Switching your Mortgage

Switching your Mortgage

Can I switch my existing Danske Bank Mortgage

If you still have a mortgage with Danske Bank, you can switch your mortgage to another mortgage provider. This means that you must repay your loan with Danske Bank. Danske Bank discontinued its Personal and Business Banking Operations in Ireland from 31October 2013 and therefore does not offer any alternative products or rates for switching mortgage products within Danske.

How do I switch my Danske Bank Mortgage

Firstly, you will have to apply for a new mortgage from another mortgage provider. If your application for a new mortgage with another mortgage provider is successful, you will typically receive a mortgage approval in principle and then, subject to meeting any additional criteria from your new mortgage provider, you will receive a Loan Offer letter. Your new mortgage will be subject to the terms and conditions as set out in the Loan Offerletter from your new mortgage provider. Your solicitor will liaise with your new mortgage provider in order to complete the drawdown of your new mortgage. In order to switch your mortgage from Danske Bank, your new mortgage must be for a sufficient amount to repay your existing Danske mortgage in full.

What is the legal process for switching my Danske Bank mortgage to a new mortgage provider

When you have received a new Loan Offer letter, your solicitor will request the title deeds to your property from Danske Bank. Danske Bank will release the title deeds to your solicitor on the basis that your solicitor undertakes to repay the Danske Bank mortgage as soon as your new mortgage has been drawn down. When Danske Bank receive the monies in full repayment of your Danske mortgage it will release its mortgage over your property and your solicitor will then send the title deeds to your new mortgage provider.

Can I switch my mortgage protection insurance to my new mortgage provider

Your new mortgage provider will advise what insurance protection policies are required as a condition of your new mortgage. If you would like to retain your existing mortgage protection policy, you should contact your existing insurance company to ask them if it is possible to retain your existing policy for your new mortgage. They will explain their process to you.

Can I switch my existing mortgage to Danske Bank

No, Danske Bank discontinued its Personal and Business Banking Operations in Ireland from 31 October 2013.Your new mortgage provider will have its own requirements and will explain these to you. You may also want to look at the Competition and Consumer Protection Commissions website (https://www.ccpc.ie/consumers/money/mortgages/switching-lenders-or-mortgage/ ) relating to switching mortgage providers for further information

We recommend that you consider seeking your own financial and legal advice if you would like to switch your mortgage to another mortgage provider. Please note that you may incur certain costs throughout this process including costs such as legal fees and valuation fees.

Please contact Pepper Asset Servicing – Danske Team, who provide the day to day servicing of loans on behalf of Danske Bank and will be able to assist you with any queries about you current mortgage. Please call on 1890 923 346 (or +353 61 236 852 if outside the Republic of Ireland) from Monday to Friday 9am to 5pm.​
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