Switching Mortgage Guide

If you are thinking of switching mortgage and would like to discuss your options with one of our Mortgage Advisor by contacting us via 01 669 1000 or via our “chat box on www.irishmortgage.com.

· Making the decision to switch mortgage providers isn’t as difficult as you think and could save you a lot in the long run.

· Your Mortgage Advisor will help you with all the steps including all documentation which needs to be completed.

· It’s important to be aware that while you are saving by switching mortgages, there will be some other upfront costs that you will need to pay for the process of switching your mortgage provider i.e. legal fees, valuation report etc. However, keep in mind that some lenders will offer a cashback of up to 3% of the mortgage amount as an incentive and this can be put towards these types of costs.

· There is also the potential to borrow additional funds when remortgaging by unlocking equity from your home. Additional funds can be borrowed for purposes such as home improvements, short-term debt consolidation and other one-off expenditures.

· On average, the timeframe for switching a mortgage is 12 weeks however by using our recommended solicitor, Jacob Law, this can be quicker.

Get in touch with your current mortgage provider and find out the important stuff i.e., how much is left to pay on your mortgage, how long you have left to pay it and what the interest rate is. This information can also be found on your most recent mortgage statement. It’s also a good idea to know the current market value of your home. If you do not have your current annual statement, contact your mortgage provider who will issue you with a mortgage statement.

Along with your Mortgage Advisor, take the time to review all the mortgages on offer in the market to see which one is best suited to you and your needs. Our team will be able to advise you on the mortgage providers that are currently active in the market and the potential savings you could make by moving to each.

We will let you know which mortgage provider best suits your needs. Once you have chosen your new mortgage provider, it’s time to start the switching process by getting approval. Our team can assist by taking over this process and making it as stress-free as possible including the completion of application forms in conjunction with you. We will also provide you with cost of credit document comparing your existing mortgage with your new mortgage including interest rates and full cost of credit.

We will also research any upfront costs, such as valuation reports or legal fees that you may need to pay and will find out if your new provider will cover these costs as an added incentive to switch.

The Steps are as follows:-

· Approval in Principle (AIP).

· Mortgage Offer Letter (Credit Agreement).

· Legals: Your solicitor will then work with your existing mortgage provider and new mortgage provider to finalise (see point 5 below for more information).

· Accepting your Loan.

Your dedicated Mortgage Advisor will review your existing mortgage protection policy to ensure you have the correct mortgage protection. IMC also has a preferred home insurance provider and we will provide this information to you.

Your solicitor will request title deeds and the amount outstanding on your existing mortgage. This mortgage will be paid off by the proceeds of your new mortgage.

· Your Loan Offer Letter pack will be sent to your solicitor and will meet with you to go through this documentation and if you are happy to proceed, the Solicitor will ask you to sign the required documents.

· Your Solicitor will certify the title deeds and these will be sent to the new mortgage provider.

· At the request of your Solicitor, the new mortgage provider will send the funds to your solicitor who will arrange payment of your old mortgage.

Once you have accepted your Loan Offer and all requirements have been met, sit back, relax and enjoy the savings you have made by switching your mortgage.

For more information on switching please find attached the link to Competition Consumer Protection Commission: https://www.ccpc.ie/consumers/money/mortgages/switching-lenders-or-mortgage/