Conveyancing fees / Process to Switch Mortgage

Switching your mortgage means taking out a new mortgage with a new bank and using this to repay the existing mortgage. MB Solicitors can guide you through the  conveyancing requirements in switching your mortgage.

Common reasons to switch include reduced interest rates or to remortgage i=also include renovations or extensions and equity release. Lending institutions are competing with each other with some offering cashback incentives or lower interest rates to new customers and offering to pay your legal fees.

If you want to switch your mortgage or require further information please call us at 01 5677343 

Contacting your Mortgage Broker / Bank Lender

The first step to switch your mortgage is to contact your mortgage broker or you can contact the bank directly yourself. You will need to provision the following:

• ID e.g. passport
• Bank statement, usually 6 months
• Proof of address
• Salary certs, usually 3 months
• P60

Title Deeds

Your title deeds are currently held by the bank that provided your existing mortgage. Once we have your written authority we will arrange to obtain the title deeds from the bank.

New Letter of Offer / Loan Pack

Once your new bank has formally approved your switch, the bank will send you a formal Letter of Offer setting out the terms and conditions of the loan. The bank will also issue a Loan Pack to us which will contain the mortgage documents.

Signing a Letter of Authority with Conveyancing Solicitor

On receipt of the Loan Pack we will arrange for you to attend our office [Note that some consultations/transactions can now be done remotely] to sign the necessary authority to allow us to act on your behalf. We will go through the loan offer in detail to confirm that the rates and terms of the loan offer are exactly those which you have agreed with your new bank. Once you are satisfied with the terms and conditions we will arrange for you to sign Loan Offer.

Mortgage Protection / Life Cover

The loan offer will also include special conditions in relation to life cover and household insurance. You can usually retain the same policies and/or you can also look to save money for the same level of cover.

Previous Building Works?

Where you have carried out building works to the property since your initial mortgage it will be necessary to ensure that all the planning documentation is in order, as this will have to be sent to the new bank.

Outstanding Balance / Redemption Figures

We will write to the bank to obtain redemption figures i.e. to ascertain the outstanding balance on your existing mortgage.

Document Signing

Once all of the necessary documentation is signed we will request the funds from your new bank. We will arrange to discharge this mortgage from the proceeds of your new mortgage.

Registering the property mortgage with Tailte Eireann

We will then arrange to register the mortgage with the Property Registration Authority.

Title Deeds Transfer – Completion of Mortgage Loan Transfer

Once the mortgage is registered, MB Solicitors will forward the title deeds to your new Bank where they will be held until the mortgage is repaid or you switch your mortgage to another Bank.

On receipt of the funds, MB Solicitors will complete the statement of account and the funds will be released to you (if there are funds after the redemption of previous mortgage).

Costs

We aim to make this switching process as uncomplicated as possible, delivering  quick turnaround times at an affordable price so that you can start to benefit from the reduced mortgage payments as soon as possible.

If you want to switch your mortgage or require further information please call us at 01 5677343