How much does it cost to change mortgage lender?

Q

qweqwerty123

Guest
How much does it cost (roughly) to change mortgage lender?

May sell house soon so not sure if its worth it

Thanks
 
It depends... I am currently changing to NIB and it's goign to cost me €100 (for valuation report).
 
Depending on the solicitor it can cost almost as much as the original transaction. First American are a title insurance company that handle all the legal work involved in switching for a flat fee of, I think, €1059.

Most lenders now will cover the costs for clients - NIB, EBS, Bank of Scotland (only if you go direct to them ie not through a broker), IIB (loans greater than €200k). Ulster Bank and First Active also give a cash sum as well as paying legal fees for clients who switch and drawdown before June 30th - it may be worth chancing your arm to see if they will extend this for you.

As bacchus mentioned you will have to get your property valued but this only costs around €130 and some lenders will cover this cost also.

However, that if you redeem your mortgage withing a specified period, usually 5 years, you will have to repay the fees covered by the lender so it's worth keeping that in mind - especially if you're considering selling soon as you mentioned.
 
I should have mentioned - while the lenders I have listed above advertise that they cover legal fees, if you were to approach almost any other lender and ask them to bear the cost of legal fees I'm sure they would, or at least give you a contribution towards them.
 
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