Remortgage and debt consolidation
The above calculator compares the monthly outgoings on existing mortgages and loans with repayments on a consolidated loan.
Short term debt of up to €40,000 may be consolidated on a remortgage, subject to the new mortgage not being greater than 80% of the value of the property.
In an era of declining house prices many people who would like to switch /remortgage simply cannot do so on account of the current value of their home.
Important points to remember on a remortagge include:
- The new mortgage cannot be greater than 80% of the current value of your home.
- You need to be in secure permanent employment
- The new repayments must be comfortably affordable.
An attractive feature of some of our remortgage products is that you can maintain the existing loan term for some short term finance but instead of paying personal loan rates you can pay this loan back at mortgage rates
Most of our clients switch for a combination of reasons, so that in one remortgage transaction they move to a cheaper mortgage, consolidate some short term debt and perhaps release equity for an investment or holiday home.
Important note - Warning
If you consolidate short term debt into a remortgage, you may significantly increase your interest costs if you remortgage these debts over a longer term.
Your mortgage consultant will advise you on the options available.