Mortgage switching: how, when, why

What does it mean to switch mortgages? Why would someone want to switch? What can be gained from switching? Finally, if one wants to switch, how should they go about doing it?

The first question is easy to answer, though oftentimes “switching” can get conflated with “remortgaging.” Don’t be fooled; these refer to two different things that, while similar in concept, can have different implications for the borrower.

“Remortgaging” simply refers to getting a new mortgage to replace a previous one; this can be done with one’s existing lender or a new one.

“Switching” is the process of taking one’s existing mortgage and moving it to a new lender.

Now, for the next question: why would a borrower want to switch mortgages? There are a number of reasons for doing so. Firstly, a borrower might be dissatisfied with their current lender for one reason or another, like poor service or lack of responsiveness to inquiries. If borrowers think another lender will provide better service, tat would be a good reason for switching mortgages to said lender.

Another reason for switching …

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Banks or brokers? Which to choose when applying for a mortgage

In applying for a mortgage, there is always the question of whether to go directly to a bank or to go through a broker. There could be advantages and drawbacks to either approach; the former could be faster and/or less expensive, but brokers can provide valuable assistance before and during the application process that make them a viable alternative. Ultimately, which of the two is the better option is based on the individual, and they should consider personal knowledge, experience, and preference when applying.

Firstly, going straight to a bank allows one to avoid paying a broker’s fee. Additionally, there may be an added level of trust associated with conducting negotiations directly. Assuming one has a high credit score, healthy income, and otherwise checks all of the boxes banks are looking for, it could prove to be faster than going through a broker. However, failing to do so might lead to one’s application being rejected out of hand. If an applicant is aware of such complicating factors, they should consider going to a broker instead.

If an applicant isn’t aware …

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The interest rate will kill you.

No, not physically but they will hurt your financial goals if you do not completely understand them. When you are starting out on your financial journey you are not trained to look at interest rates. Most of us are just happy we got fifty euros in our pocket when we first start earning money. We know money comes in and goes out. Once we start going to university or getting a credit card that’s when interest rates start coming into play.

Although 2.5% on the paper might look like a small number on the paper, do not be fooled. Interest rates can be one of the biggest deciding factors in your financial life. The difference between a good and a bad interest rate to a car, credit card, mortgage, and so much more can literally be the difference between tens of thousands of euros! It might not seem to be a lot, in the beginning, take caution to your calculations. Even a cellular phone bill can hit you with a damaging interest rate which if you’re straight out of secondary …

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How will the rising of State Pension Liabilities affect you?

Recently, state pension liabilities have been on the rise at around 10% annually, according to a recent studying involving Ireland’s pensions, it claims that pension schemes across Ireland have over €600 billion worth of liabilities. The study analyzes are many Irish households were privately owned by employers and the government, finding that the State pension accounts for almost 60% of all liabilities. Within that, the public sector pensions account for nearly a quarter while the private sector pensions are around 16%.

Overall, the pension liabilities within Ireland has increased by 7%, however, there are still differences in the positions of such schemes. The liabilities of private sector schemes has increased at just over 1%, while the public sector schemes have almost increased by 10% for state pension liabilities. One of the biggest issues is the sustainability of the current State pension scheme and whether the age requirement on the scheme will rise to 67 as previously planned, and then to 68 in 2028.

The study in 2018 shows that Ireland’s total pension liability at that time was equal to 186% …

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How to be an ethical investor

First, it is so hard now even before the pandemic to avoid the issues of human rights violation, climate change, corporate abuse, and much more. Sometimes even donating to organizations it is hard to feel those impacts. It causes us to feel crushed by all the problems happening around us and ignore them altogether. But have you taken a deeper look into your investment portfolio? You might ask yourself, is my money-making things better or worse? How can I only donate, but help myself and others in a sustainable way?

Of course, our intentions for investing are obviously to grow our money’s worth for the long or the short term, but on the flip side, the cost of the profits for the company might be quite damaging to not only us but to others. Although you are using your money for good intentions does the thing you are investing in believe in the same morals and principles as you are? Do you continue to take part in this system pretending nothing is happening or is there a better way to …

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Social Media tips for Mortgage Brokers

Social media opens so many opportunities for mortgage brokers to expand and gain new clients. This is also an inexpensive way for brokers to reach advertise and target potential clients. It is a great idea for brokers to use all types of social media such as Facebook, Twitter, and LinkedIn. Each of these have unique ways of benefiting a mortgage broker and their business.

Facebook

Facebook is one of the most well-known types of social media that can be utilized. Over 2.4 billion people are using Facebook every month. When using Facebook for your business, you must make sure to advertise in the countries and cities that you are wanting to serve. Also picking your audience is another thing that brokers will want to pay attention to. Who are you trying to reach? What age, gender, or educational background. If you have any types of tips for clients on your company website, you can start sharing those one your Facebook page. Not only are these tips helpful for potential clients but they can also bring more traffic to your website …

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Mortgage Brokers and the Technology Revolution

Technology has been becoming a huge part of everyday life in today’s world. Almost everywhere you look, there is someone on their smartphone or working on their laptop. Even young children know the ins and outs of phones, tablets, and computers. You can control your home security from your phone when you are miles and miles away. There are smart TVs and smart cars that do things that were only thought possible in movies years ago. Speaking of movies, even those have moved online with apps such as Netflix, Amazon Prime, Now TV, or hayu.

With all this growth in technology, it is not surprising that banking would also go online. With banking and loans becoming more popular online, mortgages aren’t far behind. Many companies that haven’t been able to embrace the technology revolution tend to get left behind and go out of business. This is why it is important for mortgage brokers to embrace the technology revolution. Companies do not want to get left behind in today’s competitive market.

Many millennials who are the ones that grew up with …

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How are online mortgages changing the mortgage industry?

How are online mortgages changing the mortgage industry? Not long ago, the idea of doing a mortgage online seemed almost impossible, yet here we are seeing mortgages being done online. They may not be for everyone but with so many things moving online, why not mortgages? With COVID 19, it seems to be the perfect time for this industry to grow.

You can simply link your bank account or upload your bank statements, tax information, proof of assets, and any other documents that are needed securely online. This saves the time of having to collect these documents and is much more efficient. Being able to apply online, takes away the manual work of entering data which can also help reduce the number of errors that can occur with traditional ways of applying. You are also able to sign online which keeps you from having to interact in person during these times.

For those of you who are not the best at keeping your paperwork organized, this may be the answer for you. It is much easier to organize and find …

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Why Use a Mortgage Broker?

You may not know whether or not you want to use a mortgage broker or why people use them in the first place. How do they help and what do they do? Let’s go over why people use mortgage brokers and what they do for you.

First of all what is a mortgage broker? A mortgage broker is a person that is working with you and the lenders. He is the middleman that will be advising you (client) on the mortgage that is going to work best for you.

Unlike banks, mortgage brokers can work with you and multiple lenders. They’re the middleman when it comes to getting you the mortgage that is going to work best for you. They can shop around for you, work with multiple banks, and work with you on problems that may occur. Since you are working one on one with a mortgage broker, they can also explain things and perhaps give you advice on how to improve in certain areas.

Working with a professional mortgage broker allows you the opportunity of possibly having them …

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Getting a mortgage during the covid 19 pandemic.

There has been a lot of news about banks not lending to people who are receiving any wage supplements during the covid 19 pandemic. The initial headlines were about AIB who later rowed back on the decision not to assess any cases where people were on wage supports.

The other banks were more open to offering loans but they all have one basic trend in common which is that you can’t be on TWSS and draw down a loan. This may seem unfair but if you got a loan in July and were laid off in August in time a person would wonder ‘why did the bank give that loan?’ given that companies can only get wage supports if their turnover is seriously impacted due to the pandemic. So what can you do?

Delay: for many people they’ll be back to regular wages soon, talk to the people involved in your transaction and see if they are willing to wait. Withdraw: most contracts have ‘subject to mortgage approval’ in them. Ask your employer to take you off the support scheme: …

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