Mortgage Switch Conveyancing Solicitors – Drogheda, Ashbourne & Dublin
The law is there to support you. If you require any assistance in relation to purchasing or selling a property, talk to Tallans today.
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Drogheda : 041 983 8708
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.
What types of Conveyancing can we help with?
First Time Buyers
Sales & Purchases
Landlord and Tenant
We’re here to help.
Tallans Solicitors are the North-East’s largest law firm. With us, you’ll get jargon-free legal advice that you can depend on. Our solicitors are experts in their specific areas of practice, ensuring that you, our client, gets the best possible legal advice and personal attention. Established in 1899, trust Tallans to do the best for you, whatever legal issues you may face. Talk to Tallans today.
What are your next steps?
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
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 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.
What documents do you need?
We will need the following from you;
- Contact details
- Photo ID
- Proof of Address
- Proof of PPS number
- Copy Marriage/Civil Partnership Certificate if relevant
- Local property tax payment history
- NPPR receipts if relevant
What does Annual Percentage Rate (APR) mean?
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.
What is a Top-up Mortgage?
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.
What other costs can I expect when purchasing a home?
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.
What is an application fee?
A loan application fee is an up-front, usually nonrefundable charge for submitting a loan application such as for a mortgage.
Talk To Tallans Today
We use our expert knowledge and 130 year’s experience to give you the voice you need. We use non-legal language and provide practical and impartial advice through every stage of the process!
Why choose Tallans?
At Tallans, our dedicated Conveyancing solicitors have over 100 years of experience in looking after the needs of our clients.
At Tallans Solicitors we offer:
- Fast, friendly, and reliable service
- Dedicated Conveyancing staff
- Experience on your doorstep
- Convenient parking available
Want to know what it’s like to work with Tallans Solicitors? The best way to find out is to see what past clients have said.
In a recent claim, Tallans Solicitors were superefficient and provided great service. I was very nervous coming in to see a solicitor but Orla Shevlin put me at ease straight-away. I found Orla very easy to talk to and knew I could trust her 100%.
I was extremely happy with the outcome of my case… Tallans were able to explain things to me in a way that I could understand. I have no hesitation in recommending Tallans to anyone.
From day one, Tallans Solicitors were transparent, clear and supportive regarding my case. They had a personable yet highly professional way in which they presented themselves. From day one, they were on my side. I will now go to them for all legal advice in the future and recommend everyone to seek advice and services from Tallans in Drogheda.
About Tallans Solicitors
We draw on more than 130 years of experience in personal injury law to provide you with expert advice and legal services.
We’re here to help you with your claim, and will work with you to ensure you understand every step of your legal journey.
Our friendly and experienced team are waiting to answer your call. Lines are open Monday to Friday, from 9 am to 5.30 pm on 041 983 8708 (Drogheda) and 01 835 2027 (Ashbourne) or you can fill out our contact form and we’ll call you back.