Switching Mortgage - what to watch out for

edanto

I'm looking into switching the morgage.

Currently with BOI on standard variable 4.5 and KBC are offering 3.8 standard variable (our LTV is sub 60%). Might even get 3.6% with KBC if we move current account over to them.

The point is, this looks like it could save us a lot of money. Possibly take 2 years off the mortgage if the variation stayed this large over the life of the mortage. (Which is unlikely....so might be switching again in 5 years!)

But what are the things to watch out for when moving mortgage?

Legal fees; I'm estimating 2.5k for them, and KBC contribute 1k toward them.

TRS; do we still qualify for the remaining TRS if we move?

Life Assurance; currently provided by BOI. Does it make any difference if we move this to KBC or not?

Any impact on credit rating? (presumably not, since BOI mortage is paid off in full with KBC)

Any impact on property tax?

Anything other big issues to research?

Does this transaction get registered as a sale on the RPPI?

Trish56

You should not be charged 2.5k for legal fees to remortgage the 1k should cover it near enough. Valuation fee will be €127. Existing Mortgage Protection cover should suffice or indeed you might get cheaper premium if you shop around. Hold on to your existing policy if you have any medical issues since taking out the existing policy. You should still qualify for TRS however I would check with Revenue first.

Nervous Wreck

TRS goes with you, not your mortgage, so you'll still have it til 2017.