[maggots_123]

Originally Posted by BBMcQ

Was anyone else left massively out of pocket by switching?

Only thing that caught me out was the cashback from AIB takes two months to kick in. I thought it was on drawdown like other banks, so I had to cover my solicitor fees myself instead of using the cashback as planned. So I'm short that money now until I get the cashback...

[Q&A]

Originally Posted by Alligator Wine

Hi there, we're in the final stages of buying a house. We were issued with a loan offer from PTSB a few weeks back and met up with the solicitor to sign various documents. The thing is the rate we agreed to has since changed, from 3.2% for a 3-year-fixed to 2.9%. Is it too late to avail of this newer rate? If not what is involved in switching over? We went through a broker, but haven't got a response yet. Thanks

If you've not drawn down your mortgage I would have thought it should be straight forward. Otherwise is there a cooling off period?

Did the contract specify a rate or a fixed term? You might be put on the prevailing 3 year rate that applies on the day. I would contact the bank directly. Also is 2.9% currently on offer or is it available from a specific date - if you're drawing down before the specific date just stay variable.

If you had to switch you could in theory switch on the same day as you draw down. The cost of switching should be zero given the base cost of the bank (draw down day) and current cost (switching day) would be the same. But why the back would make you jump through such hoops

[deco72]

https://www.independent.ie/business/...-38523477.html

[BBMcQ]

Originally Posted by deco72

https://www.independent.ie/business/...-38523477.html

Power to the people! Everyone who paid a AIB breakage fee over the last few years is surely due a refund here. I would love to know if there is also a case for AIB refunding the cost of delaying a switch by quoting a high breakage fee. This could really be pandora’s box if the ombudsman looks into it...

[BBMcQ]

https://www.askaboutmoney.com/attach...uire-mp3.4065/

AIB will write to all those who have been over-charged.

[Salary Negotiator]

Is there anyway to verify the fee quoted by the bank? BOI in my case.

I know the formula but I don't know the 2 interest rates, R% and R1% but if I work backwards from the quote using the information I do have the difference between R and R1 is 0.72% which seems high to me.

[BigAl81]

Originally Posted by Salary Negotiator

Is there anyway to verify the fee quoted by the bank? BOI in my case.

I know the formula but I don't know the 2 interest rates, R% and R1% but if I work backwards from the quote using the information I do have the difference between R and R1 is 0.72% which seems high to me.

Call them up and ask.

I used the formula in my contract and worked it out at 3.5k.

I rang my bank (PTSB) and asked what the break fee would be and was told zero!!

Call and ask, it takes 5 minutes (then report back here!!).

[Salary Negotiator]

Originally Posted by BigAl81

Call them up and ask.

I used the formula in my contract and worked it out at 3.5k.

I rang my bank (PTSB) and asked what the break fee would be and was told zero!!

Call and ask, it takes 5 minutes (then report back here!!).

I did call so I have the breakage fee, it's just bigger than I expected.

I then used the formula in my contract and worked backwards to work out the difference in interest rates, as these are the only unknowns, and I was surprised by the spread considering interest rates haven't changed since I took out my mortgage.

[mrcheez]

My BOI 3.1% 3 Year Fixed rate is coming to an end soon.

They've offered me a 2.9% 2 Year Fixed rate.

Anything better out there to consider?

[Millem]

Originally Posted by mrcheez

My BOI 3.1% 3 Year Fixed rate is coming to an end soon.

They've offered me a 2.9% 2 Year Fixed rate.

Anything better out there to consider?

Ulster bank 2.2% fixed for 5 years but you need to have a mortgage of €300,000 or more.

[mrcheez]

Originally Posted by Millem

Ulster bank 2.2% fixed for 5 years but you need to have a mortgage of €300,000 or more.

ah.. mine is about 1/2 way through, so less than that.

Any others worth considering for sub-300K ?

[Cyrus]

ulster bank have plenty of rates around 2.5 / 2.3

take a look.

[stdidit]

Originally Posted by mrcheez

ah.. mine is about 1/2 way through, so less than that.

Any others worth considering for sub-300K ?

If I was you, I'd contact a mortgage broker, give them all your details and they'll lay out all your options.
It may seem like hassle to change providers but a lot of them offer incentives to move and it could save you a lot of money in the long run - well worth spending some time investigating your options yourself, at the very least.

[pwurple]

AIB have a 5 year fixed @ 2.5%.

What variable are you rolling on to?

All the fixed rates seem very low to me, makes me think a variable drop is on the horizon this year or next.

[browne_rob5]

Originally Posted by Cyrus

ulster bank have plenty of rates around 2.5 / 2.3

take a look.

KBC are 2.25% for 2 year fixed if your LTV is less than 60% and you have your current account with them. Will give you €3k for switching. Total cost of switching is around €1,250 so you can make a little profit.