Get a Quotation
Now that KBC and Ulster Bank are leaving the Irish Market, you might be considering remortgaging your property.
Please feel free to complete the form here which will be promptly forwarded to Mulroy and Company Solicitors Galway. We will contact you as soon as possible with a response to your request.
What are the steps involved in remortgaging a house?
(i) Contact your Solicitor
It is important, when remortgaging your property that you contact your solicitor as soon as possible, to enable your solicitor to organise to obtain the deeds of your house from the bank with which you hold your existing mortgage. In order to do this, you will have to sign a document called a Form of Authority to authorise your solicitor to obtain your deeds. It could take approximately two to three weeks for your solicitor to take up your title documentation from your lending institution.
(ii) Signing your new loan documentation.
Once your Bank/Lending Institution approves you for your loan, a formal loan pack will be sent to your solicitor. On receipt of your deeds from your previous Bank/Lending Institution, your solicitor will be in a position to prepare the new loan documentation for signing including the mortgage documents, Family Home Declaration, Assignment of Life Assurance Policy, etc. Once your solicitor has checked the mortgage documents and the Loan Offer, he will contact you to arrange an appointment with a view to signing the documents and will arrange to return the documents to your new Bank/Lending Institution.
(iii) Life Assurance.
It may be necessary to obtain Life Assurance on your new loan and it is important that you deal with this as soon as possible. A delay with the issue of the Life Policy will result in a delay in drawing down your new loan.
(iv) Issuing of Loan Cheque.
When your new loan cheque issues, your solicitor, having obtained the amount due on your old loan, will pay off the old loan.
(v) Statement of Account.
Your solicitor will then prepare a Statement of Account giving a breakdown of the amount received, the amount paid out including the amount to pay off your own loan and any costs and outlays involved.
Your solicitor will then lodge your new mortgage documents with the Property Registration Authority and have your old mortgage removed as a burden on your property.
(vi) Title Documentation.
On the completion of the registration of your new loan, your solicitor will then forward your title deeds to your new bank/lending institution, who will hold them on your behalf until such time as you require them again.
We are here to help. Please do not hesitate to telephone us at 091 – 586760 or email us to discuss remortgaging your property.