arrears pick up the phone and talk to your lender and see how they can help.
Should I stay with my own Bank?
Sometimes staying with your own lender may be the best option.

We will consider what your own bank can offer you and provide impartial advice on the merits of staying where you are.

We will also consider the term of your mortgage and the fixed rates on offer and your longer term plans.

In some instances we may recommend breaking  your existing fixed rate and taking out a new fixed rate with your lender.

We charge a fee of €250 for advice leading to staying with your own lender. We will agree this service fee in advance with you, in writing.