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Mortgage rates advice

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    #32
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    It really should have nothing to do with Zurich - I deal with this on a regular basis and unless you have an increase on the amount that you borrowed or extended the outstanding term your existing policy should suffice. The new lender will need that policy to be assigned to them and if you took out the policy with a broker initially the broker will send new lender an up to date statement of benefits and your Solicitor will send on policy when the mortgage is redeemed.
    Why did you have to get a new policy??

    ILikeBoats wrote: »
    Tell that to Zurich. We thought the same as you. Had to go through the whole rigmarole again

    They actually pi$$ed me off so much that I started the mortgage protection process with a different crowd a few weeks after starting with Zurich. I had two applications going at the same time, we switched from Zurich about 2 weeks after putting it in place and will never use them again


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    #33
    rodge123
    Registered Users Posts: 1,452 ✭✭✭rodge123


    Inspector Coptoor wrote: »
    Changed mortgage provider recently from BOI to KBC recently.

    Rate changed from 3.0% to 2.3%.
    Got €3k for changing which paid for solicitor and valuation and had around €1700 profit from that.

    Mortgage payment is down €78 per
    Month and term is down from 26 years remaining to 22 years remaining.

    Projected savings over the 22 years are €77,000.

    Yes, it’s hassle and there are a few hoops to jump through.
    BUT....
    It’s not “too much hassle” to switch.
    It’s just the smart thing to do.
    Money is better in your pocket than the banks

    Nearly same as this.

    Asked BOI to match KBC rate before switching and they offered a measly 0.1% off advertised rate. 3% BOI vs 2.25% from kbc, no brainer.

    Was a pain switching but well worth it in long run.

    Took all my accounts with me too and took out a small personal loan later with KBC too, BOI loss!


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    #34
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    Trish56 wrote: »
    You shouldn't have to update your mortgage protection unless you are extending the term or borrowing more than what you currently owe. Your mortgage protection policy would be assigned to your present lender so you just need to assign it to the new lender.

    Just to add to this that if you take out the lender's group policy, then you won't be able to assign that to a new lender and will have to take out a new policy. Not sure if that's what's going on here, but I have seen people get caught by this before.


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