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.

Out of interest were ye both trying to get a mortgage with Avant?

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.

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?

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

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?