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Mortgage - low fee for breaking fixed rate

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Comments

  • Registered Users, Registered Users 2 Posts: 20,193 ✭✭✭✭Cyrus


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



  • Registered Users Posts: 450 ✭✭StonedRaider


    Just a heads up to anyone switching to Avant, they're swamped with applications. Wait time is now around 7-8weeks for an AIP. So some paperwork may have to be submitted again once your number is up.



  • Registered Users, Registered Users 2 Posts: 1,215 ✭✭✭Sunrise_Sunset


    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.



  • Registered Users Posts: 41 LionKing7


    Hello,

    Does anyone know how to generate a Binance statement for last six months to submit for the Mortgage?

    Currently in the middle of switching and they requested to submit this. I tried ti generate it in Binance and it doesn’t come up with my name and account number but an excel sheet. Has anyone done this as part of their application?


    Thanks.



  • Registered Users, Registered Users 2 Posts: 8,922 ✭✭✭Soarer


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



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  • Registered Users Posts: 41 LionKing7


    Hi Soarer,

    Thanks for the reply.

    I finally managed to get in touch with Binance support team and they also asked to do the same.



  • Registered Users, Registered Users 2 Posts: 147 ✭✭ACAandCTA


    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.



  • Registered Users, Registered Users 2 Posts: 5,542 ✭✭✭JTMan



    Yeah, but Avant's 3 and 4 year rates are unchanged at 1.95% with no BER restriction.



  • Registered Users Posts: 1,271 ✭✭✭Tandey




  • Registered Users, Registered Users 2 Posts: 866 ✭✭✭timetogo1


    I am anyway. Still waiting. They asked for more documentation last week.



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  • Registered Users, Registered Users 2 Posts: 5,826 ✭✭✭masterboy123


    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.



  • Registered Users, Registered Users 2 Posts: 15,483 ✭✭✭✭Supercell


    Broke our fixed rate mortgage with BOI due to expire next summer for zero fee. Lowered our term and upped the monthly amount for one month's payment on variable. Just posted off yesterday new 5 year fixed at new monthly amount. Should have about 1.5 years left at that stage. Thanks everyone here for the suggestions. We would have been moaning next year about how high the rates have gone when the fixed period expired otherwise.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users Posts: 54 ✭✭jack842



    Aplogies if this is a silly question but wonder if someone who has been through switching could explain the actual process.

    If i ring my bank today and they tell me that the fee today to break is zero, i then apply today to a new bank that i want to switch to and go through the approval process which could take weeks or months so by the time i go to actually switch the break fee could be up to a couple of thousand.

    How you get around this? or do you just take your chances that the break fee is still zero on the day you actually switch?

    Is there some way to lock in the break fee at zero?



  • Registered Users, Registered Users 2 Posts: 1,612 ✭✭✭Del007




  • Registered Users, Registered Users 2 Posts: 866 ✭✭✭timetogo1


    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.



  • Registered Users, Registered Users 2 Posts: 15,483 ✭✭✭✭Supercell


    Three percent, unfortunately we don't qualify for the "green" rates.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users, Registered Users 2 Posts: 2,673 ✭✭✭s_carnage


    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?



  • Registered Users Posts: 100 ✭✭razorronan


    Has anyone here successfully switched to Avant recently. I sent in my switching application through broker on the 7th of April but still waiting on approval. Just trying to get an idea how long it is taking Avant to approve.



  • Registered Users, Registered Users 2 Posts: 1,113 ✭✭✭Davexirl


    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.



  • Registered Users, Registered Users 2 Posts: 866 ✭✭✭timetogo1


    I sent my docs on March 5th. Got asked for a form 11 a couple of weeks ago. I provided it right away. Radio silence since.



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  • Posts: 0 [Deleted User]


    I don’t think it’s a bad idea but is it even possible? As UB and KBC are leaving the market are they allowing people to re-fix with them?



  • Registered Users, Registered Users 2 Posts: 1,612 ✭✭✭Del007


    Just off the phone with KBC, they're sending me a form to fix my mortgage. I'm currently on a fixed rate with them until Jan



  • Registered Users, Registered Users 2 Posts: 1,342 ✭✭✭CPTM


    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?



  • Registered Users, Registered Users 2 Posts: 2,673 ✭✭✭s_carnage


    Rang them today and they seem to be still offering the rates on their website so thinking I might just go with the 10 year one even if it means a 0.2% increase. Definitely not keen leaving it until next year and waiting to see what Permanent TSB are offering.



  • Registered Users, Registered Users 2 Posts: 1,612 ✭✭✭Del007


    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?



  • Registered Users, Registered Users 2 Posts: 2,673 ✭✭✭s_carnage


    Be looking at ballpark €1200



  • Registered Users, Registered Users 2 Posts: 1,342 ✭✭✭CPTM


    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



  • Registered Users Posts: 1,060 ✭✭✭chases0102


    Interesting times ahead - everything points towards interest hikes.


    I'm on a 5 Year fixed which will expire in Aug 2023, receiving 3400 from BOI as part of their 1% cashback deal...will interest rates rise enough for me to discount that 3400, break with the bank (the breakage fee is getting lower and I even think some on here were able to get 0 breakage fee with BOI) and try and fix elsewhere? Or should the 3400 be enough of an incentive to stay and fix again somewhere, without penalty in Aug 2023, hoping the rise will be marginal?



  • Registered Users Posts: 100 ✭✭razorronan


    Thanks Davexirl. Do you mind me asking what was the delay between your loan offer at start of April and only signing the loan offer last week?



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  • Registered Users Posts: 54 ✭✭jack842



    I'm pretty much in the exact same suitation as you, I'm just started an application to PTSB for thier 2.35% 5 year fixed with 2% cashback and 2% back on your monthly mortage payments. Even accounting for switching fee's and losing the cashback from BOI my savings are still around 9,000 over the 5 years. PLus the security of being fixed for the next 5 years. Seems like a no brainer. My break fee is current zero with BOI.



  • Registered Users Posts: 1,060 ✭✭✭chases0102


    Thanks for that, great insight - certainly food for thought



  • Registered Users, Registered Users 2 Posts: 20,193 ✭✭✭✭Cyrus


    the bank account you need to get the cashback on the monthly payment has a 6 euro per month fee.



  • Registered Users Posts: 311 ✭✭Wineman


    Theres a bit of talk in the media about people coming off trackers and switching to long term fixed rates, is this a sensible move?



  • Registered Users, Registered Users 2 Posts: 18,099 ✭✭✭✭Mantis Toboggan




  • Registered Users, Registered Users 2 Posts: 1,342 ✭✭✭CPTM


    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.



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  • Registered Users Posts: 155 ✭✭DelmarODonnell


    Have three months left on KBC and looking to break to move to PTSB. How long do you expect yours to take?



  • Registered Users Posts: 1,085 ✭✭✭cunnifferous


    Have three years left on my fixed rate. No breakage fee so I can jump to a 5 year or 7 year fixed for approx 0.3-0.5 percentage above what I'm paying now. Should I bother or is 3 years enough to let interest rate rises wash out?



  • Registered Users Posts: 54 ✭✭jack842


    Not sure, they say the whole proces take on average around 6 to 8 weeks in total. I guess it depends on how quick your solicitor is.



  • Registered Users, Registered Users 2 Posts: 5,002 ✭✭✭what_traffic


    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.



  • Registered Users Posts: 547 ✭✭✭Amzie



    I'm in this situation also with boi 5 year fixed have just over a year and a half left fixed. Wondering is it wise to switch or ask boi to fix at better rate is this possible? Also doing the whole mortgage application again to switch Is it very difficult like if you have more loans than you did the first time taking out the mortgage.....



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  • Registered Users Posts: 54 ✭✭jack842



    If you didnt want to go through the whole process of switching lender you could just just break your current fixed rate mortgage and move to another fixed mortage with BOI with a better rate. Your break fee is prob zero at the moment and there is no solicitors involved if your staying with the same lender so all it takes is to ring BOI mortgage dept. I'm pretty sure it can be done in only a day or two as well. Obviously if your waiting for cashback at the end of your current fixed rate you will lose that by moving.



  • Registered Users, Registered Users 2 Posts: 1,637 ✭✭✭joebloggs32


    My tracker is at +1.25% so i am going to seriously look at a move to a long term fix.

    I have 14.5 years left on the mortgage. I can get a fixed rate that will see my repayment increase by just about €70 per month looking at the online calculations fixing for 10 years. Would give a lot of peace of mind



  • Registered Users, Registered Users 2 Posts: 5,002 ✭✭✭what_traffic


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



  • Registered Users, Registered Users 2 Posts: 2,904 ✭✭✭DeadSkin


    Yeah we are on a +1.15% tracker with Ulster Bank with about 14/15 years left on the mortgage, with them pulling out of Ireland not sure what to do!



  • Registered Users, Registered Users 2 Posts: 640 ✭✭✭rtron


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



  • Registered Users, Registered Users 2 Posts: 15,483 ✭✭✭✭Supercell


    It was handy enough, the hardest part was getting someone to answer the phone, that can take up to 45 minutes, so make sure you have your questions ready. In fairness they are great once you get through though. The paperwork is straightforward, takes about a week after the call , they seem to do it in batches, for example my BOI post only ever seems to arrive on a Thursday for some reason.

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Registered Users, Registered Users 2 Posts: 17,065 ✭✭✭✭Tusky


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



  • Registered Users, Registered Users 2 Posts: 4,592 ✭✭✭enfant terrible


    Were you waiting long to get the valuation done? I imagine they are very busy now.



  • Registered Users, Registered Users 2 Posts: 866 ✭✭✭timetogo1


    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.



  • Registered Users, Registered Users 2 Posts: 1,976 ✭✭✭Trimm Trabb


    Anyone switch to AIB?

    How long did it take them to pay them to put the €2000 switcher fee in your account?



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