Remortgage in Ireland.

Remortgaging in Ireland allows homeowners to renegotiate their existing mortgage terms or switch to a new lender, often with the aim of securing a lower interest rate, reducing monthly payments, releasing equity for home improvements or other financial needs, or consolidating debt.
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What is remortgage and who is it for?

Remortgaging refers to the process of replacing an existing mortgage on a property with a new one, either with the same lender or a different one. This financial maneuver is typically pursued by homeowners who seek to renegotiate their mortgage terms for various reasons. Remortgaging can be beneficial for individuals looking to secure a lower interest rate, reduce their monthly mortgage payments, release equity from their property for home improvements or other purposes, consolidate debts into one manageable payment, or switch to a more flexible mortgage product that better suits their changing financial needs. Additionally, some homeowners may remortgage to take advantage of improved credit scores or increased property values, allowing them to access better mortgage deals and potentially save money over the long term. Ultimately, remortgaging offers homeowners an opportunity to optimize their mortgage arrangements and achieve greater financial flexibility and stability.

How do I get started my remortgage process?

Securing a remortgage involves several steps to ensure a smooth transition. First, assess your financial situation and determine how much you can afford to borrow based on your income, expenses, and savings. Next, research and compare mortgage options from different lenders to find the best terms and rates for your needs. Once you’ve chosen a mortgage, complete the application process, providing essential documents such as proof of income, employment history, and identification. Your lender will evaluate your application and conduct a credit check to determine your eligibility for the mortgage. Upon approval, you’ll work with solicitors and conveyancers to finalize the sale and transfer ownership of the property. Throughout the process, communicate regularly with your lender and seek guidance from professionals to navigate any challenges and ensure a successful home move. Getting a quote is the first step, as one of our expert award-winning advisors will contact you and guide you all the way. 

Deposit

For your first mortgage, you will require a minimum of a 10% deposit. You may be eligible for the HTB incentive of up to €30,000.

Application

You will require 6 months of pay-slips and bank statements to apply for your Mortgage online.

Approval

Once your lender has approved your loan, you get an AIP (Approval In Principle) and you can make an offer on your new home.

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How is the process to apply for a remortgage?

1. Enter your details

Your dedicated award-winning mortgage advisor will guide you through your application.

2. Digital Application

Log in to your digital application portal and upload all documents required. You can even sign digitally to make the process even easier and hassle-free.

3. Approval

Check your application’s status at your convenience. Indicative Approval in 72 hours after assessment.

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Watch how seamless and straight-forward Applying for your first mortgage is. In under 10 minutes you can complete your application. All with guided assistance from your very own dedicated Mortgage advisor.

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Your Questions Answered

The most common maximum borrowing amount is 3.5x your annual gross salary (Some exceptions may apply). This is based on a single income application. If it is a dual application it is 3.5x both annual salaries combined.

Before you apply for your Mortgage, you are required to have 10% of the loan value of the property.

For example, If you require a Mortgage of €200,000 – You would require a deposit of €20,000.

With a fixed rate mortgage, your interest rate and monthly repayments are fixed for a set time as agreed between you and the lender.

This is a percentage figure which represents the difference between your mortgage loan and the value of your property. For example if your mortgage is €100,000 on a property valued at €200,000, your LTV rate would be 50%.

LTI is your Loan to Income rate, generally you are allowed to borrow 3.5x your annual income before tax. Some exceptions may apply.

Variable rates allow you to increase your re-payments, you can also use a lump sum to pay off all or part of your mortgage, or re-mortgage without having to pay any fixed rate breaking fees. However, variable rates can rise and fall meaning your mortgage repayments can go up or down during your Mortgage term.

This is the amount you owe excluding costs and interest. This is also known as the “Principal” of your loan.

This is when you are given an indication of approval from our first discussion with you, without having to see any documentation. This is not guaranteed approval.

The date the mortgage must be repaid in full, or by which a new agreement needs to be taken out.

Warning: You may lose your home if you do not keep your repayments.

Warning: The cost of your monthly repayments may increase. 

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, limiting your ability to access credit in the future. 

Warning: The entire amount you have borrowed will still be outstanding at the end of the interest-only period. The lender may adjust the payment rates on this housing loan from time to time. (Applies to variable-rate loans only).

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