What is a Re-Mortgage?
A re-mortgage describes the situation where a property owner either switches to a different mortgage provider to cover the same loan or where they take out a further loan from the same financial institution against the value of their property. This process involves removing the first mortgage registering the new mortgage on the legal title of your property.
Reasons Why Clients Might Consider a Re-Mortgage
- Moving to a different lender.
- Debt management.
- Investment – may require funds for home improvements, investments etc.
The Process
If you have decided that re-mortgaging is the best option for you, it is essential that you engage the services of a solicitor. Once you have identified the financial institution offering you the best deal, you will need to submit an application for the loan. This will be a similar process to when you took out the first mortgage. The bank will require you to fill out some forms and provide financial information corroborated by recent payslips, contracts of employment etc.
Once the bank has everything they require and your loan is approved, your appointed solicitor will then get to work on your behalf.
At Hoban Boino, we will work with you to ensure that the whole process runs as efficiently as possible. While each transaction is different, the general process to complete your re-mortgage will be as follows;
- Requesting your title deeds from the relevant financial institution.
- Once the loan offer is to hand, we will work with you to prepare all of the required legal documentation.
- Liaise with the bank or lending institution on your behalf in relation to any issues that may arise.
- Carry out all necessary checks and searches in relation to the property.
- Complete the application to the Property Registration Authority of Ireland to remove the old mortgage from the property and register the new mortgage.
- Return your title deeds to the financial institution.
How Can We Help
At Hoban Boino, we have extensive experience in relation to the re-mortgaging of both residential and commercial properties. We will assist you at every stage of the process and ensure that your transaction runs as efficiently as possible.
If you are considering re-mortgaging your property please contact our office and we will provide you with a quote for the likely cost of the transaction.