Mortgage - low fee for breaking fixed rate

yes but thats not to do with the fact they are leaving, its just the way the formula worked out :)

Very disheartening to hear this.

I sent all requested docs to our broker and he came back and said we were "missing" a few docs and sent me another list, but none of those were on the original list 🙄

I broke our fixed rate and went to variable. Zero breakage fee. I had a lump sum sitting as account credit and so I sent off the overpayment form for that today. I think all going well (if we stay with PTSB), we could have that paid off in 10 months. Some may not think this is the best thing to do right now but while we were being offered zero breakage fee, and knowing we can clear it in 10 months, we wanted to go for it. The remainder of the mortgage is a tracker + 1%. Not sure what to do about that yet if we stay with PTSB.

Never done that, but can you just edit the spreadsheet to include the details required?

Not great news for people trying to switch to Avant, rate increases for anyone who applies after 13th May or anyone who has applied beforehand but doesn't complete drawdown by 15th July.

Summary:

Switched from PTSB (2.95%) to AIB (2.15%).

Started process using AIB's online mortgage tool on 29 January 2022. The documents took several weeks to get verified. It was a painful process and you need to be patience.

Final mortgage transferred on 9th May. Overall, it took 3 months. And savings of €6000 (after paying solicitors fee etc) over the next 5 years.

Yeah, you can break the fixed rate and move onto their current variable rate now. This would increase your monthly repayment by a few quid (the bank should tell you the new monthly repayment) but it's only for a couple of months, so when you switch you're switching from a variable rate, no fee involved.

Or you can take your chances that the break fee would still be zero in a couple of months.

Started the switching process with a broker last week and was hoping to get Avant's 7 year fixed but looking like it could take months and circumstances aren't as clear cut as when taking out original mortgage due to additions of kids and wife on maternity leave.

I'm currently with U Bank and have a year left on my fixed. Checked with them a couple of months ago and there was a zero breakage fee on my fixed rate.

With all the talk off jumps in rates this year I'm thinking of going off my fixed rate (2.6%) and assuming this is possible immediately signing up to a 7 or 10 year fixed rate with U Bank which are both at 2.8%.

Not sure if this is a good idea or not but at least I wouldn't have to wait months to see if we can switch to Avant or not and with the likes of ICS increasing its rate today by 1% just feel it might be better.

Any feedback on this or can you even break your fixed rate one day and then go on a new fixed rate the next day with the same bank?

I started my switcher journey with Doddl and Avant around the middle of February. I got my API around 5 weeks later and my loan offer issued the start of April. I signed my loan offer with my solicitor last week and the switch should be done in the next week or so.

Out of curiosity, why wouldn't you switch to another provider and get the 2% cashback or whatever it is they're offering? Not worth the hassle?

I was originally with Bank of Ireland and I did change to KBC. It was a lot of hassle alright, I'm now married so I would imagine it's even more hassle.

How much are solicitors charging these days?

1200 to 1500.. I'd say 1500 would be standard but if you shop around you'd find someone for 1200.

Must say switching to perm tsb 2.5 percent 3 year fixed rate seems handy enough so far. Just needed payslips and account statements mainly. The application form is tedious, but I flew through it and skipped anything that felt unnecessary. My balance is 300k so I'm getting 6k cash off them and also 2% cashback on mortgage repayments which is about 55 euro a month for me which is nice. Also free banking with them as well.

If your balance is over 200k might be worth considering. After solicitor fees I'm going to be left with well over 4000 euro plus 600 euro per year.

I was with BOI before.. they were grand, decent customer service but account fees were expensive imo

That is correct, sorry yes. I was sort of discounting that because of the cashback on the mortgage repayments are going to cover it with lots left over.

Banks one of the biggest buyers of ads in the Irish Media, Interest Rates would want to rise by 1.25%-1.50% Basis points before most people on a trackers from the Celtic Tiger era would hit the lowest fixed rates. Would wait till ECB announcement in July.

You might even do better than the online calculations if you approach your current lender for a 10yr Fix

Thinking about doing the same what was the process like? Was it request a call back and handy enough from there?

My switch has taken so long that my valuation has expired, and a new one is required at a cost of €180.

I abandoned my switch with Avant. I submitted all requested docs on 3rd March. Just got a request for more notes with approval in principal.

The thing is both myself and my missus will be away from Ireland at different times in July and August. So if we didn't get sorted by July it'd probably be September by the time we'd complete the job. I'm sure the rates will have gone up by then.

When applying at the start of march I didn't think it likely we'd b still be waiting on the initial approval 2.5 months later. The solicitor said they'd be 4 to 6 weeks to do their bit (whenever they start).

So I've requested the rate sheets from UB and will just fix at their best 5 year rate and have it done by the end of the week.

Got the mortgage 15 years ago and am earning over double what I was on then and never had an issue with the payments. My rate when we first got the mortgage in 2008 was 6 percent (I didn't have a clue then). I don't know why switching seems more complicated or onerous now.