Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Remortgage/Topup

  • 04-01-2007 10:08am
    #1
    Vas_Guy
    Closed Accounts Posts: 436 ✭✭


    I toped up my mortgage about 4 months ago to do some redecorating on my house, the topup was for E20k I've since discovered I need more to complete the work about E10k, I've applied for another topup.

    What are the chances of actually getting the topup in such a short period of time, I've to borrow another E20k as thats the minimum acmount for a topup or should I remortgage.

    Could someone please explain to me what a remortgage is?


Comments

  • #2
    Chunkychops
    Closed Accounts Posts: 18 ✭Chunkychops


    Hi there
    I recently remortgaged so maybe I can help explain it to you.
    When you went for a top up you simply added 20K to your mortgage with your existing lender. Most lendes will not entertain another top up on the mortgage for minimum 6 months and some will not look at another top up for a year.
    Depending on your lender and the rate you are being charged, you could actually lower your monthly payment even with a higher mortgage by remortgaging. Remortgaging is simply switching your mortgage to a different lender.
    I remortgaged recently from EBS to Bank of Scotland. I did it through a broker who checked the rates with all the lenders and got me the best deal available. I am saving over €100 per month over my old mortgage and I cannot RECOMMEND it enough.
    The guys I went with are on here www.a2zmortgages.ie . They covered the legal costs in switching mortgage. This saved me €1,000 . Some of the banks offer free fees for switching mortgage but you must typically stay with them for 5 years or they clawback the €1,000 from you but this broker paid the legal fees out of his commission so I am free to move bank again anytime I want without penalty.
    Check them out, well worth a phone call or email.

    Best of luck whatever you decde


Advertisement