Switching mortgages - advice

gmisk

Would really appreciate some advice.

Lucky enough to have paid a big chunk of morthage, not sure if it is worth my while switching? I know a lot of them give money back etc.

I am with EBS coming out of a fixed rate in June. Rates aren't great with them...but good variable rate of 3.3% if LTV under 50% (which I would be but need to pay for valuation)

I was considering PTSB who I bank with, rates seem good....I would usually like to fix.

I realize there is a bit of guess work involved!

redlough

https://www.boards.ie/discussion/2058290517/switching-mortgages-advice

A lot of work.

I just moved because I was with KBC and refused to go to BOI. I was with them before and they are terrible,

Now a lot of people started around the same time as me but it took months to get done, I think I started to deal with AIB in Feb/March last year and ended up getting the mortgage in Nov.

Now I did all the work myself, but it is a huge amount of information you need to pull together. The signing of the documents by a peace commissioner etc was my own fault and wasted 3-4 weeks.

First off check how much a solicitor will cost, they are aware of the money and they normally like to take a big chuck of it. I got my solicitor to do it and he was 1k, but most are around 1500.....once you know how much that will cost you can make a better decision. But as I said expect to spend a lot of time gathering information, they want EVERYTHING you have and if married what your wife has

gmisk

https://www.boards.ie/discussion/comment/120426411#Comment_120426411

Really appreciate the detailed reply.

Yeah I am not really in the headspace for that. I think I will just stick where I am and go for the variable LTV rate so will get ball rolling on a valuation.

Henry Ford III

Don't get hung up on cashback offers.

There's no such thing as a free lunch, and any cashback will be costed into your mortgage deal.

walterking

Unless you give the balance and the number of years left, its hard to advise,

If balance is under 100k banks will not entertain you

gmisk

https://www.boards.ie/discussion/comment/120437298#Comment_120437298

Balance is approx 80k PTSB are happy to take it over (I am with EBS)

But I think I will stay and get the valuation done so LTV under 50.

Thanks for all the help here folks.

walterking

https://www.boards.ie/discussion/comment/120438404#Comment_120438404

I suspect the legal costs for the transfer will exceed any savings due to the low balance.

0.5% saving is only worth €400 in the 1st year and that keeps reducing as the balance reduces.

gmisk

https://www.boards.ie/discussion/comment/120441208#Comment_120441208

Appreciate that, yeah I went through one of the calculators and not worth it for me I think.