Remortgaging is the process of moving from one mortgage deal to another. This can be done through your existing lender, where you may adjust the terms of the original contract e.g., getting an equity release for a house refurbishment. It can also be completed with a new lender (Switching) who may be able to offer more competitive terms, saving you money over the remaining term of your mortgage.
Refinancing your home loan can save you money in the long run. It also gives you the opportunity to lower your monthly payments by paying less each month for the same amount owed.
If you're looking to refinance your mortgage, there are several things to consider before making any decisions. First, make sure you understand what you'll pay in fees and closing costs. You should also compare your current rate to other lenders' offers. Finally, ask yourself whether you need to take advantage of the lowest possible rate right away or wait until you find a better deal
Everyone knows the savings that can be made from switching utility bills annually. Just as you might shop around for the best broadband and energy deals it makes financial sense to apply this approach to your mortgage. If you do find a better rate or a more attractive fixed term option, then switching your mortgage can save you thousands every year. We have seen instances that savings of more than €20,000 can be made by some householders over the term of their mortgage. Don ’t just take our word for it. The Central Bank of Ireland claims that over 61% of mortgage holders can save at least €10,000 by switching their mortgage.