Are you thinking of a Re-Mortgage or Switcher?

If you are thinking of re-mortgaging, there can be substantial savings made by moving to a more competitive lender in relation to existing lender rates offered, especially if your Loan to Value is 60% or less.

Re-Mortgages – what you need to know:

Most lenders restrict their re-mortgage products anywhere from 60% – 90% loan to value. It is a good idea to get an idea of the value of your property before you start the process.

There is a limited appetite for short term debt consolidation and restrictions for how much “can” be included into your existing mortgage (usually €20k – €40k max).

Maximum term is 35 years to age 65 -70 years depending on lender

Most Lenders are looking for 1 year minimum continuous employment

Minimum income levels are for a single applicant are between €20k – €30k and for joint applicants between – €25k – €35k.

There are 5 mortgage lenders actively in this space.

Many lenders are now offering incentives to assist re-mortgage customers, by way of “Legal Fee Contributions” and or Free Valuations.

Beating an existing rate offered by your current lender may not be the hard part, meeting the criteria to qualify with a NEW lender with LOWER RATES may be the hard part!

RE-Mortgage From Sub-Prime Lenders – PTSB do not accept this type of business, the other lenders look for a clear ICB report and will assess on a case by case basis only – no guarantees here.

BEWARE of Redemption penalties – these may arise if you are considering breaking a fixed rate mortgage agreement. If you are doing so ask for a quotation in writing from your existing mortgage holder before starting the process.

 

Newstar FM Independent Mortgage Brokers. Thinking of Re Mortgaging then Contact Tara at tara@newstarfm.ie