Switching mortgage - some questions

[BubbleWrap85]

1. Do I need to give notice to current lender? We are on a variable rate.
2. Is there a penalty/fee for paying a lump sum off the mortgage before we move to new lender?
3. Mortgage was initially taken out under 1 name, but now adding my partner. Does my current life assurance still count? I assume he needs to get his own as well, or do I need to adjust mine?
4. My life assurance seems low at €11 p/m. Is this the average?

 

[Brendan Burgess]

1 and 2. No. You can pay off any mortgage at any time. With a fixed rate, there might be a penalty, but with a variable rate, there is no penalty.

 

[Brendan Burgess]

3. Mortgage was initially taken out under 1 name, but now adding my partner.

This doesn't make much sense in the way your phrase it.

You own a house with a mortgage.

Are you giving him half the house?

Why would he add his name to a mortgage and not the house?

Why would you give him half the house?

If you are not married, and you give him half the house, there might well be a gift tax (CAT) liability for him.

So please explain in detail what you are proposing to do and why. And give the figures as well.

 

[Corola]

4. My life assurance seems low at €11 p/m. Is this the average?

What age are you and your partner? How much and how long is left on your mortgage?

€10 p/m is the minimum premium you could be quoted on a price comparison site, regardless of your age and the amount insured.