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Switching Mortgage Company

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  • 02-10-2009 12:04pm
    #1
    derek2901
    Closed Accounts Posts: 15 ✭


    Is it possible to switch mortgage companies free of charge?

    I have a fixed rate mortgage due to expire next June. I got a provisional quote from my mortgage company (KBC Homeloans) and was amazed to find that my repayment difference with a varibale rate would be more or less the same as it is now! How can this be and could I get a better deal elsewhere?
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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    you could do, however unless you have significant equity in your property no other bank will entertain you regardless of you showing that you can easily make the repayments.

    so unless you ahve an ltv ration of <80% the anwer is no


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    #3
    GigaByte
    Closed Accounts Posts: 515 ✭✭✭GigaByte


    I'm switching from KBC to Bank Of Ireland at the moment. They will pay upto 1000 euros for your legal fees and I'll have to pay for a revaluation to done.

    KBC switched me to a rate of 3.24% and I can get the 2.25% from Bank of Ireland. :)


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    It all depends on when you purchased your property. If you're in negative equity- which is pretty much anyone who purchased since 2003 (and counting)- you're pretty much stuck with your current lender. Regardless of this- you really should contact different lenders- and explore what your options are........


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    #5
    Victor
    Registered Users Posts: 78,308 ✭✭✭✭Victor


    derek2901 wrote: »
    I have a fixed rate mortgage due to expire next June. I got a provisional quote from my mortgage company (KBC Homeloans) and was amazed to find that my repayment difference with a varibale rate would be more or less the same as it is now! How can this be and could I get a better deal elsewhere?
    Rates go up and down. Fixed rates are a bet by the bank based on which direction they think rates will go. Depending on the bank's status, they may or may not be willing to give lower rate to get more business.

    Any change is likely to incur some cost.


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