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14-01-2020, 17:50   #1
greep
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switching mortgage to a different lender.

I found better rates for my mortgage with KBC, but don't like the hassle of switching...

Has any of you successfully negotiated with your current bank, i.e. threatening them to leave to an alternative lender, say... to match the rates the new lender would offer?

Thanks
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14-01-2020, 18:02   #2
tommythecat
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Quote:
Originally Posted by greep View Post
I found better rates for my mortgage with KBC, but don't like the hassle of switching...

Has any of you successfully negotiated with your current bank, i.e. threatening them to leave to an alternative lender, say... to match the rates the new lender would offer?

Thanks
I switched from AIB to KBC recently. AIB had no interest in negotiating a deal.
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15-01-2020, 11:31   #3
timetogo1
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I was with KBC before and they wouldn't entertain negotiating. This was when they were giving new customers different rates than existing customers. So I wanted to get a rate they were actually giving other customers and they didn't care.

Switching is a hassle but it's not that hard. Absolutely worth doing. The bank I switched to sent out an advisor to our house to help with the forms.

The most hassle I had was answering and reanswering questions for the bank and solicitor. So patience is required.

But it saved me over €3k a year.
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15-01-2020, 12:10   #4
greep
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Originally Posted by tommythecat View Post
I switched from AIB to KBC recently. AIB had no interest in negotiating a deal.
Thanks, I'm also with AIB & thinking of switching to KBC (at least for 2 years fixed rate offer) & then back to AIB as they have variable (long term rate).
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15-01-2020, 12:35   #5
tommythecat
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Thanks, I'm also with AIB & thinking of switching to KBC (at least for 2 years fixed rate offer) & then back to AIB as they have variable (long term rate).
It's still worth talking to them. You might have better luck.
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18-01-2020, 12:33   #6
G_R
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Quote:
Originally Posted by greep View Post
I found better rates for my mortgage with KBC, but don't like the hassle of switching...

Has any of you successfully negotiated with your current bank, i.e. threatening them to leave to an alternative lender, say... to match the rates the new lender would offer?

Thanks
You can switch to KBCs new business rates, I.e. whatever they are offering to new customers:

https://www.kbc.ie/Our-Products/Mort...mers/PDH-Offer

You need to get a valuation to confirm your LTV bracket, but that's it
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18-01-2020, 13:36   #7
Q&A
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Quote:
Originally Posted by greep View Post
I found better rates for my mortgage with KBC, but don't like the hassle of switching...

Has any of you successfully negotiated with your current bank, i.e. threatening them to leave to an alternative lender, say... to match the rates the new lender would offer?

Thanks
Banks won't price match. However, you might be in a situation where your LTV has reduced sufficiently that you might be eligible to move to a lower rate (if based on LTV). However, KBC have some good rates so it's likely they would still be cheaper.

Yes some work involved in switching (and cost) but the €3k should more than cover that.
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