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Irish Nationwide mortgage hikes..worth moving to another lender?

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  • 12-09-2010 7:18pm
    #1
    Some_randomer
    Registered Users Posts: 388 ✭✭


    Hi, I have a mortgage with Irish Nationwide for the past 5 years. I'm on their variable rate and I'm not exactly sure what it is but it's pretty high. Recently there's been 2 hikes in repayments, one jump in June of almost 70 euro and another jump this month of 80 euro. That's 150 euro more in the space of 4 months. Has anyone else been hit...can they hike their rates willy nilly like this at the drop of a hat?
    My other question is would it be worth moving my mortgage to another lender? I'm not up on all the different ones and what rates they charge, so would love to know if any other lender provides better value. Also is it costly and a lot of hassle to move mortgages these days?

    TIA


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    #2
    petermurp
    Closed Accounts Posts: 21 ✭petermurp


    Irish Nationwide have extremely competitive rates at present. You are correct that they have increased their rates recently, but who hasn't?? If you want to protect yourself against further anticipated increases you should look at fixing for a period of 3 years or so, of which INBS have very good rates. Depending on the mortgage amount and your Loan to Value ratio the highest 3 year fixed rate on offer with INBS is 3.65% which is a market leader...


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    #3
    petermurp
    Closed Accounts Posts: 21 ✭petermurp


    Correction:
    INBS offer a 3 yr fixed at 3.99% to existing customers. Still very competitive. AIB have a 3 yr fixed at 3.89% but aren't actively refinancing mortgages presently. KBC Homeloans( formally IIB Homeloans) offer a 3 yr fixed @ 3.75% provided your LTV is below 80%
    Hope that's of help.


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Some_randomer wrote: »
    Hi, I have a mortgage with Irish Nationwide for the past 5 years. I'm on their variable rate and I'm not exactly sure what it is but it's pretty high. Recently there's been 2 hikes in repayments, one jump in June of almost 70 euro and another jump this month of 80 euro. That's 150 euro more in the space of 4 months. Has anyone else been hit...can they hike their rates willy nilly like this at the drop of a hat?
    My other question is would it be worth moving my mortgage to another lender? I'm not up on all the different ones and what rates they charge, so would love to know if any other lender provides better value. Also is it costly and a lot of hassle to move mortgages these days?

    TIA

    Ok you need to at least be aware of the rate you are on at the moment and have a look at other rates from other banks. Also everyone has hiked up rates so its not really a factor.

    The rate for them is not too bad to be honest. You may want to consider fixing for 3 years as looks good.

    Most lenders will not take on existing mortgages and if so its hard to get approved.


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    #5
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,905 Admin ✭✭✭✭✭Toots


    Are you in negative equity at the moment? If so, you're stuck with your current lender for the moment I'm afraid.


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    #6
    petermurp
    Closed Accounts Posts: 21 ✭petermurp


    Toots* wrote: »
    Are you in negative equity at the moment? If so, you're stuck with your current lender for the moment I'm afraid.

    would've thought that was a given!;)


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    #7
    Some_randomer
    Registered Users Posts: 388 ✭✭Some_randomer


    Toots* wrote: »
    Are you in negative equity at the moment? If so, you're stuck with your current lender for the moment I'm afraid.

    That's a good question, really have no clue of the current value.


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    #8
    paddydriver
    Registered Users Posts: 2,079 ✭✭✭paddydriver


    Assuming that you only have the house/appt 5 years then you will be hard pushed to find a bank to move to.

    I recently moved to AIB - just got in as they stopped taking movers - and got 5 yrs for 4.25 (Was 3.86 when I started the process but missed it:rolleyes:). I bought in 1998 and my LTV was something like 35% and I was politely told that if it was anything above 50% then forget it. I think this means that if you owe more than half the value of your house then your out of luck; but I would imagine this is open to negotiation.

    I left TSB and went to AIB - what galled me the most is this policy of screwing existing customers who are on regular variables and TSB seem to be top of the pile in that respect.

    Anyway's - the paperwork I had to go through and the documentation and statements etc I had to provide was massive. You really gotta wonder what the hell went on when all the bad money was lent... they weren't letting me off on anything!!

    The whole process cost me approx €1k, and then we paid an extra €800 to get my wifes name on the deeds too at the same time as I had bought myself originally.

    HTH
    Paddy


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    #9
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,905 Admin ✭✭✭✭✭Toots


    petermurp wrote: »
    would've thought that was a given!;)
    Depends on what the OP's original loan to value ratio was. If it was fairly low, like 60% or something, then they could still be in with a shot.
    Some_randomer wrote: »
    That's a good question, really have no clue of the current value.
    Have a look on daft.ie or one of those sites and see if there's similar houses going in your area, and see what they're going for. That'd give you a very very rough estimate of what you'd be looking at. Also you need to check what amount you have left outstanding on your mortgage. The most you can borrow now is 92% at the absolute max, so if your mortgage outstanding is more than 92% of the value of your house, then it's not going to be a runner.


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    #10
    petermurp
    Closed Accounts Posts: 21 ✭petermurp


    Toots* wrote: »
    Depends on what the OP's original loan to value ratio was. If it was fairly low, like 60% or something, then they could still be in with a shot.

    Have a look on daft.ie or one of those sites and see if there's similar houses going in your area, and see what they're going for. That'd give you a very very rough estimate of what you'd be looking at. Also you need to check what amount you have left outstanding on your mortgage. The most you can borrow now is 92% at the absolute max, so if your mortgage outstanding is more than 92% of the value of your house, then it's not going to be a runner.

    When I said I thought that was a given , I meant that if the op was in negative equity then a refinance of their mortgage was out of the question with all lenders..


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