Irish people are very reluctant to move from one mortgage provider to another. Why? We don’t seem to be comfortable with change or unnecessary paperwork as a nation. There is a big fear element involved in losing the security of that which we know and moving to a new lender who doesn’t know us personally – to which we are only just a number.

• Only 11% of homeowners re-mortgage to get a better mortgage deal, according to a September 2003 survey by National Irish Bank (NIB)
• 70% of Irish homeowners still have the same standard repayment mortgage as when they first bought their house
• 36% of homeowners have always been with the same lender and never had the opportunity to discuss if their mortgage is still the most suitable

The initial cost deters most people from changing their mortgage provider. The main fees for switching mortgages are:

• Early redemption fees if on a fixed rate
• Legal fees around €900
• Release of title deeds (€35 - €80)
• Valuation of property approx €130

Some lenders have a switcher mortgage deal offering free legal fees to anyone switching over their mortgage to them. Other Mortgage lenders can offer title insurance or low cost capped fees and a fast-track legal service which speeds up the re-mortgage process. Call us on 1850 200 650 for details of these lenders.

A significant proportion of the legal fees incurred in changing mortgages are payable to the Government. For example your solicitor must charge you VAT on legal fees, as well as fees to register the new mortgage, discharge the old mortgage and register the new property if applicable.

Mortgage House can offer a remortgage with a number of lenders that absorb the cost of Legal Fees. This can dramatically reduce your mortgage payments at minimal cost to you.