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Mortgage switching experiences

  • 13-02-2021 5:44pm
    #1
    Craig_David
    Registered Users, Registered Users 2 Posts: 127 ✭✭


    Hi all,
    It seems the best value option for me is with either AIB or KBC.
    Has anyone any recent experiences switching with either of the two in the past 12 months? How long was the process overall? Any complications/issues?

    I read some bad experiences with KBC here on Boards that go back a couple of years.. Wondering have they improved at all or is it still a very messy process? There is more of a saving to be made with KBC but if AIB is a lot less hassle, i'd consider going with them instead...

    thanks for reading.


Comments

  • #2
    Zizigirl
    Registered Users, Registered Users 2 Posts: 98 ✭✭Zizigirl


    Just seeing this now. Applied to both late last year. AIB very quick, KBC very slow. Eventually got AIP from KBC and when I went to get Loan offer they started to mess with the terms of current mortgage. I had 13 years left with current and KBC wanted me to put over 17 years due to affordability. While AIB allowing me to reduce term to 10 years. I’m now delighted with AIB announcing green rate of 2.1%, it’s the cheapest now for me. KBC was slightly cheaper and had extra cashback.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    I recently dealt with KBC for a switcher and it took 8 weeks months from the date that the application was submitted. You need to complete an application form and submit with 3 months recent current account statements, 2 months credit card statements, redemption figure from existing lender, P60 for 2020 now called Employment Summary Statement, 1 recent payslip and Income Certificate completed by your employer.

    Once everything is in order you should receive an 'approval in Principle' within 2/3 weeks and once received a Valuer is instructed to carry out a valuation of your property. Once submitted by the Valuer a Loan Offer will issue approx. 2 weeks.

    You will need a Solicitor who needs to request your Title Deeds on Accountable Trust from your existing lender - this should be done very early in the process as it can take a few weeks.

    Any delays I come across is due to Covid - some Valuers won't do the valuation's due to lockdown and Solicitor only requesting the Title Deeds until after the Offer issues.


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