A Guide To Switching Your Mortgage

A Guide to Switching Your Mortgage: The Steps You Need To Know

We receive queries regularly from existing clients in relation to switching their mortgage to another bank. This usually happens when the fixed rate on their current mortgage expires, they would like to carry out renovations to the property or they want to release some equity. With a little bit of work most clients find that they can secure a better rate with another bank and they may also be entitled to cash back and a contribution to their legal fees to enable the switch. The savings can amount to thousands of euros over the term of the mortgage.

There are lots of excellent websites that let you compare mortgage products and the benefits offered and you can then contact the bank directly or you can contact a mortgage broker who can do the homework for you.

HOW TO SWITCH YOUR MORTGAGE PROVIDER

1. You will need to provide the bank/broker with payslips for the last two months, your P60 and a Salary Certificate. If you are self-employed you will need to provide 2 years audited accounts and 6 months of business bank accounts, photographic ID and utility bill, proof of savings and a statement showing your last 12 payments on your existing mortgage.

2. We will apply to your existing bank to obtain your title deeds and for a statement confirming the amount required to redeem the existing mortgage.

3. When your new bank has approved the switch, they will issue a Letter of Offer setting out the terms and conditions of the new loan together with a loan pack.

4. We will then meet with you to go through the loan offer and pack in detail including the rate and special conditions to ensure that they are correct and that you are happy to sign the offer.

5. Separately you will need to provide proof of Life Assurance and House Insurance to the new bank.

6. When all documents have been signed, we will request the release of funds from the new bank. As soon as we are in receipt of funds we will discharge your existing mortgage.

7. We will then arrange to register your new mortgage with the Property Registration authority.

8. Your title deeds will then be sent to your new bank to be held by them until the mortgage is paid in full.

On completion, an account will be prepared and furnished to you.

We provide a thorough and efficient service to our clients to allow them to benefit from the Switch as quickly as possible. If you are interest in switching mortgage, please contact us on 021 4278131 or at info@fodlaw.ie For more information about conveyancing in general see our property law page.