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Halifax - switching mortgage

  • 05-03-2008 3:47pm
    #1
    LouOB
    Closed Accounts Posts: 1,181 ✭✭✭


    For first year of mortgage I got offered 4.4% variable
    Then 0.75% over ECB

    They also said they would give you 1000EUR off your legal fees, valuation fees and discount on house insurance

    Sweet


Comments

  • #2
    Soarer
    Registered Users, Registered Users 2 Posts: 9,014 ✭✭✭Soarer


    Sweet is right!

    Did you just walk in off the street, or did you hear of something somewhere?


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Whats the APR on the variable rate? I have a tracker from Bank of Ireland 0.80% above ECB. I know margins have been increased, in view of the credit crunch in the financial sector, but I wouldn't be thrilled about the Halifax rate- its good, but not brilliant.....


  • #4
    bennyc
    Registered Users, Registered Users 2 Posts: 1,907 ✭✭✭bennyc


    Find out if you leave them within a few years do you have to give back the 1000euro ?


  • #5
    walshki
    Registered Users, Registered Users 2 Posts: 481 ✭✭walshki


    Ulster bank also have an up to €2000 back offer if you move to them - rates aren't great though. You have to shop around. I've been doing this recently and the one which made most sense to me was National Irish. Depending on your loan to value ration you get 0.5% above tracker - and thats ongoing not just the first year - they also offer solicitors for you to use or will pay you €600 if you use your own. They offer €100 for your valuation. These won't be clawed back if you move on. Ulster bank or halifax would claw back if you moved on within 5 years as I understand it.

    In any case - shop around - I have and my conclusion is NIB is the best offer at the moment - I'm switching my mortgage from AIB to them (AIB were 0.75 above ECB).


  • #6
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    bennyc wrote: »
    Find out if you leave them within a few years do you have to give back the 1000euro ?
    Also find out if you'll be stung for any fees by leaving your current mortgage.

    Don't just ring your current bank either... I got stung as although my bank assured me I would not be penalised for moving - they clawed back the commission they gave to my original broker, who according to their small print were entitled to get it from me.

    Also, no matter how easy Halifax claim it is to shift home loans - it involves the exact same interminable paperwork as getting a full mortgage.

    Make sure it's worth the hassle!


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