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17-10-2020, 09:28   #1546
Browney7
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Originally Posted by Bananaleaf View Post
I just looked at the letter and it says the rates are for LTV greater tha 80%



Yep, that's the one. We got the 2% and would be due the 1% in another 2years time. We didn't have the mortgage saver account and I think the snag with that was that you had to be using it for a couple of months before drawing down and we weren't able/willing to wait the 6 or 12 months or whatever it was
Well you need to do the sums on switching if you'll be getting back 1% of the original amount in two years time. It may or may not be worth your while switching now you are 3 years in. You need to look at the total repayments over the next 2 years factoring in the cost of switching for a range of options
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17-10-2020, 10:01   #1547
three putt
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It's possible to do multiple switches all at once, and take advantage of the cashback offers with multiple banks.
Full information here:

https://www.askaboutmoney.com/thread...months.214963/
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17-10-2020, 10:05   #1548
Graham
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Mod Note

some posts moved from property market 2020 thread.
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17-10-2020, 11:17   #1549
Green Mile
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I think I’m going to switch to KBC for the cashback offer. I’m correct that you need to have a KBC current account to avail of this?

Doesn’t bother me as they have zero fees on current accounts.
Apparently it take a long time to open a current account (according to google reviews) so I’m thinking of getting this sorted now before I start the mortgage switch process.
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17-10-2020, 17:11   #1550
Meandyou999
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Looking at a 4 bed semi D in Munster, second hand new build home 4 years old. Price is 329k.
Take home pay after tax is 3,200k per month. Have been mortage approved (joint application) have 50k deposit saved and few grand for solicitors fees outside of the deposit.
My questions are:
1. Is the house worth it? Same house sold for 269k 4years ago when it was built.
2. Would i be able to afford to pay the mortgage back over 25 years on my pay.
3. Am i making a big mistake are house prices going to crash?. I have a refundable deposit paid.

Thanks.
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17-10-2020, 20:51   #1551
Bananaleaf
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Originally Posted by three putt View Post
It's possible to do multiple switches all at once, and take advantage of the cashback offers with multiple banks.
Full information here:

https://www.askaboutmoney.com/thread...months.214963/
Is this legal? It seems too good to be legal
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17-10-2020, 22:11   #1552
three putt
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Is this legal? It seems too good to be legal
Yes fully legal. Read the related threads on askaboutmoney - plenty of case studies there. Also links to solicitors with experience of doing it.
I'm amazed more people haven't done this.
Some of the cashback offers are expiring in Dec 2020 (I think BOI), so would be tight on time if starting the process now. But still banks there with the offer.
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17-10-2020, 23:16   #1553
Bananaleaf
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Originally Posted by three putt View Post
Yes fully legal. Read the related threads on askaboutmoney - plenty of case studies there. Also links to solicitors with experience of doing it.
I'm amazed more people haven't done this.
Some of the cashback offers are expiring in Dec 2020 (I think BOI), so would be tight on time if starting the process now. But still banks there with the offer.
I did read the askaboutmoney link, that's why I was asking. It just seems crazy! Someone even saying to the bank that they were doing it!

I don't even know what the process involves when switching a mortgage - is it like reapplying all over again? It'll be the week after next before I get near a bank, so should I be off getting payslips, salary certs, pounds of our flesh () etc in the meantime
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17-10-2020, 23:29   #1554
poker--addict
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its like electricity or insurance i guess, most people never change providers, and changing mortgage provider means doing some donkey work- while electricity provider can be changed in 10 min online.
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18-10-2020, 01:10   #1555
Renjit
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Quote:
Originally Posted by Meandyou999 View Post
Looking at a 4 bed semi D in Munster, second hand new build home 4 years old. Price is 329k.
Take home pay after tax is 3,200k per month. Have been mortage approved (joint application) have 50k deposit saved and few grand for solicitors fees outside of the deposit.
My questions are:
1. Is the house worth it? Same house sold for 269k 4years ago when it was built.
2. Would i be able to afford to pay the mortgage back over 25 years on my pay.
3. Am i making a big mistake are house prices going to crash?. I have a refundable deposit paid.

Thanks.
Do you plan to sub let? Could be easier to pay off emis. Your pay will also appreciate your time. Getting a house late will be more difficult.
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18-10-2020, 08:21   #1556
three putt
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Originally Posted by Bananaleaf View Post
I did read the askaboutmoney link, that's why I was asking. It just seems crazy! Someone even saying to the bank that they were doing it!

I don't even know what the process involves when switching a mortgage - is it like reapplying all over again? It'll be the week after next before I get near a bank, so should I be off getting payslips, salary certs, pounds of our flesh () etc in the meantime
Yes, basically it's like applying for a mortgage all over again, so lots of paperwork required. I would imagine you wouldn't even need to visit a bank to start the process - all can be done remotely.
There is a some time and effort involved, but the potential payoff is huge (depending on the size of your mortgage).
People shop around for the best mobile phone plans, e.g. switching from GoMo to 48.ie to save €2 a month, but are not interested in potentially saving/making thousands doing this because there is a bit of time involved.
If you are going to switch anyway, you already need to get all the paperwork. Each bank will require the same paperwork, so switching with more than one bank is no extra work, just additional time
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18-10-2020, 08:46   #1557
tommyombomb
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Mortgage saver accounts,

I am currently saving for my mortgage through depositing money by bank transfer in credit union. I am wondering if i should be using a mort saving account to benefit for cashback, favourable interest rate and potential bigger mortgage. Need ideally 4-4.5x if i end up buying in Dublin to get the apt in the area i want.

Currently with AIB and hoping to be starting the mortgage process in about 12-16 months as waiting on job permanence.

Also due to covid and moving home, i can setup a few saving accounts if required as fortunately have very low monthly expenses
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18-10-2020, 12:00   #1558
Meandyou999
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Originally Posted by bdmc5 View Post
We did just that this summer. Moved from BOi after our fixed term to TSB to avail of another 2% cashback. In addition to a lower rate and 2% back on every monthly payment. Shop around 100 percent
Do you have to get the house revalued when switching. What happens if the revalue is lower to the initial valuation.
Thanks.
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18-10-2020, 17:27   #1559
Bluefoam
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Originally Posted by Meandyou999 View Post
Do you have to get the house revalued when switching. What happens if the revalue is lower to the initial valuation.
Thanks.
Switching is similar to applying for a new mortgage... The bank need to have confidence that the property has value against the loan.
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18-10-2020, 18:22   #1560
Meandyou999
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If when switching mortgages, if it is a joint original mortgage can you make an application as one person when switching say if your other half is out of work due to childbirth.
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