Remortgage

Remortgaging has changed dramatically over the past few years. For many years people used remortgaging as a means to finance a lifestyle. Banks were happy to provide this finance, however due to the downturn in the economy the reason behind remortgaging have reverted to more traditional ones.

Why Remortgage?

  • Moving to a cheaper lender – your current lending may have higher rates and cheaper rates may be available elsewhere
  • Debt consolidation – this was very popular during the boom years – care should be taken because turning short term loans into longer term mortgages can ultimately mean a higher payments over the long term
  • Releasing equity to finance an investment property purchase
  • Home improvements - this used to be the main reason for remortgaging in Ireland – building the extension or converting the garage

Whatever your reason for refinancing, we will guide you through the process and advise you of the pitfalls. Call us free on 1890 299 299 or email mortgage@onefinance.ie for more information.
 

Did you know?

  • Some lenders are offering incentives such as €1,000 against your legal fees if you decide to remortgage.
  • If you have a tracker rate, and are considering remorgtgaging or moving, you will lose this rate - you will not be offered it again. 
  • Under certain circumstances, it is possible to have 'interest only' periods of repayment.  They do not however reduce the overall mortgage amount so careful consideration must be given before taking this option.

 

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Frequently Asked Questions

  • How much can I borrow for my mortgage?

    Lenders use different ways to work out how much of a mortgage they will give you. The most important factor is your ability to repay the loan. Generally lenders take the following factors into consideration:

    • Your income, the type and security of your job.
    • Are you borrowing on your own or with someone else?
    • Have you savings and / or any outstanding loans?
    • Do you have a good credit history?
    • Will anyone will act as a guarantor for you?
    • What is the value of the property you want to buy?

    As a general rule, most lenders will try to make sure that your mortgage repayments plus any other loan repayments you have don't go above 40% of your monthly take-home pay.  They may offer you a smaller mortgage or offer you a mortgage over a longer term.

  • What is a 'top-up' mortgage?

    If the value of your home is higher than the amount you owe on your mortgage (this is called 'having equity'), you may be able to borrow extra on top of your existing mortgage.  This is known as ‘topping up' your mortgage.  The mortgage top-up loan is added on to your existing mortgage and secured on your home.  You may have to pay certain legal fees and other charges for this type of loan, so it is generally more suitable for larger sums of money where you may borrow over a number of years. 

  • What is a tracker mortgage?

    With a tracker mortgage, the interest rate is set at a fixed percentage (margin) above the European Central Bank (ECB) rate. For example, your rate could be set at the ECB rate plus 1%, for the life of your mortgage. This extra percentage above the ECB rate will stay the same until you have paid off your mortgage. If the ECB rate rises by 1%, your tracker rate will automatically rise by exactly 1%. The opposite happens if the ECB rate falls.

  • What is the difference between a fixed rate and a variable rate?

    Variable rates can move up and down in line with European Central Bank (ECB) increases or decreases in the base rate.With a fixed rate mortgage your rate stays the same for a set period of time (the fixed term), so your repayments don't change no matter even if ECB rates go up or down.

  • What is a fixed rate break penalty and when does it apply?

    If you want to change to a variable rate or pay off your mortgage before your fixed-rate period ends, your lender can charge a fee to cover the cost of breaking your fixed rate. Also, most lenders will not allow you to pay a lump sum into your mortgage during the fixed-rate period, so you could lose out on saving interest in this way.