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switch or stick with bank

  • 07-02-2019 1:51pm
    #1
    pnpweirdo
    Registered Users, Registered Users 2 Posts: 329 ✭✭


    So i got a letter off my bank with my mortgage statement. They are offering me a lower rate of 3.7% fixed for 2,3 or 5 years. When i put my numbers into the ccpc website 3.7% doesnt really seem like a great offer. My question is really what are the hidden costs of switching, house revaluation, legal fees so on. Or is it easier just to stick with no fees and 3.7. Thanks im new to all this so any help would be much appreciated


Comments

  • #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,243 Mod ✭✭✭✭godtabh


    Get quotes, check the offers and do the sums. Only way to tell if its better to stick or twist


  • #3
    L1011
    Registered Users, Registered Users 2 Posts: 71,186 ✭✭✭✭L1011


    If your LTV has changed drastically, due to price increases and/or repayments, they may be able to change it without a revaluation - BOI did this for me in 2016

    If it costs you 1500 to change mortgage (figure pulled from thin air) and the annual savings are a low few hundred its probably not worth it. If the annual savings are high hundreds or thousands, it would be. You need to get figures for both outlay and potential savings


  • #4
    cruizer101
    Registered Users, Registered Users 2 Posts: 3,205 ✭✭✭cruizer101


    3.7 definitely seems high, depending on how much your mortgage is if you got a rate of 2.6 (ulster and kbc both have this rate or better) it could be a difference of over 100 a month.
    You may also be able to avail of cashback or other offers.
    If their best offer is 3.7 its worth looking around. Could you try negotiate with them, say you are thinking of moving bank, the might come down a bit.


  • #5
    pnpweirdo
    Registered Users, Registered Users 2 Posts: 329 ✭✭pnpweirdo


    cruizer101 wrote: »
    3.7 definitely seems high, depending on how much your mortgage is if you got a rate of 2.6 (ulster and kbc both have this rate or better) it could be a difference of over 100 a month.
    You may also be able to avail of cashback or other offers.
    If their best offer is 3.7 its worth looking around. Could you try negotiate with them, say you are thinking of moving bank, the might come down a bit.

    Ya i said to them over the phone there was way better offers out there and they wouldn't budge. Basically told me to change so.


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