Switcher Mortgage Guide

In 2018, credit unions were voted the most highly regarded organisation in Ireland in the Reptrak® Ireland study, so who better to talk to when making one of the most important decisions in your lifetime.

If you are considering switching your current mortgage to a Wexford Credit Union Limited Home Loan, then our “Six Steps to Mortgage Switching with WCU” will give more information on how that would work.

Don’t worry if you are not a member yet…..just get in touch with us and we will help you join. 

Six Steps to Mortgage Switching with Wexford Credit Union

You can switch a home loan on the house you live in from any home loan provider to another, once you are up to date with your payments and the property is not in negative equity.

Step 1: Review your current home loan deal Make sure to do your research so you know the costs involved. When you thinking about switching make sure to check with your current provider if a fee will apply if you pay off your home loan before the end of the term. There also may be a redemption charge or exit fee.

Step 2: Loan Calculator Check out our loan calculator to work out the term and repayment levels you are looking for.

Step 3: Get in contact with us To find out more information and what the next steps are contact us on 053 9123909 or email us on homeloans@wexfordcreditunion.ie. Our dedicated home loan officer will send out our information pack and arrange to meet you to go through the home loan application process. You can also find out what information you will need to bring with you and other loan conditions, including property valuation, on our website. We will acknowledge receipt of a complete home loan application within 3 business days of receipt of all documents or items of information necessary for a complete application. Where a home loan application is not complete, we will acknowledge receipt of the home loan application within 3 business days of receipt and together with that acknowledgment, provide notification of any documents or items of information necessary to complete the application.

Step 4: Your home loan approval Once the credit union has received all the required information from you, a decision will be made on your application within 10 business days of receipt of all documents or items of information necessary to assess the application. When your home loan has been approved, we will send you a home loan offer letter to discuss with your solicitor, who will complete the legal work on your behalf. If the credit union cannot make a decision on whether it will grant or refuse the application within 10 business day of receipt of all the documentation, inform the member of the reasons why the assessment will take longer than 10 business days and the expected timeframe within which a decision will be made.

Step 5: The Legal Steps There are 7 key steps that involve your solicitor when you are switching your home loan.

  1. Your solicitor will request your title deeds and the amount outstanding on your existing home loan from your existing lender; this will be paid off with the proceeds of the new loan.
  2. Once your loan is approved by the credit union, a ‘loan pack’ will be sent to your solicitor. The loan pack will contain the credit union’s home loan documentation. The solicitor will meet you to go through the loan offer letter and loan conditions. If you are satisfied to proceed with the new loan offer, your solicitor will require you to sign the home loan documentation. We will notify you of the documentation required to complete the home loan drawdown process and ensure there are clear points of contact for any enquiries during the home loan drawdown and for any other enquires relating to home loan lending
  • Your solicitor will review your title deeds and will undertake:
  • To ‘Certify’ the title to the credit union.
  • That the new home loan will be registered on your property as a ‘First charge’.
  • That the ‘Title deeds’ will be sent into the credit union when the ‘New charge’ has been registered on the property.
  1. The credit union will, at your solicitor’s request, will send the proceeds of the new loan to your solicitor. Before drawing down the loan, you will need to ensure that all property insurance and home loan protection insurance is in place and the credit union’s interest noted.
  2. Your solicitor will then use the proceeds of the new loan to pay off your existing home loan in full. The charge in respect of your existing loan will then be removed from your title by your existing Lender.
  3. Your solicitor will then register your new home loan to the credit union with the Property Registration Authority.
  4. Your solicitor will send your title deeds to the credit union. The credit union will retain the title deeds until the new loan has been repaid.

Step 6: Insurances: To switch you will need to have the following insurance policies in place.

  • Home insurance Policy that is in same borrower(s) name(s) as the home loan account, for the reinstatement value as per valuation report, with the credit union’s interest noted.
  • Adequate Life Assurance Policy that is in the (joint) name(s) with correct balance and term to cover home loan and assigned to the credit union.

You may be able to keep your existing home loan protection and home insurance if they are sufficient to cover the terms of your new home loan. You will need to assign them to the credit union.

Other Information The credit union will provide you, on request the redemption figure applicable to any home loan with us within 5 working days. Members who are considering switching their home loan and for any other enquires relating to home loan lending. should direct any enquiries to the Home Loan Team. For further information on switching home loan lender or home loan type, please visit the Competition and Consumer Protection website: www.ccpc.ie

Warning – This is a variable rate loan: The payment rates on this mortgage may be adjusted from time to time.
Warning – Your home is at risk if you do not keep up repayments on a Mortgage or any other loan secured on it
Warning – If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.