Most lenders may contribute to these fees but an approximate total cost to remortgage is in the region of €1,300. These costs relate to legal and valuation fees. An example of current switcher products would include those that offer up to 3% cashback, €2,000 – €3,000 contribution towards legal fees so in most circumstances the cost to remortgage are covered.
If you breaking from a fixed rate from your current lender then you should be aware of potential costs to break out of the fixed rate agreement, known as break fee or penalty. There may not be a cost, this will depend on the wholesale cost of funds when you locked into the mortgage versus when you break out of the mortgage, along with other factors. These costs will vary depending on the rate and term remaining and can be established by making an enquiry with your current lender. You can then determine whether the saving of switching your mortgage makes sense. Again our mortgage experts would be delighted to discuss this with you.
Life insurance is required and if you have a current mortgage you should already have a life policy in place from when you took the mortgage out. We will review your existing life policy/mortgage protection to assess whether it continues to meet current requirements.