mortgage repayment

You might be able to take advantage of low mortgage interest rates and make changes to your mortgage, possibly even switch lenders. Switching Mortgage, Dublin, at the right moment can help you pay off your mortgage more quickly and save you thousands on your overall housing costs.

Standard mortgages typically have a three to five-year maturity period. You can use the best alternative of renewing your mortgage term with your current lender every year or changing to a different lender. When you switch mortgages, your interest rate, payment options and payment schedule .

By switching mortgage lenders, you may be able to cut both your monthly payment and the total interest amount of interest you pay throughout the loan. When switching mortgages, there are a few possible costs you should be aware of. They are listed below: 

Mortgage break fee: Your present lender may demand a fee to “break” your fixed rate mortgage – contract your lender.

Legal costs: To complete the mortgage application process, a solicitor is required.

The types of paperwork you’ll require to file a mortgage application for the switch are as follows:

● Current Accounts, Payslip, saving accounts, salary cert, Employment detail summary

All lenders will need at least 6 months current accounts, the reason for this is that they need to see your financial habits to make sure you can afford the mortgage. They will check to see you are not going overdrawn, no monthly loans or repayments that you havent declared. For your repayment capacity they will add the rent or mortgage you are paying now plus monthly savings. How long does it take to switch mortgage ? About 2-3 months from start to finish so make sure to consider this.

Benefits of switching up mortgage: 

Find a more competitive deal: If your current mortgage deal is no longer competitive, you can look for a better deal. You can also find a lower interest rate. Click here 

Get access to a sum of money: To gain access to some more cash, possibly for home upgrades, you might choose to refinance your property. By releasing equity, you achieve this. There are many useful calculators that can help – see AIB mortgage switch calculator. Switching up mortgage really does work.

Consolidate Debts

You can also use your property to consolidate any existing debts. Some people switching mortgages from one bank to another use the opportunity to consolidate car loans, personal loans or credit union loans. This can really save you money. With interest rates rising a mortgage switcher can help with existing debts.

Closing Thoughts

Choosing the lender that best meets your financial needs is essential if you’re considering switching up mortgage. At Pangea we have the professionals, experience and knowledge you need to make the switching process easy.Switching Mortgages Ireland is what we do !

One thought on “All you need to know now about Switching Mortgage

  • Tim O’Meara

    October 26, 2022

    Great article – found it very useful

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