About Seaspray Mortgages
We have direct access to the leading mortgage providers both in Ireland and overseas, and more choice means better value. Whether you’re taking your first step onto the property ladder, upgrading , switching or investing in a second home, let us help you find the right mortgage.
In simple terms, remortgaging involves switching your current mortgage to a new deal, arranged either with your existing lender or with a new lender. In today’s competitive market, many borrowers choose to switch their mortgage every few years in order to take advantage of new rates on offer. Those that remain on the same deal for the full term of their loan could lose out on a range of potential benefits, not least the opportunity to reduce the total amount paid back, which could be a significant in some cases. As a current homeowner you may want to consider taking this step for a number of reasons which we can discuss in advance. Remortgaging is much simpler than buying a new home because the deeds of the property are already registered in your name. However there is still work in switching lender if this is the route you choose.
Switch between variable / fixed rates
If you’d prefer the certainty that repayments will stay the same for a period of time, you may wish to switch to a fixed rate. Conversely, you may decide you’d like to take advantage of a lower variable rate as you can accept the risk that rates may rise in future.
Refinancing your home loan can provide an opportunity to streamline your debt, and potentially reduce the overall interest you’re paying on multiple debts through the process of ‘debt consolidation’. It means folding several short-term loans into one loan – which could be your home loan – and may reduce your total monthly repayments.
However, it’s important to note that debt consolidation can come with some downsides. It can turn a short-term debt like a personal loan into a long-term debt (your mortgage), and that means paying interest on the balance for a much longer period which could cost you more in the long run. For debt consolidation to be truly cost effective, you need to commit to making additional repayments to pay off the enlarged loan as quickly as possible. All of this can be illustrated to you by one of our expert mortgage advisors.