We hear you

"We wanted to expand without having to sell up and move."

Whether the promotional period of your mortgage has ended, or you need some extra cash to make some home improvements, switching to another mortgage deal could benefit you.

Reasons to remortgage

• To save money

  Your promotional rate may have ended with your current lender, and you may now be paying a Standard Variable Rate (SVR) or higher maturity rate

• To gain extra cash

  Release some of the value tied up in your property to pay for home improvements, or other big events.

• To consolidate your debts

  If your property's value has increased you may wish to release some equity to help you pay off credit cards or consolidate debts that have higher interest rates. You should think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

The first stage is to calculate the size of the remortgage you need and also how much it will cost to end your current deal. You will need to find out whether there are any Early Repayment Charges (ERCs) and exit charges.

What type of mortgage should you switch to?

Perhaps you're looking for the security and peace of mind of a fixed rate mortgage, or you may want the initial benefits of a discount mortgage. Everyone has different needs, so it's essential that you choose the type of mortgage that suits your circumstances. The first stage is to calculate the size of the mortgage you require. Use our online borrowing calculator to help you work this out.

By using your calculated figure, you can also work out your Loan To Value (LTV). This is a percentage figure that indicates the size of your mortgage in relation to the total cost of your property. You need to know this because some mortgages are only available up to certain specified LTV percentages. If your income or the market value of your property has risen since you arranged your current mortgage, your LTV figure may have changed. If it has, this may allow you to apply for a wider selection of mortgages.

Things to consider:

• When comparing your current mortgage to a new one, make sure that you measure like for like (e.g. rate type, Loan to Value, repayment method and mortgage term)
• We will need to see a redemption statement from your current lender to validate your required monthly repayments
• We will also need to arrange a new valuation of your property
• Please note that to remortgage with Bank of Ireland Mortgages, the registered owner or proprietor must have owned the property for at least 12 months.

EasySwitch

At Bank of Ireland Mortgages, we offer an EasySwitch option on our remortgage deals, to make switching to a new mortgage and/or rate as simple and affordable as possible.

With an EasySwitch mortgage, we pay your legal fees, using our nominated solicitors, we pay the Standard Valuation Fee and some deals may have no arrangement fees. The only charge is a one off lending fee for new mortgage customers. Our EasySwitch mortgages are available up to 90% LTV for almost any residential purchase and come as fixed, discount and tracker mortgages.