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Mortgage Variable Rate

  • 03-02-2013 1:10pm
    #1
    Drexl Spivey
    Registered Users, Registered Users 2 Posts: 528 ✭✭✭


    Since KBC is increasing from 4.25 to 4.5

    I am thinking of moving my mortgage to AIB which has a rate of 4

    Do you think there's any hidden traps (penalties, commitments,..)?

    Can banks (AIB in this instance) organize these sort of moves smoothly (on my behalf). I would hate having to spend too much time going to those 2 banks for paperwork, mail, phone calls, etc ..


Comments

  • #2
    inspiron6000
    Registered Users, Registered Users 2 Posts: 61 ✭✭inspiron6000


    I called AIB to move about 2 months ago and they told me they didn't offer mover mortgages. Maybe they've changed this policy. Let us know if you have any luck??


  • #3
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Drexl Spivey wrote: »
    Since KBC is increasing from 4.25 to 4.5

    I am thinking of moving my mortgage to AIB which has a rate of 4

    Do you think there's any hidden traps (penalties, commitments,..)?

    Can banks (AIB in this instance) organize these sort of moves smoothly (on my behalf). I would hate having to spend too much time going to those 2 banks for paperwork, mail, phone calls, etc ..

    AIB still have no appetite to take on an existing mortgage debt from another lender and aren't offering switcher products. They only lend for purchases.


  • #4
    Drexl Spivey
    Registered Users, Registered Users 2 Posts: 528 ✭✭✭Drexl Spivey


    killers1 wrote: »
    AIB still have no appetite to take on an existing mortgage debt from another lender and aren't offering switcher products. They only lend for purchases.

    ok thanks for the info.

    do you know why that is?


  • #5
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    Drexl Spivey wrote: »

    ok thanks for the info.

    do you know why that is?

    Probably due to the fact that they're in deep trouble with their mortgage book! Current law means that they can't reposses properties in arears. Also you might be a safe bet now but your circumstances in 2 years time may have changed. It's just not worth the risk to them anymore.

    Aib are trying to outsource their mortgage book at the moment as well.

    http://www.independent.ie/business/irish/aib-ready-to-outsource-13bn-home-loan-book-3367787.html


  • #6
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Scortho wrote: »
    Probably due to the fact that they're in deep trouble with their mortgage book! Current law means that they can't reposses properties in arears. Also you might be a safe bet now but your circumstances in 2 years time may have changed. It's just not worth the risk to them anymore.

    Aib are trying to outsource their mortgage book at the moment as well.

    http://www.independent.ie/business/irish/aib-ready-to-outsource-13bn-home-loan-book-3367787.html

    The 'official' AIB reason behind it is that they want all available new lending funds to be used on transactions where a purchase takes place which benefits the economy as opposed to using up their mortgage monies to repay another banks debt.


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  • #7
    Scortho
    Closed Accounts Posts: 3,876 ✭✭✭Scortho


    killers1 wrote: »

    The 'official' AIB reason behind it is that they want all available new lending funds to be used on transactions where a purchase takes place which benefits the economy as opposed to using up their mortgage monies to repay another banks debt.

    I think between the two of us we know that ain't the reason they're not doing them!


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