Can't find the answer here? Check out our general FAQ.
- What costs are involved in remortgaging?
- What documentation will I need?
- How long does the process take?
- Will I save money on remortgaging?
- What should I do if I have loan or mortgage arrears?
What costs are involved in remortgaging?
Costs
1.As a guide you should budget in the region of €1000 plus vat for fees involved in a remortgage.Some lenders still cover this cost but the list of lenders offering this facility is dimishing quickly.
3.A valuation fee of €130 is also payable as the lender will require a valuation before aloan offer is issued.
4.You will need to have life insurance to the value and term of your new mortgage in place prior to drawdown. from .Your mortgages.ie consultant will be happy to provide you with quotations from six of Irelands leading insurance companies.
5.Redemption penalties may arise if you are breaking a fixed rate mortgage agreement. If you want to remortgage and are in a fixed rate you will need to check with yourcurrent lender what ,if any ,penalty is payable on breaking the fixed rate agreement.
What documentation will I need?
Set out below is a link to our standard document checklist togeteher with salary certificate forms which need to be completed by your employer and an accountant's report form which needs to be completed only if you are self employed.Document Checklist_
Salary Cert_
Accountants Report ( self employed only)
Assembling this information is a key ingredient to a fast remortgage!
How long does the process take?
A remortgage can be completed in two to three weeks..
When we receive an application we will advise you within 24 hours of the rates available,the best lenders for your circumstances and the documentation we need to complete a transaction.If you have the documentation available we will meet you within a couple of days.Normally it takes approx two weeks for clients to assemble the various items of information.
After our consultant meets with you in takes about two days for approval and two to three weeks thereafter to close the transaction
Will I save money on remortgaging?
Many mortgage brokers produce promotional literature promising huge savings on remortgaging through extending your mortgage over a longer period.This form of advertising is misleading.
Real savings occur on remortgaging when you swich to a cheaper mortage rate.These real savings are avaialble to hundreds of thousands of mortgage holders who continue to remain on their lender's standard variable rate instead of switching to a cheaper lender,.
Strangely enough many mortgage holders feel a sense of loyalty to their existing lender,despite the fact that they are not getting a good deal.
It is certainly true that one's cash flow can improve by switching and extending your term but it is extremely important to look for a better interest rate .
We recommend you review our switch and save calculator to see the considerable savings that can be made through switching to a cheaper lender.
It is also importanat to analyse the consequences of extending the repayment period of debt ( particuarly short term debt) and to examine what are the true costs of remortgaing over longer periods,
Your mortgages.ie consultant will be happy to guide you in this area.
What should I do if I have loan or mortgage arrears?
Unfortunately many of us run in to problems with repaying debt.This can be for a hundered different reasons,from losing ones job, to poor health or perhaps through borrowing to much to fund our lifestyle.if you are in an arrears situation it is important that you action to rectify the position as quickly as possible.
If your mortgage is in arrears pick up the phone an talk to your lender and see how they can help.
There are a number of specialist lenders on our panel who will arrange mortgage facilities for poor credit applicants
It is important to remember that even these lenders have limits on the quality of the applicant they will take onto their books and theri policies are getting tighter .
So if you are in this position please( please) act quickly .