Remortgages

What is remortgaging and why should I consider it?

Remortgaging

means one of two things; switching your

mortgage

to a different provider or taking out a loan on the strength of the

value of your property

.
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1.) Switching your mortgage

You don’t need to stay with the same lender for the full term of your mortgage. The

Irish mortgage market

has been shaken up in recent times with some new entrants offering enticing deals to

people who switch their mortgage

, or

remortgage

. There are a couple of reasons why you might want to switch your mortgage:
By switching to a

mortgage provider

offering a better interest rate, you could save a considerable amount of money over the term of the loan. Even paying half a percentage point less in your interest rate can mean a saving of thousands over the lifetime of the loan. Of course, variable interest rates are just that – variable – and there is no guarantee that your new lender won’t increase (or decrease) the rate over the remaining

term of the mortgage

, unless you have

fixed the rate.

Where there is a penalty with your current lender for

paying off your mortgage early

, you could switch lender, opt for a shorter term and be mortgage free sooner.
Your

mortgage repayment

is probably your biggest outlay every month. If you need to cut back, you can reduce your monthly repayment by

extending the term of your mortgage

. This does mean you will pay more in the long term, but it is helpful where you have cash-flow issues.

2.) Taking out a loan on the strength of your property

You may be able to borrow on the strength of your home or property at

mortgage interest rates

, which are usually lower than standard loan interest rates. You can use the money for whatever you want – it doesn’t have to be property related. To work out how much you could potentially borrow, take the current
market value of your property
, subtract how much you owe on your mortgage, and, depending on the lender, you could be able to borrow up to 85% of that figure. Sometimes people

remortgage

in order to have a deposit for a second or
investment property
. Read more about
investment property here
.
Get Independent Advice Our

experienced mortgage brokers

are familiar with the

remortgage products

on offer with all the lenders in the Irish market so we can help you get the best deal depending on your reasons for remortgaging. It’s important to note that though a deal might sound good, associated lender charges, penalties and solicitor’s fees may mean switching is not worthwhile. We can help you

figure out if remortgaging is for you

.
We can also help renegotiate or refinance your existing mortgage so that you don’t have to go through the hassle of switching provider. Call us today on 05793 50079 or email on info@clevermoney.ie to make sure you are getting the best deal possible on your biggest monthly outlay.
Warning: If you do not keep up your repayments you may lose your home.

Everybody’s different, but everybody’s vulnerable

TALK TO REAL PEOPLE
At Clever Money, we believe in meeting our customers face to face. Our qualified financial advisers take the time to get to know your circumstances so that they can offer tailored advice. You won’t get that from an online-only insurer.
CHOICE
We are authorised by the Central Bank of Ireland as an authorised adviser, which means we can offer you products from all the leading life companies. For you, that means we can guarantee you the lowest premium.
If you’ve been thinking that your family would be vulnerable should something happen to you, our financial advisers would be happy to advise you based on your own circumstances.

Give us a call today on 05793 50079

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