Remortgaging FAQ


What costs are involved in remortgaging?

Costs

  1. As a guide you should budget in the region of €1300 for the costs involved in a remortgage.
  2. A valuation fee of €130 is also payable as the lender will require a valuation before a loan offer is issued.
  3. 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 Ireland's leading insurance companies.
  4. 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 what ,if any ,penalty is payable on breaking the fixed rate agreement.
What documentation do i need ?

Set out below is a link to our standard document checklist

Document Checklist

Assembling this information  as soon as possible in the process will make life easier and ensure a speedy mortgage approval.

How long does the process take?
A remortgage can be completed in approximately five weeks.
Will I save money by 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 available 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 important to analyse the consequences of extending the repayment period of debt ( particularly short term debt) and to examine what are the true costs of remortgaging 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 hundred 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.

The sooner your act  the better.