We keep a constant eye on the remortgage market so we can match you with the right deal when you're ready to switch. Before you commit, though, it helps to know exactly what a remortgage costs and how long the process realistically takes.
The numbers to budget for
- Maximum loan-to-value: most remortgages are capped at 90% of your property's current value.
- Legal fees: budget in the region of €1,200.
- Valuation fee: a further €130, since your lender will require a valuation before issuing a loan offer.
- Life insurance: you'll need life cover in place for the value and term of your new mortgage before drawdown — a mortgage adviser can source quotes from several of Ireland's leading insurers on your behalf.
- Redemption penalties: if you're currently in a fixed rate agreement, check with your existing lender whether a penalty applies for leaving early before you commit to remortgaging.
Some lenders also offer switching incentives — including contributions of up to €1,000 towards legal fees — so it's worth checking what's currently available before assuming you'll be out of pocket.
Rates and timing
Variable rates are typically the best value on offer at any given time, but there can be a wide spread between lenders, so it's worth taking care over which provider actually suits your circumstances — choosing the wrong one can be an expensive mistake over the life of the loan.
As for timing, a straightforward remortgage can usually be completed in around three weeks once all your documentation is ready. Gathering the required information as early as possible is the single biggest thing you can do to keep the process moving and to stop paying on debts you're planning to refinance for any longer than necessary.
