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Mortgages for movers

Moving house is stressful enough – let us take one big thing off your list

You could probably do with some good news – here it is: we can find the best available mortgage for you and handle all the administration, leaving you to find the right house for the next phase of your life, organise the sale of your own, find schools for the kids, start decluttering… and the hundred other things you need to do!

As mortgage brokers, we are not tied to any one institution. We have access to mortgages from the major players in the Irish market: PTSB, Haven, ICS and Finance Ireland. Not only does that give you choice, but our industry knowledge means you’ll get a quicker response and are more likely to be successful.

Talk to our mortgage specialists today about moving your outstanding mortgage and topping up to trade up.

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"There's no place like home"

Mortgages for movers: need to know

Every lender must adhere to the Central Bank of Ireland lending criteria for second-time (or subsequent) buyers. They are currently as follows–

✓ Maximum borrowing is 3.5 times your gross earned basic income. If there are two of you buying, then you can borrow up to 3.5 times your combined income.

✓ Maximum borrowing is 90% of the house purchase price. This is also known as 90% loan to value (LTV). Please note that these are maximum figures, and it is the lower of the two that will dictate how much you can ultimately borrow. The good news is that lenders have some leeway to accept a lower deposit or to lend more. We can explain more about this when we speak to you.

The cost of moving

Bear in mind you will incur some expenses in the process of switching mortgage providers and moving house.

You will need a solicitor to conduct the conveyancing and to liaise on your behalf between the solicitor of the purchaser of your home and the solicitor of the vendor of the home you’re buying. 

This could be a flat fee or a percentage of the sale price of your current home.

A tax of 1% of the purchase price of your new home is payable to Revenue.

SYS charges a fee where you are buying a new home and another fee where you are building a home or making extensive renovations to the home you are buying. This is payable when we submit your application to the chosen lender. The fee covers researching the market to find the most suitable lender for you, helping you prepare your application and looking after your application from the initial enquiry right through to submission. For more information on fees please review our Terms of Business.

In order to calculate your new loan to value ratio, the new lender will need an up-to-date valuation of the home you are buying. Each lender has its own panel of valuers. Expect to pay between €150 and €180.

Not an obligation unless the house is over 100 years old, or the valuer notes any potential structural issues in the valuation report; however, it is advisable to have a qualified person verify that the house is structurally sound before you progress with the purchase. Expect to pay from €300 upwards. 

Get started! Let us help you find the best trading-up mortgage for you.

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Our consultants have written a variety of blogs, to help you to understand the nuances between different services. If you are still unsure about any service, please email us on info@sysgroup.ie or ring us on 067 57057 

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