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Changing mortgage provider

  • 29-05-2008 10:19am
    #1
    rockdrummer
    Closed Accounts Posts: 300 ✭✭


    I am currently with the EBS, have a mortgage and also a re-mortgage loan. They are 2 seperate accounts.

    I want to change mortgage provider and combine these 2 accounts into one.

    Is changing mortgage provider easy?
    Do you have to get lawyers involved in the process?
    Can you recommend a good provider?

    Thanks.


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Its easy enough to do. As long as you accounts are in good shape and the other providers see that you have capacity to repay you should be ok.

    Any new loan over 254k will require a solicitor. Most banks will have there own when it comes to switching.

    Make an appointment with a few banks and get quotes and go with whom ever is offering the best deal to suit you. Should take no longer the 3/4 weeks to complete.


  • #3
    okmqaz42
    Registered Users, Registered Users 2 Posts: 612 ✭✭✭okmqaz42


    Hi rockdrummer,
    I done more or less what your asking about six months ago.
    All the banks look for near enough the same paper work. you will need to get your property valued-this costs about 100-150 euro(some banks will cover this cost).
    I went with NIB in the end-best rate and they payed to legal cost.

    Shop around!


  • #4
    rockdrummer
    Closed Accounts Posts: 300 ✭✭rockdrummer


    Thanks guys,

    Yeah definitely shop around, as with everything !!

    The loan should be about 165K, so well under 254K.

    Good to hear that most banks bear the costs of lawyers !!


  • #5
    rockdrummer
    Closed Accounts Posts: 300 ✭✭rockdrummer


    Another question:

    Their are soo many types of mortgages out there, its difficult to know the differences between them all i.e. a mortgage is over a long period of time therefore what appears good today might not be in a few months / years time, or am I thinking too much about this ?!

    Is it a good idea to have a fixed mortgage for a long period i.e. 5 or 10 years?


  • #6
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    rockdrummer wrote: »

    Is it a good idea to have a fixed mortgage for a long period i.e. 5 or 10 years?

    How long is a piece if string!!

    I've seen fixed rates work for and against people. Its really just something you have to weigh up for yourself!

    You could be stuck on a high interest rate when/if rates drop.

    or

    You could be on a great rate as the rates rise!!

    Also, remember that when you switch your normally held with that bank for a period of time before your let switch again. If you switch within the agreed time you could face paying your legal fees or something that was given to you for free at the start could then be charged for.


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  • #7
    MortgageBrbr
    Closed Accounts Posts: 17 ✭MortgageBrbr


    1/Is changing mortgage provider easy?
    2/Do you have to get lawyers involved in the process?
    3/Can you recommend a good provider?

    1/Yes its quiet easy to change provider.
    • You will require
    • Payslips & P60
    • Mortgage statments
    • Current account statments
    • Photo and address ID

    2/Yes as a mortgage is a legal contract you will need to get a lawyer involved. This should cost you €1k

    3/ We're an independent mortgage brokerage, so my advice would be to shop around. Most of the banks have changed their rates in the last 3 weeks. Let me know what type of rate you are looking for and I'll let you know who is offering the best deal (tracker, fixed, variable etc)


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