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Mortgage switcher: structural survey needed?

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  • 15-09-2020 10:13pm
    #1
    jayjay2010
    Registered Users Posts: 505 ✭✭✭


    Hi All, I'm interested in switching my mortgage at the end of my fixed term period next month.

    My house is old and required a full structural survey when I bought it 3 years ago. If I try to switch to a new provider, will I need to get a full survey all over again?

    Also, will I be able to assign my life policy with no complications or will I require a whole new policy?

    Thanks


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    #2
    G_R
    Moderators, Education Moderators Posts: 5,028 Mod ✭✭✭✭G_R


    jayjay2010 wrote: »
    Hi All, I'm interested in switching my mortgage at the end of my fixed term period next month.

    My house is old and required a full structural survey when I bought it 3 years ago. If I try to switch to a new provider, will I need to get a full survey all over again?

    Also, will I be able to assign my life policy with no complications or will I require a whole new policy?

    Thanks
    The life policy can be reassigned no problem, once its not a block policy.

    As for the structural survey, it will really depend on the house and the valuation that the bank receives. If the val report recommends a structural survey, then the bank will want one. Even though its a switcher, the bank is still taking security over the property, so they will want to make sure its all in order.


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    #3
    Victor
    Registered Users Posts: 78,398 ✭✭✭✭Victor


    If it is the same bank, they are unlikely to seek one.

    If it is a different bank, it will depend on the bank's assessment and requirements. Surveys are not necessarily structural surveys, a more holistic condition survey may be ordered.


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    #4
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    Do you have previous survey you could send them?


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    #5
    jayjay2010
    Registered Users Posts: 505 ✭✭✭jayjay2010


    lomb wrote: »
    Do you have previous survey you could send them?



    I had a structural survey carried out 3 years ago. Is there a time-frame on how long structural surveys are valid for?


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    #6
    Victor
    Registered Users Posts: 78,398 ✭✭✭✭Victor


    jayjay2010 wrote: »
    I had a structural survey carried out 3 years ago. Is there a time-frame on how long structural surveys are valid for?

    Generally no. The building could be hit by a vehicle in the morning or you could remove a structural wall without the engineer's knowledge.

    Also, most surveys don't do things like lift flooring or hack off plaster. So while the engineer can make an educated estimate, they can't tell what is behind the surface.


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