Mortgage - low fee for breaking fixed rate

By the time you complete a switch avants rates will have increased id imagine , they are very slow.

Ye that has crossed my mind. Ye says after year our LTV is 87%. I know house prices in general in the last year. Not sure if they our in Dublin 9 would have increased enough to bring down to LTV 80%

Do you know Bank of Ireland's cost of funds rate from when you agreed a fixed rate and today? I doubt if anyone asked what the cost of funds rate was when they fixed the rates. As "cost of funds" rates for most banks (it varies by bank depending on what the market thinks of the risk) is higher now than it has been for the past few years, it is likely that a break fee is zero for anyone that fixed more than a few months ago

lets say you have 400k mortgage over 30 years. This is costing €1612/month at present

At 3.35% it would go to €1762, but you could have this fixed until 2037

If ECB rates move to 2.25% (this is very likely and would still be considered low), mortgage rates would range 4.5%-5.5%. At 5% your payment would go to €2147.

If you think logically, 5% is a 50% higher interest rate than 3.35%

I'd also check the valuation - remember you probably agreed a price several months before you actually purchased it and it may have moved up that little extra. Check propertypriceregister.ie to see what similar houses have gone for locally in recent weeks - if you can show 3 or 4 examples that would give you 80% ltv, its worth getting valued. (it's worth €300 a year to you in lower payments and probably will only cost €200)

Now might be a good time for a revaluation anyone who think they might be close to a lower LTV bracket.

Residential property prices up 14.4% in May - CSO (rte.ie)

Or just spend 15 minutes and email 10/15 solicitors and ask for a fixed fee.

Yes, you're right - it's switching as opposed to breaking that we need the solicitor.

It'd be awkward for us to have to go to, say Waterford, in order to sign - that's kind of putting me off ezfees even though it worked out reasonable from a financial point of view it sounds like?

We've just been through this ourselves and you will definitely need a BER certificate for the green mortgage.

Our property was F rated when we bought it. We finished renovating earlier this year and had our BER assessment done which brought our BER up to a B1 which we were delighted with. No brainer for us to go for the green mortgage after all the expense of renovating the house!

Tbh, it was a bit of a hassle finding a BER assessor. We rang around a bunch of them (found on Google) but lots either didn't answer their phones or were too busy to 'fit us in'. Maybe it was a busy period, but we ended up using www.bercert.com which was amazing. You basically submit your property details and then you'll get quotes back from the assessors with their availability. Would definitely recommend using them.

Good luck with everything. It's definitely worth the effort to go for the green mortgage and save some coin!

That depends on your lender. Kbc allowed 10% overpayment each year. I was paying 250/month extra.

Avant allow 10% extra per year but as far as I know you can only overpay twice a year

Is it worth it? Harder to answer but easy answer is yes, overpaying will reduce your balance & you will pay less interest but there may be better options to use your money on.

Ended up moving off the 2% tracker to fixing at 2.8% for 10 years. Been so lucky to have the tracker for 15 years it almost feels dirty dropping it, but if we didn't we'd certainly be paying more by the end of the year!

Draw down with Avant today. Managed to get the 1.95% fixed for 7years just in time. Started switch in march, just over 4months. Had to resubmit a few payslips as they went out of date, but that was it. Didn't think we'd get it done in time as some colleagues were waiting close to 6 months.

If you are thinking of switching in a few months why don't you just do it now? It took us 3 months to switch to Avant & only just got it completed before the rates went up.

If you leave it for 3-4 months to start switching then there could be another rate increase before you close. There is talk of an increase on the 21st July & again in September.

There are much better rates then what you arenon but delaying switching might be shooting yourself in the foot.

Applied to switch my mortgage to Avant on 7th of April. Just got my approval letter yesterday. Had applied for 15 years, letter is offering me 25 years. Also lost out on lower rate of 2.25% as it has taken them 71 working days to get back to me, rather than the 10 working days they had on their website when I applied. Just a warning for anyone else dealing with Avant at the minute.

I switched from EBS to Avant this year....I rang them up so that could give me my breakage fee using the formula, and they told me my exit fee was zero "due to the current low cost of money", so its worth ringing up to make sure, you maybe lucky like I was....I was 3 years in to 5 year fixed 3.0% with 219k left, switched over to a 2.1%, 10 year fixed. It did take a little while to go through, but everyone is switching at the moment. My broker told me that in 1 week he had sent 12 applications to switch over to Avant.

Not sure what I think of the Avant switching process - we started our switch with the broker at beginning of April and drew down at end of last week (got the 1.95% on 7 years), so probably a good experience overall noting the increased level of applications they had to deal with.

We had everything across to the broker by 6th May and then AIP by 26th May. However still a lot of work needed to close it out, between the valuation to get to a loan offer and then for the loan offer lots of small things like home insurance updates, various building compliance letters and according to our solicitor some strange/unrealistic requests for our type of build. Took us from 26 may loan offer to 15 July to close it out, and we had most things to hand!

I think if you don't have a deadline to try and meet then it's an ok process, but things do get a bit more stressful quickly if you're trying to drawdown by a certain date, so start early if you can!!!

very likely just break with 1 form and refix with another form. Usually the way.