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Considering swtiching mortgage from KBC to PTSB

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  • 06-08-2015 3:49pm
    #1
    celticwarrior8
    Registered Users Posts: 28 ✭


    Hi - I have been looking at the recent interest rate reductions and am not happy with the offer from KBC. I have to open and use a current account with them which has monthly charges. The current account I use is with PTSB and there are no charges. It also looks that even with the move to KBC I would not save as much on my mortgage compared to moving it to PTSB. So I am asking if any of you have gone through this process? Is it expensive / worth it. Basically any advice would be very welcome. Thanks.
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    #2
    g0g
    Registered Users Posts: 2,784 ✭✭✭g0g


    celticwarrior8 wrote: »
    Hi - I have been looking at the recent interest rate reductions and am not happy with the offer from KBC. I have to open and use a current account with them which has monthly charges. The current account I use is with PTSB and there are no charges. It also looks that even with the move to KBC I would not save as much on my mortgage compared to moving it to PTSB. So I am asking if any of you have gone through this process? Is it expensive / worth it. Basically any advice would be very welcome. Thanks.
    I just finished making that exact move a couple of months ago. I did it via broker rather than direct. It's the expected pain in the a55 of filling in lots of forms, but not as bad as first time round because you won't need new life cover. I switched because my LTV is much better now and KBC weren't prepared to review my rate when I approached them. No problem receiving the € 1,000 towards legal fees into my account from PTSB but dunno if that offer is still running. On the grand scheme of things it was easy enough and in my case well worth the long term saving.


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    #3
    Chris_5339762
    Registered Users Posts: 5,858 ✭✭✭Chris_5339762


    Am thinking of doing this myself, as KBC are resolutely refusing to reduce their SVR or let SVR customers onto any of their LTV products.


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    #4
    g0g
    Registered Users Posts: 2,784 ✭✭✭g0g


    Chris_5339762 wrote: »
    Am thinking of doing this myself, as KBC are resolutely refusing to reduce their SVR or let SVR customers onto any of their LTV products.
    Yep, exact same experience as myself, even when I told them I had the formal offer and was about to move unless they could do something. Strangely from what I read recently mightn't PTSB or another end up buying KBC's Irish business?


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    #5
    celticwarrior8
    Registered Users Posts: 28 ✭celticwarrior8


    Thanks for the replies. What about the solictors fees? did you pay the same as going for any other mortgage or was it a cheaper? covered by the 1k?


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    #6
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Legal fees for switching should be around 1k.


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    #7
    g0g
    Registered Users Posts: 2,784 ✭✭✭g0g


    Yeah mine were € 1K but I know the solicitor. Defo though I think it'd be a lot cheaper than moving or the first purchase as I presume they don't need to do their searches etc.


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    #8
    celticwarrior8
    Registered Users Posts: 28 ✭celticwarrior8


    oh well. ptsb told me i cant switch while my house is in negative equity :-(


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    #9
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    You cant switch mortgage if you are in negative equity however it should be possible to either trade up or down with your existing lender as nearly all lenders now offer negative equity mortgages.


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