Whether you’re remortgaging to reduce your repayments, consolidate debt, or buy an investment property, our comparison can help you compare deals and find the right one.
Before you start, make sure you know:
Even if you don’t want to increase your mortgage, lenders still need to check your affordability.
This is based on things like your income and outgoings, which may have changed since you previously applied for a mortgage.
Here are some things that can affect how much you can borrow:
Our guide: How much can you borrow with a mortgage? explains more.
Here are some things to consider to help you find the best mortgage:
Remortgaging to release equity means increasing your current mortgage and using the extral funds for something else e.g. home improvements.
Whether you can do this depends on:
Speak to a mortgage broker (mortgage credit intermediary) or lender to find out how much you can borrow.
It depends if you’re switching to another lender or not. If you are switching lenders, effectively you have to apply for a mortgage again so you’ll need a solicitor to:
If you remortgage with your current lender, the process may be quicker and simpler because they already have your personal details and may not require any further checks to be made.
If you only compare mortgages with your current lender, you could miss out on a much better deal with another lender.
If you choose to switch lenders, you can apply for a mortgage in principle to see if they can lend to you, and then complete the mortgage application in full. Here’s how to prepare for a mortgage application.
Switching will involve paying for a valuation of your property and solicitor’s fees, so you’ll need to ensure you’re saving more overall. Find out more in our guide to switching mortgages.
If you have a fixed rate mortgage, you may be able to lock in another rate a few months in advance of your term ending, but don’t switch until it’s penalty free.
With a variable rate mortgage you’re not tied in so you can remortgage at any time. You should keep an eye on rates and consider switching mortgages when they’re low. Be aware of the costs involved in switching though as it could work out more expensive in the long run.
It’s worth looking for a mortgage well before your current fixed rate deal ends, or you risk spending time on the lender’s standard variable rate which will be expensive.
This depends on a number of factors such as:
A mortgage broker (mortgage credit intermediary) or lender should be able to help you find out how much you can borrow.
It’s the difference between your outstanding mortgage balance and what the property is worth.
For example, if you have a mortgage of €150,000 and the value of your property is €300,000, you have €150,000 equity.
This also means your loan to value (LTV) is 50% because you owe half of what the property is worth.
This is where your mortgage balance is higher than the value of your property.
For example, if you have a €250,000 mortgage and the value of your property plummets to €220,000, you have €30,000 of negative equity.
Being in negative equity can make it harder to remortgage your property.
It depends what type of mortgage you have currently.
The right time to switch will depend on your reason for remortgaging, and whether you’ll make a significant saving, taking into account any fees.
If you have a repayment mortgage, you pay off the capital over time, which increases the percentage of your home you own.
This reduces your loan to value (LTV) which is good news when you remortgage, as having a lower LTV often means you can get a better interest rate.
Your LTV can also go down if the property’s value increases because you owe less in relation to what it’s worth.