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Switcher mortgage

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  • 09-09-2018 11:04am
    #1
    Sammy2012
    Registered Users Posts: 1,244 ✭✭✭


    Just wondering can anyone tell me what I'll need to provide for a switcher mortgage. Was speaking to a mortgage adviser with Ulster bank but he made it seem relatively easy so wanted to check. Both have permanent jobs with a combined income of around 100k. Mortgage will be for 110k over 12 years hopefully. Currently with ebs.

    Reason for switching is we are.paying fixed rate of 4.85% and can only move back to 3.7% variable rate

    House value is approx 350k. Have 2 children. Savings around 10k. So they want the usual bank statements/loan statement/salary certs/valuation certs.

    Is there any other things we need to do in the coming months to ensure we'll get a mortgage with another bank?


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    #2
    Q&A
    Registered Users Posts: 556 ✭✭✭Q&A


    Sammy2012 wrote: »
    Just wondering can anyone tell me what I'll need to provide for a switcher mortgage. Was speaking to a mortgage adviser with Ulster bank but he made it seem relatively easy so wanted to check. Both have permanent jobs with a combined income of around 100k. Mortgage will be for 110k over 12 years hopefully. Currently with ebs.

    Reason for switching is we are.paying fixed rate of 4.85% and can only move back to 3.7% variable rate

    House value is approx 350k. Have 2 children. Savings around 10k. So they want the usual bank statements/loan statement/salary certs/valuation certs.

    Is there any other things we need to do in the coming months to ensure we'll get a mortgage with another bank?

    Did something similar a few months ago. It was pretty straightforward. It sounds like you've got all the material they will need for an offer. For final switch you'll also need to have Ulster named on the mortgage protection policy and house insurance - not important at offer stage but you will need it for draw down. If your term is longer than the previous mortgage you might have to get a new mortgage protection policy. Also worth considering rebuild cost may need to change depending on valuation.


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