We would encourage all of our clients to explore the option of re-mortgaging their property. Our clients have achieved great savings from changing their mortgage provider at any time after the purchase of the property.
You often see advertised that banks will give money back to borrowers when they mortgage or re-mortgage and so far, our clients have been very happy to receive these cash-back deals.
It may also be the case that you have a higher loan to value ratio from when you purchased the purchase which may make you eligible for a lower interest rate. This can result in savings of thousands of euros over the lifetime of a mortgage.
Re-mortgaging can allow you to increase or decrease the number of years on your mortgage.
It is true that other than the savings and the cashback, not a whole lot else changes when you re-mortgage. You are still in the same house and still paying a mortgage. However, in our experience, the savings are very significant.
To re-mortgage, you still have to go through the process of applying for a new mortgage which of course means getting together your payslips, utility bills, ID, bank statements and all the rest of it.
Hopefully, your solicitor will be able to take some of the pain and stress out of the process for you. We will be able to deal with all of the legal aspects of the transaction such as obtaining and reviewing your title documents, dealing with your previous bank and making sure your old mortgage is fully redeemed before the new mortgage is registered.
We will also deal with your new bank and advise you in relation to the new loan offer to ensure that there are no onerous or unexpected special conditions. We will investigate title, register the new mortgage and certify title to your new bank.
With any luck, you should be left with lower mortgage repayments and your cash back deal. If you want to inquire about re-mortgaging your property, please call or email us today and we will help you make a start.
In Summary Pros and Cons of Re-mortgaging:
• Lower interest rate due to higher loan to value ratio;
• Resulting in lower repayments;
• Cash back from the lender to cover the costs of the re-mortgage;
• A chance to review the term and conditions of your mortgage.
• Having to obtain the necessary documentation to meet the banks requirements for a mortgage e.g. id, bills, payslips etc.
• It can probably take up to 3 months from start to finish, although hopefully, your solicitor and lender will do most of the heavy lifting.
The above is not intended to be general information and not legal advice.