How to switch... Mortgage
Published 10/01/2016 | 02:30
Carefully compare all providers or ask a mortgage broker to do this for you. He or she will generally charge up to €500 for the process, but it will include everything and will ensure the transfer is smooth.
If you are doing it yourself, you need to be approved with the new mortgage provider. There will be financial evidence and applications to be completed. Explain you are a switcher - most banks now have a dedicated switching team - and check their website for details. Alert your old bank that you are considering moving; they may agree to meet the terms, saving you the bother.
Get loan approved. There are costs involved with legal fees (conveyancing) and possibly surveys to the property. The bank may offer to cover some of these - ask!
Ensure your life insurance (mortgage protection) and home insurance are re-assigned to the new mortgage provider. The insurers will provide forms for this and the original policies must move from one bank to the other.
Change your direct debit to the new bank and agree a date for mortgage payments to start.
Comparing alternatives online via ConsumerHelp.ie: 60 mins.
Completing and collating loan application and evidence: 180 mins. Order credit check online (www.icb.ie): 10 mins. Consulting with solicitor: 60 mins. Transferring life cover: 30 mins. Changing direct debit: 20 mins. Signing contracts/collecting documentation: 120 mins. Potential saving: €22,800 (on a 20-year mortgage of €250,000). Total time: 480 mins.
POTENTIAL SAVING €22,800 TOTAL TIME 480 mins