Moving mortgage and solicitors fees

m_stan

I have a standard rate variable mortgage with a certain bank as a result of my fixed rate mortgage expiring. Sneaky buggers automatically put you on a very unnattractive variable rate without even detailing it.

However, I'm on to them and as it turns out they have a much more attractive loan to value tracker rate mortgage which I'd be better off on and which I qualify for. However this means closing my current mortgage and re-applying for the tracker one, and doing all the paperwork again which to me seems like madness as I have a 100% track record and payment history with this bank. However, if thats the way it is thats the way it is.

What I want to know is will I have to incurr the usual solicitors fees for this (the banks doesnt offer a discount on this as I'm not a new customer) ? Me thinks I do. What should I expect to pay a solicitor for this service ?

If its the usual cost you normally pay a solicitor for conveyance, then I'm as well looking at other banks than just switching mortgages with this particular shower.

Seems stupid to me from the banks perspective, since I'm much more likely to switch under the circumstances.

OneLife.ie

You may have to sign the new loan offer with a solcs as you would have to have independent legal advice on signing.

However this should be a nominal fee - to be agreed in advance (€100?)

The solcs has to perform no conveyancing - and there is no additional charge or sum to be registered against the deeds.


Unfortunately all lenders are more or less the same when it comes to reverting from a fixed rate mortgage. The reason being that the Lender in question doesn't know precisely what products it will be offering in 2 or 3 years time - but they will always have a variable rate!!

Some lenders are now begining to offer fixed rates that will revert to a tracker after the fixed rate term. Again not necessarily the most attractive tracker they could offer - but the lender couldn't predict what your LTV ratio would be (for example) in 3 years time

m_stan

Great feedback. Many thanks for your reply. Makes me wanna do this switch sooner rather than later now. Thanks again.

delly

Although very unlikely, you aren't with the Irish Nationwide by any chance as reapplying could have a future impact.

tHE vAGGABOND

Make sure you go via a broker - that way you wil get quotes from many potential people, and not just one or two..

Many banks will pay your various fee's if you move to them, a broker will also be able to detail all these offers for you..

PM me if you want to know the name of the people I have used, they were brilliant.

Scruff

Are you better of retaining your own solicitor rather than going with the banks one for free?
E.g. NIB pay for the legal costs if you use their solicitor or else will pay €600 towards legal costs.