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14-02-2020, 10:54   #301
BullBauld
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Sent off a change of interest rate request with BOI.
Currently on 5yr 3.1% <60% LTV.

So got offered 5 different options from 1yr 2.9% to 10yr 3.3% and a few in between.

Only one option gave a saving of a whole €5!

So will look elsewhere. Although looking to get a substantial loan for a wedding soon enough so that might hold things off for a bit.
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14-02-2020, 11:47   #302
TakeTheVeil
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If you're in the position to switch without breakage fees/penalties and can afford solicitor fees before the cashback - you should probably get it done before you have a new loan to account for during your remortgage application.

The lower interest rate and monthly repayments on the mortgage will also probably make you more suitable for a large loan.
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14-02-2020, 11:57   #303
Belfunk
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Originally Posted by BBMcQ View Post
Folks, I think it’s super important to highlight because 9 out of 10 ppl don’t know this

ALOT of the times it will make sense for you to break out of a bad fixed rate deal. Some people thing you are stuck in a fixed rate deal no matter what.

We got AIB down from a near 5k breakage fee down to near 900! Now Ulster bank aren’t charging us anything to switch from their 2.6% fixed to 2.2% fixed. EU rules mean that a bank can only charge you a break fee based on what it would cost them to finance the remaining principle plus admin costs. AIB in particular weren’t following this until approx July 2019.

It’s staggering to think of the amount of money out there being overpaid to banks on mortgages....

Also 1500 all-in is the target price for a solicitor to switch. You don’t even need to meet them so I wouldn’t pay more for one just because their office is in D4.
Can i ask how you got this deal from Ulster Bank. I am with them on a 2.6% fixed rate with two years left. I wanted to switch to 2.2% with them but they are trying to charge me over 3K break fee?
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14-02-2020, 12:06   #304
Cyrus
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Can i ask how you got this deal from Ulster Bank. I am with them on a 2.6% fixed rate with two years left. I wanted to switch to 2.2% with them but they are trying to charge me over 3K break fee?
its not a deal its a formula

they arent trying to charge you anything they are applying the formula to your circumstances so thats the cost for you to break the contract you entered into
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15-02-2020, 00:36   #305
fuse
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Can i ask how you got this deal from Ulster Bank. I am with them on a 2.6% fixed rate with two years left. I wanted to switch to 2.2% with them but they are trying to charge me over 3K break fee?
Do Ulster bank even do 2.2%?
Thought their lowest was 2.3

3k seems very high, how long into the fixed rate are you? Banks have a habit of quoting a scary figure to deter you, but when you question them or go ahead, you’ll see the real regulated figure which can be much less. Ask them for a breakdown of the breakage fee.
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15-02-2020, 09:40   #306
mrcheez
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Do Ulster bank even do 2.2%?
Thought their lowest was 2.3

3k seems very high, how long into the fixed rate are you? Banks have a habit of quoting a scary figure to deter you, but when you question them or go ahead, you’ll see the real regulated figure which can be much less. Ask them for a breakdown of the breakage fee.
2.2 when borrowing over 300k
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15-02-2020, 12:46   #307
Cyrus
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Originally Posted by fuse View Post
Do Ulster bank even do 2.2%?
Thought their lowest was 2.3

3k seems very high, how long into the fixed rate are you? Banks have a habit of quoting a scary figure to deter you, but when you question them or go ahead, you’ll see the real regulated figure which can be much less. Ask them for a breakdown of the breakage fee.
ulster bank send you a letter, there is no scary figure to deter you, there is one figure thats it
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15-02-2020, 16:29   #308
BigAl81
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Quote:
Originally Posted by BullBauld
Sent off a change of interest rate request with BOI.
Do you know what the break fee is with BOI. I'm currently with them and looking to move to my 3rd mortgage provider (and cash back) in three years.

I managed to leave PTSB with no break fee at all
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15-02-2020, 19:21   #309
devil-80
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I'm with Ptsb with 3.7% LTV. Have 12 years left on mortgage about 46k. Would it be any good savings if I switch after all fees. House it worth around 190k. Thanks
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15-02-2020, 20:17   #310
mrcheez
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I'm with Ptsb with 3.7% LTV. Have 12 years left on mortgage about 46k. Would it be any good savings if I switch after all fees. House it worth around 190k. Thanks
Shouldn't be any fees if you go with KBC or Ulster Bank

With KBC you may even end up ~€1500 better off too as they give you €3000 if switching before June toward fees (which are less than 1,500).
Although the caveat is that you need to open an account with KBC and move your salary into it which has to be at least €2K/month.

Ulster Bank give you €1,500 toward fees but no requirement for current account.
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15-02-2020, 20:19   #311
devil-80
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Any idea how much i could save more less?
My salary would be less than 2k.
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15-02-2020, 20:24   #312
mrcheez
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Any idea how much i could save more less?
My salary would be less than 2k.
Ulster Bank probably best option then.

Use the form on
https://www.ccpc.ie/consumers/financ...e-comparisons/
to get rough estimate on savings


Ask PTSB for a summary of the interest you paid in 2019
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15-02-2020, 20:50   #313
jack in the box
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Originally Posted by devil-80 View Post
I'm with Ptsb with 3.7% LTV. Have 12 years left on mortgage about 46k. Would it be any good savings if I switch after all fees. House it worth around 190k. Thanks
You need to contact your provider to send you out an interest rate options letter, as there are better rates available. That's if you don't wish to switch providers.
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16-02-2020, 08:24   #314
fungie
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2.2 when borrowing over 300k
And if loan to value is 80% or less
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19-02-2020, 09:31   #315
Cypher_sounds
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https://amp.independent.ie/business/...-38968397.html

Might be of interest to some in here.
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