Switching Your Mortgage – Finance Ireland

Switching Your Mortgage to Finance Ireland

It’s always important to keep your mortgage options under review. Our mortgages are available exclusively through a network of appointed mortgage brokers.

A mortgage broker can guide you through every aspect of your application, delivering clear, unbiased advice. Talk to an appointed broker today about what Finance Ireland can offer you.

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Guide to Switching Your Mortgage

If you are looking to switch your mortgage to Finance Ireland, download our guide here.

Step 1 – Talk to an Appointed Mortgage Broker

Our mortgages are available exclusively through a network of appointed mortgage brokers. A mortgage broker will guide you through every aspect of your application, delivering clear, unbiased advice to help get the right mortgage for you. You can choose from our full panel of appointed brokers here:

Step 2 – Get an Approval in Principle

Your broker will collect some personal and financial information to allow them get a clear understanding of your situation. They will look at things like your income, outgoings, savings and other loan repayments to get an accurate picture of how much you can borrow. We will provide your broker with an Approval in Principle (AIP) for the amount that you qualify for.

Step 3 – Prepare your documentation

Once you have your AIP you can move to making a full mortgage application. We’ll look for a range of documentation that confirms the things you shared with us at AIP stage – things like your identity, employment and income, savings and other borrowings. Your broker will manage this process for you and let you know everything we’ll need to see. For a list of the documents required, please see below.

In all cases you will need to provide proof of identity, proof of address and proof of your PPSN. We will need to see:

If you’re a PAYE employee, we’ll need:

Your most recent P60
Your last 3 consecutive payslips
Signed and stamped salary certificate completed by your employer
A P21 if you’re paid in cash or employed by a family member
A fully completed Direct Debit Mandate

If you’re self-employed, we’ll need:

Your most recent Audited / Certified Accounts (last 2 years)
Form 11 (last 2 years)
Chapter 4 (last 2 years)
Most recent 3 months’ personal and business bank statements
Tax clearance certificate for both you and your business
A fully completed Direct Debit Mandate

Once we have received your application, we will acknowledge receipt within 3 days, confirming whether we have all the documents we will need to progress. From the date of receiving a fully complete application, we give you our underwriting decision within 10 days.

If your application is approved, this is also a good time to choose a solicitor to handle the legal aspects of your mortgage.

Step 4 – Property Valuation

At this point we need to carry out a valuation of your property. This will be completed by a Valuer taken from our approved panel. This valuation will cost between €150 and €300 plus VAT and is payable by you. After we have received and checked the valuation, we’ll issue your formal Letter of Offer.

Step 5 – Signing the Offer

We’ll send a copy of the Offer letter to you and your solicitor. Once you have both reviewed and are happy with the details of the offer, you and your solicitor should sign the contract and return it to us here at Finance Ireland.

Step 6 – Set up your Insurances

Before your mortgage can be completed, you’ll need to show that you have mortgage protection and home insurance in place. Please consider whether you need to put new policies in place or how your existing policy may be maintained. Your mortgage broker will be able to advise you on the most appropriate options for you.

Step 7 – Complete your switch

Once all the paperwork and loan offer conditions have been addressed, your funds will issue to your solicitor who will pay off your old mortgage. If you have borrowed any extra funds, your solicitor will transfer these additional funds to you.

Getting the documents that apply to you together in advance will allow your broker put your application together in the shortest possible time. Please note that we may request more information on a case by case basis.

You can find useful information on switching on the Competition and Consumer Protection Commissions website.