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Mortgages. Re-mortgaging

A re-mortgage refers to the process by which a borrower pays off the first mortgage loan by obtaining financing from a second lender. This is usually done in order to obtain better interest rates, pay off a mortgage loan early or reduce monthly mortgage payments.

Common Questions about Re-mortgages

When Can I Apply?

The general rule is that you can apply to re-mortgage once you have at least a period of 12 months completed into the term of your mortgage.

What Type of Mortgage Do I Apply For?

Depending on your circumstances you can apply for any of the below:

  1. Annuity Mortgage
  2. Interest only mortgages
  3. Tracker Mortgages
  4. Endowment mortgage
  5. Pension Mortgage

How Much Can I Borrow?

You can only re-mortgage to 90% in most cases, but be advised that some lenders will only allow for 80% re-mortgage.

What steps do I need to take to get a re-mortgage?

  • You need to calculate how much you wish to re-mortgage for.
  • You need to ensure that you will qualify for this level of borrowing.
  • You can only re-mortgage to 90% in most cases, but be advised that some lenders will only allow for 80% re-mortgage.
  • You will need to present the appropriate documents and forms to your mortgage lender.
  • Your application will be processed.
  • You will next be issued with a formal letter outlining the terms and conditions of your mortgage.
  • Your solicitor and mortgage broker will offer you advice in regards to the terms and conditions set out in your letter of offer.
  • Next you will sign your acceptance and you will usually receive a cheque within 14 days.