When I signed my first mortgage contract in 2017 with an interest rate of 2.9%, I was under the impression that when our five year fixed term was up, we’d simply switch mortgage providers. Then when that contract was up, I would once again move to the cheapest provider, like it was changing energy suppliers. Oh, how naïve I was.
By the end of that year, inflation had sparked a cost of living crisis and now, average mortgage interest rates have risen to 4.27% in less than two years. So, while the information was accurate, it was missing a major reader warning that switching mortgages is a painful process. Each applicant will need to provide six months of financial statements for all bank accounts, proof of ID and address, three months of payslips, a salary cert and Employment Detail Summary, credit card and loan statements and a home valuation . Don’t forget to give your current mortgage provider plenty of notice to fetch the deeds. Plus, you’ll need to hire a solicitor to take care of the legal documents.
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Source: IrishTimes - 🏆 3. / 98 Read more »