how long (and how much) does it take to move mortgage

LillySV

Hi Folks,

Im looking to move my mnortgage from BOI to KBC and need to get solictor to carry out transfer and just wondering if anyone else here did this recently and know how long this takes typically and approximately how much solictors fees would be? We have approval from KBC so just need to get the ball rolling by picking a solicitor. In galway area so if anyone can suggest a good solictor for this that be great too

KilOit

AIB to UB took 5 months, application went in 2 weeks before lockdown so unable to carry out valuation in all that time.
Solicitor was €1100 so we pocket €400 from the UB offer which gives €1500 towards legal fees.
both are public servants so didn't have any issues with covid payments holding it up but still took ages due to nothing happening fast.
should be no more than 6 weeks if everything is in order

screamer

Currently in the middle of it, the documentation you need is unreal. Solicitor wants almost 2k! Crazy.
Hope to be complete in 5 weeks with 2 to get all the documentation together.

Brego888

We are currently moving from EBS to KBC. Started the ball rolling about 3 weeks ago. Have approval and valuation done. Valuer was out during the week. Solicitor charging €1250. We are getting €3000 from KBC for the move. They are predicting around a month yet before we might have this finished as apparently there's a backlog of applications.
So around 2 months from start to finish but I'm not sure how this compares to the average move.

LillySV

Brego888 wrote: »

We are currently moving from EBS to KBC. Started the ball rolling about 3 weeks ago. Have approval and valuation done. Valuer was out during the week. Solicitor charging €1250. We are getting €3000 from KBC for the move. They are predicting around a month yet before we might have this finished as apparently there's a backlog of applications.
So around 2 months from start to finish but I'm not sure how this compares to the average move.

Was the 1250 all fees included?

Brego888

LillySV wrote: »

Was the 1250 all fees included?

Yeah
Although he gave us a discount because he already had all the documents and deeds from when we purchased the house this time last year.
Would have been €1450.

chicken foot

I don't know how to link but I started a thread on our nightmare scenario switching to KBC. It took six months of stress, it cost a bomb and KBC are shockingly bad to deal with. Responses to my post were mostly in line with my own experience, some had a smooth transition. Our fixed rate is up in Oct and we are moving from them

LillySV

chicken foot wrote: »

I don't know how to link but I started a thread on our nightmare scenario switching to KBC. It took six months of stress, it cost a bomb and KBC are shockingly bad to deal with. Responses to my post were mostly in line with my own experience, some had a smooth transition. Our fixed rate is up in Oct and we are moving from them

Bank of Ireland are no better, absolute no respect for customers

chicken foot

LillySV wrote: »

Bank of Ireland are no better, absolute no respect for customers

I found our initial mortgage with BOI to be long too, we self built so there was a lot of paperwork and interactions once we started drawing down which I put down as normal as it was the same with anyone else I knew, also, we applied in the middle of a recession so that didn't help.
What I'll say about KBC is to expect it to take six months and expect to use up all of the switcher funds in legal fees and perhaps a little more and honestly, just prepare to have your head melted continuously. Good luck with it, I hope you're one of the few who it works out for.

niallers1

About 4/5 months with KBC.

They seem to be slower and look for more paperwork than every other bank.

davo2001

Are any of you saving on the monthly repayments? Was it worth the hassle of switching in the end?

niallers1

davo2001 wrote: »

Are any of you saving on the monthly repayments? Was it worth the hassle of switching in the end?

Depends on how much you borrow but my payment is 6.7% per month less than what I was paying.

If you go in with the expectation that it will take 5 months to switch then yes it is worth the hassle. However, I went in with the expectation it would/should have taken 6 weeks like some other banks.

Switcher fees a bit more expensive this year. Between valuation and solicitor it will have cost approx. 1350

James Bond Junior

I switched from KBC to Ulster Bank due to the sheer and utter incompetence of KBC bank. Please rethink you're choice, they really are beyond bad. It took a couple of months as KBC had lost all my documents and paperwork. I only was with them 7 months from drawdown to moving but that period was an absolute nightmare. You get what you pay for, crap service and an inability to actually lodge money, cheques. You need an account with another bank to physically lodge or withdraw as KBC are cashless.

TLDR; DON'T!!!!!!!!!!!!!!!!!!!!!

LillySV

Ok I’m having a serious rethink on my move to KBC so!!!

niallers1

LillySV wrote: »

Ok I’m having a serious rethink on my move to KBC so!!!

They're ok as long as you are willing to accept that you will be waiting about 5 months to drawdown the money.

LillySV

niallers1 wrote: »

They're ok as long as you are willing to accept that you will be waiting about 5 months to drawdown the money.

Frig that.... I should’ve been on to it sooner ... I’m already a month out of contract so just Renew it for year I think and apply elsewhere next year in advance . Read there’s a new crowd called advant moving into the market so might be a bit of a shakeup in mortgage market by next year

James Bond Junior

LillySV wrote: »

Frig that.... I should’ve been on to it sooner ... I’m already a month out of contract so just Renew it for year I think and apply elsewhere next year in advance . Read there’s a new crowd called advant moving into the market so might be a bit of a shakeup in mortgage market by next year

I couldn't recommend Ulster Bank enough. They have an online mortgage portal, like Internet banking so you can move payment date, fix, changes rates and most importantly increase payments to overpay.