Business Switching Saturday

Saturday 10 December 2016

How to switch... Mortgage

Published 10/01/2016 | 02:30

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Step 1

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.

Step 2

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.

Step 3

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!

Step 4

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.

Step 5

Change your direct debit to the new bank and agree a date for mortgage payments to start.

Time taken

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

Irish Independent

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