Remortgage: The re-emergence of the remortgage market
Since the devastating recession hit the mortgage market there has been very little opportunity for mortgage holders to change mortgage-providers.
The inability to remortgage with other providers was caused by a number of reasons:-
- Banks unwilling to lend on properties that are in negative equity.
- Tighter lending controls making it harder to obtain a mortgage.
- Difficulties with employment and banks refusals to lend to mortgage holders whose jobs seem insecure.
ECB loans rates are currently at a historic low. There have been many rumours of new blood entering the Irish mortgage market – Pepper has entered, and another provider Frank Money is currently awaiting Central Bank approval.
In light of this emerging competition, some of the existing banks in Ireland have introduced attractive offers for remortgaging including reduced variable interest rates and attractive fixed rate options, as well as payment of the legal costs involved in the remortgaging.
If you would like to hear how we can assist you with switching your mortgage provider then please contact Elaine or Aisling on 01-6499900.