A common perception is that once you take out a mortgage with a bank or financial institution that you are compelled to stick with them for the duration of the mortgage or until the house or apartment is sold.
The idea of switching mortgages can be daunting, however, it is becoming more and more popular and house owners may secure significant financial benefits by switching their mortgage provider.
When switching mortgages, your new bank will require security over the dwellinghouse and it will require the registration of a fresh mortgage against the property. Your advising solicitor will have to give an up-dated certificate confirming that all issues in relation to title and planning matters are in order. There will be documentation to be executed to process the mortgage application itself and the registration of the mortgage as a charge or burden against the property.
Many of the financial institutions offer incentives for people to switch including contributions towards the legal costs involved in switching the mortgage. Part of the process will involve the removal of the existing burden or charge registered against your property for the previous mortgage.
There are one or two issues that people need to look out for when switching mortgages. If you have the benefit of a tracker mortgage, it is unlikely that you will secure any financial benefit from switching as banks are no longer offering the tracker rate to new customers.
In addition, if your current mortgage is a fixed rate mortgage, there can be some exit penalties for terminating the mortgage prior to the expiry of the fixed rate term.
Tormeys Solicitors will look after all the legal issues and we have a specialised workflow system to make the process as efficient and stress free for our customers as possible.
If there are financial advantages to switching your mortgage, you should consider doing so and let Tormeys Solicitors guide you through the process.
* The above article consists of general recommendations and should not be interpreted as legal advice. You should contact a Solicitor to secure advice specific to your individual requirements. In contentious business, a Solicitor may not calculate fees or other charges as a percentage or proportion of any award or settlement.
Tormeys Solicitors have been serving the people of the midlands for almost a century, specialising in *Personal Injury, *Medical Negligence, *Conveyancing, *Probate, *Commercial Law, *Employment Law and *Family Law.
* Sponsored content
Subscribe or register today to discover more from DonegalLive.ie
Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.
Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.