Some useful tips if changing your mortgage

 

Some useful Tips if changing your Mortgage

 

The main reasons why people choose to re-mortgage are:

  1. To get a better interest rate
  2. Debt Consolidation
  3. Home Improvements
  4. Changing financial situation
  5. Equity release

Usually the main reason to re-mortgage is to save money. You may also want to re-mortgage because the value of your property has risen or you have paid off a certain amount whereby you are in a lower loan to value band and therefore eligible for lower rates. You may also decide that certain banks are offering more competitive interest rates or better rates for more energy efficient properties.

 

It is important to check the terms of your current mortgage before you look to re-mortgage as if you are on a fixed rate there may be exit fees or penalties for requesting a re-mortgage but you may still be able to negotiate with your existing lender to get a more competitive interest rate on your existing loan.

 

Many of the banks will now pay a contribution to legal fees as an incentive to borrowers to switch mortgages and make further savings. In the current climate it is worth looking at re-mortgaging as a means of reducing your monthly outgoings given that mortgages tend to be people’s largest outgoing.

 

Useful Tips if you are Remortgaging

 

  1. Contact us at an early stage so we can get your deeds from your existing Bank to avoid delays
  2. Let us know if you have carried out any work to your house as we will have to check that the planning documents are in order and if not we can advise how you can remedy the situation
  3. If you are using the money to carry out works let us know as you may need to draw down the money in stages
  4. If you are doing works make sure you have a written contract with the builder/architect which clearly specifies the works agreed.
  5. If you are re-mortgaging it might be a good time to make a will if you have not done so or to update your current Will.

 

For further information on this please do not hesitate to contact our office on 01-2960666 or email us on info@dillon.ie.