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Switching Mortgage Query

  • 13-12-2014 8:03pm
    #1
    HB1
    Registered Users, Registered Users 2 Posts: 20 ✭


    Has anyone succeeded in switching their mortgage to TSB? We are currently with KBC. Wondering what the chances are in general? Also, are banks open to refinancing personal debt (that was spent on the house) into a new mortgage contract? If so, is TRS affected? Appreciate any advice.


Comments

  • #2
    jas376
    Registered Users, Registered Users 2 Posts: 41 ✭jas376


    HB1 wrote: »
    Has anyone succeeded in switching their mortgage to TSB? We are currently with KBC. Wondering what the chances are in general? Also, are banks open to refinancing personal debt (that was spent on the house) into a new mortgage contract? If so, is TRS affected? Appreciate any advice.

    I switched the other way - from PTSB to KBC three years ago when PTSB's variable rate was 5.8%. As soon as I had switched, PTSB dropped its rate to
    4.5


  • #3
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    You will lose your TRS. "Switching" a mortgage is basically obtaining a new mortgage from the new lender, which is then used to clear off your old one. In effect you are buying and selling your house from and to yourself.

    Because it's a new mortgage, you will lose your TRS.

    If you have anything favourable in your KBC mortgage which they no longer offer (e.g. tracker rate), then you will lose that too.


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Not too sure why you are moving from KBC to permanent tsb as permanent tsb has the highest rates on both variable and fixed (except 1 year fixed) in the market. If you have receipts for home improvements and your loan to value is ok I see no reason why you cant include in the remortgage.

    Yes all the main lenders are open for remortgage however there are better rates on offer than permanent tsb. 3 year fixed rates available at 3.80% and 5 year fixed at 3.90%.

    I see no reason why you cannot carry the TRS on your existing mortgage balance to the new lender but would advise you to check with Revenue first.


  • #5
    edanto
    Registered Users, Registered Users 2 Posts: 2,809 ✭✭✭edanto


    HB1, did you get an answer to bringing the TRS with you to the new mortgage?

    Just starting to look into switching to KBC, seems like it could save a few quid each month.


  • #6
    poncy85
    Registered Users, Registered Users 2 Posts: 2 ✭poncy85


    Hi there,
    i am currently with bank of ireland with variable rate of 4.5% having ltv about 69%. i am not interested in fixed rates and found aib charges only 3.55 and ulster bank even lower. thinking of switching to one of them and even closing my account with boi. any advise


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  • #7
    Billydoc
    Registered Users, Registered Users 2 Posts: 164 ✭✭Billydoc


    poncy85 wrote: »
    Hi there,
    i am currently with bank of ireland with variable rate of 4.5% having ltv about 69%. i am not interested in fixed rates and found aib charges only 3.55 and ulster bank even lower. thinking of switching to one of them and even closing my account with boi. any advise

    I'm currently switching from Boi to Ulster... Not really interested in fixed rates. I'm <60% ltv and Ulster bank offering .8% off variable for lifetime of Mortage. So 3.5% at the minute. I can pay the same amount and will take nearly five years of my term. Switching current account too cause Ulster cheaper


  • #8
    poncy85
    Registered Users, Registered Users 2 Posts: 2 ✭poncy85


    tks for the msg . i will certainlly in touch with other banks but i think it is time to switch


  • #9
    padjo5
    Registered Users, Registered Users 2 Posts: 537 ✭✭✭padjo5


    poncy85 wrote: »
    tks for the msg . i will certainlly in touch with other banks but i think it is time to switch

    Poncy it is worth ringing BOI Mortgages and checking what they can do for you. if your LTV is at the level you say they may well revise your rate to one similar to competitors, save you the switching costs and potential hassle. Worth a phone call.


  • #10
    Billydoc
    Registered Users, Registered Users 2 Posts: 164 ✭✭Billydoc


    padjo5 wrote: »
    Poncy it is worth ringing BOI Mortgages and checking what they can do for you. if your LTV is at the level you say they may well revise your rate to one similar to competitors, save you the switching costs and potential hassle. Worth a phone call.

    I'm moving Mortgage to Ulster bank. I rang Boi twice asking could they do better. They said no but last minute they said 3.7 variable. Ulster offering me .8% less svr for lifetime of mortgage. Currently 3.5%. Regarding switching cost. I know Ulster bank giving me €1500 and I see kbc offering €2000 for switching. My solicitor says all in charges should be €900 approx so money to be made. And it's really not that much hassle. Depends on do you like throwing away money if there is a better option available. As it stands moving to Ulster I can keep my repayment the same and it'll take five years off term.


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