If you just want to switch and save money without consolidating any short term debt
Note. This calculator is suitable in estimating monthly payments when consolidating personal debt as part of a remortgage and releasing some equity.
This calculator compares the monthly outgoings on existing mortgages and loans with repayments on a consolidated loan.
Debt consolidation criteria guide.
If you wish to refinance short term debt the following conditions apply:
- Overall loan to value following equity release maximum 80%
- Maximum value of loans to be refinanced €40,000
- Maximum number of loans to be refinance is typically two.
- Loan refinance element not greater than 25% of new mortgage
- Refinancing debt incurred on renovating your home in the past three years is allowable in excess of the restrictions above.
Important points to remember on a remortgage 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.
Mortgage holders switch for a combination of reasons, so that in one remortgage transaction they move to a cheaper mortgage and consolidate some short term debt. In general they are more than happy to start a new relationship with a better value provider.
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.