Cian Carolan

Okay so unfortunately mortgage switching takes much the same process as buying a house but the bit that people forget is your kind of average lead time from having an offer accepted when you're buying to closing is generally 16 plus weeks okay so that's why it feels an awful lot longer than it should be right whereas when you're switching mortgage once you get

to the point of approval, you don't have that same weight to close out.

So you could quite conceivably apply to switch mortgage provider and have it switch within five to six weeks.

That's like absolutely doable.

But it's actually the same application process.

Salary cert, pay slips, six months bank statements in most instances, photo ID, address verification.

So you're pulling all the same paperwork together because for that new lender, it is a new mortgage.

You are switching from one lender to another.

And that's the bit that makes it most attractive for the new lender because you've already proven that you're a diligent payer.

But it is the same application process.

I mean, from an industry perspective, we've been advocating to have this process as simplified as possible because it becomes a barrier to switching and it's such a shame.

Big time.

Yeah, like, you know, for most people, it's their biggest monthly outgoing.

So there should be as little of a barrier to entry for them getting the best deal they can and being able to shop around because it's so easy with some of the, you think of your general insurance, home insurance, car insurance.

It's a phone call and within the day you can be with a new provider.

It will never be that simple.

I don't think on mortgages, but it should be, you know, weeks, not months.

And in many instances, it does go into months.

But what I would say to people is if the saving is sufficient enough, it's worth the pain because it is only short term pain.

It is a little bit of homework.