is moving mortgage to another bank an option anymore ?

davgtrek

hi all
fixed rate mortgage is up next month & options are a 5.2% ( if it hasn't increased when we need it end of march ) for 3 years fixed.

Now i wouldn't mind seeing if another bank would take us on and we would get maybe better rates or even to use this as a bargaining device for our current bank as they offer fixed at low 4's for new customers !!!

anyone in similar boat and with all these tsb hikes and the usual crap of everyone other bank following suit is a fixed at 5.2% for next 3 years a reasonable deal.

we barely able to pay the extra 1% but is it worth it for some security over the next 3 "crazy" years ?

thanks

Lord Nikon

I'm trying to find a link to the new fixed rate hikes by PTSB. 5 year fixed is going up to 9.1%

http://www.rte.ie/news/2011/0210/mortgage-business.html

Gone are the days of .25% increases. If PTSB can bring rates up like this, nothing to stop the rest of the lenders following suit.


Neuro

danbohan

davgtrek wrote: »

hi all
fixed rate mortgage is up next month & options are a 5.2% ( if it hasn't increased when we need it end of march ) for 3 years fixed.

Now i wouldn't mind seeing if another bank would take us on and we would get maybe better rates or even to use this as a bargaining device for our current bank as they offer fixed at low 4's for new customers !!!

anyone in similar boat and with all these tsb hikes and the usual crap of everyone other bank following suit is a fixed at 5.2% for next 3 years a reasonable deal.

we barely able to pay the extra 1% but is it worth it for some security over the next 3 "crazy" years ?

thanks

tsb rates are 8.75% for 5 years , i expect variable rates to be close to that inside 2 years , fix for as long as you can or afford , also take into account that mortgage criteria has changed dramatically and no other bank may want give you as big a mortgage as you have now and their are the legal costs etc .

davgtrek

its a scary time ! all of a sudden 5.2% fixed doesn't seem so bad. are they doing this to scare everyone onto inflated fixed rates though ???

Jannise

The situation is like this: fixed rates are not available from PTSB for the next couple of weeks. just spoke with them. They said i have to wait, till the board will decide the final rates.
And as for switching, there is no options. My mortgage is 170k, and i spoke with 5 lending institutions, and every one is saying the same. They do not accept the ones who want to move, just new or top ups.

davgtrek

thanks jannise that saves me some groundwork. i can imagine that the other banks are tempted to follow suit tsb. tough times ahead for all.