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Ashbourne: 01 835 2027
Ashbourne: 01 835 2027
Switching your mortgage means taking out a new mortgage with a new bank and using this to repay the existing mortgage. We can guide you through the switching your mortgage process. Common reasons to switch include reduced interest rates, renovations or extensions and equity release. Lending institutions are competing with each other with some offering cashback incentives or lower interest rates to new customers and offering to pay your legal fees.
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The first step to switch your mortgage is to contact your mortgage broker or you can contact the bank directly yourself. You will need to bring with you the following: – ID e.g. passport – Bank statement, usually 6 month – Proof of address – Salary certs, usually 3 months – P60
Your title deeds are currently held by the bank that provided your existing mortgage. Once we have your written authority we will arrange to obtain the title deeds from the bank.
Once your new bank has formally approved your switch, the bank will send you a formal Letter of Offer setting out the terms and conditions of the loan. The bank will also issue a Loan Pack to us which will contain the mortgage documents.
On receipt of the Loan Pack we will arrange for you to attend our office to sign the necessary authority to allow us to act on your behalf. We will go through the loan offer in detail to confirm that the rates and terms of the loan offer are exactly those which you have agreed with your new bank. Once you are satisfied with the terms and conditions we will arrange for you to sign Loan Offer.
The loan offer will also include special conditions in relation to life cover and household insurance.
Where you have carried out building works to the property since your initial mortgage it will be necessary to ensure that all the planning documentation is in order, as this will have to be sent to the new bank.
We will write to the bank to obtain redemption figures i.e. to ascertain the outstanding balance on your existing mortgage.
Once all of the necessary documentation is signed we will request the funds from your new bank. We will arrange to discharge this mortgage from the proceeds of your new mortgage.
We will then arrange to register the mortgage with the Property Registration Authority.
Once the mortgage is registered Tallans Solicitors LLP will forward the title deeds to your new Bank where they will be held until the mortgage is repaid or you switch your mortgage to another Bank.
We will need the following from you;
Annual percentage rate refers to the annual rate of interest charged to borrowers and paid to investors. APR is a % that represents the actual yearly cost of funds over the term of a loan. This includes any fees or additional costs associated with the transaction, but it does not take compounding into account. The APR provides consumers with a bottom-line number they can easily compare with rates from other lenders to help them in their decision making process.
A top-up mortgage is a home loan that allows homeowners to borrow more money by accessing the equity they’ve built in their home.
If you already have a mortgage you may be able to increase or top-up your mortgage to extend or improve your home, cover educational expenses or give a parental gift. Some mortgage lenders may allow you to use a mortgage top up to consolidate short-term debt. Whether you can top-up your mortgage will depend on your lender’s terms and conditions.
There are multiple costs associated with buying a home. These include lending agency fees, legal fees, buyer’s survey fee, mortgage protection insurance, home insurance and stamp duty.
A loan application fee is an up-front, usually nonrefundable charge for submitting a loan application such as for a mortgage.
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