Remortgage Costs and Timing
Mortgage Company of Ireland constantly monitors the remortgages on offer to ensure we can meet your remortgaging requirements. You should review our switch and save calculator to see what direct savings you will make on rate.
1. The upper limit on remortgages is 90% of the value of your property. Remortgages were specifically excluded in the changes to mortgage rules introduced by the Central Bank in early 2015
2. As a guide you should budget in the region of €1,200 for legal costs involved in a remortgage. This is offset in many instances by a €1,000 contribution from the new lender..
3. A valuation fee of €130 is also payable, as the lender will require a valuation before a loan offer is issued.
4. You will need to have life insurance to the value and term of your new mortgage in place prior to draw down.
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 your current lender regarding what if any penalty is payable on switching.
6. The remortgage process can normally be completed in approx five weeks.
If you want to talk to an advisor about remortgaging please get in touch.