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switching mortgage to a different lender.

  • 14-01-2020 06:50PM
    #1
    greep
    Registered Users, Registered Users 2 Posts: 101 ✭✭


    I found better rates for my mortgage with KBC, but don't like the hassle of switching...

    Has any of you successfully negotiated with your current bank, i.e. threatening them to leave to an alternative lender, say... to match the rates the new lender would offer?

    Thanks
    Tagged:


Comments

  • #2
    tommythecat
    Registered Users, Registered Users 2 Posts: 1,045 ✭✭✭tommythecat


    greep wrote: »
    I found better rates for my mortgage with KBC, but don't like the hassle of switching...

    Has any of you successfully negotiated with your current bank, i.e. threatening them to leave to an alternative lender, say... to match the rates the new lender would offer?

    Thanks

    I switched from AIB to KBC recently. AIB had no interest in negotiating a deal.

    4kwp South East facing PV System. 5.3kwh Weco battery. South Dublin City.



  • #3
    timetogo1
    Registered Users, Registered Users 2 Posts: 893 ✭✭✭timetogo1


    I was with KBC before and they wouldn't entertain negotiating. This was when they were giving new customers different rates than existing customers. So I wanted to get a rate they were actually giving other customers and they didn't care.

    Switching is a hassle but it's not that hard. Absolutely worth doing. The bank I switched to sent out an advisor to our house to help with the forms.

    The most hassle I had was answering and reanswering questions for the bank and solicitor. So patience is required.

    But it saved me over €3k a year.


  • #4
    greep
    Registered Users, Registered Users 2 Posts: 101 ✭✭greep


    tommythecat wrote: »
    I switched from AIB to KBC recently. AIB had no interest in negotiating a deal.
    Thanks, I'm also with AIB & thinking of switching to KBC (at least for 2 years fixed rate offer) & then back to AIB as they have variable (long term rate).


  • #5
    tommythecat
    Registered Users, Registered Users 2 Posts: 1,045 ✭✭✭tommythecat


    greep wrote: »
    Thanks, I'm also with AIB & thinking of switching to KBC (at least for 2 years fixed rate offer) & then back to AIB as they have variable (long term rate).

    It's still worth talking to them. You might have better luck.

    4kwp South East facing PV System. 5.3kwh Weco battery. South Dublin City.



  • #6
    G_R
    Moderators, Education Moderators Posts: 5,028 Mod ✭✭✭✭G_R


    greep wrote: »
    I found better rates for my mortgage with KBC, but don't like the hassle of switching...

    Has any of you successfully negotiated with your current bank, i.e. threatening them to leave to an alternative lender, say... to match the rates the new lender would offer?

    Thanks

    You can switch to KBCs new business rates, I.e. whatever they are offering to new customers:

    https://www.kbc.ie/Our-Products/Mortgages/Existing-Customers/PDH-Offer

    You need to get a valuation to confirm your LTV bracket, but that's it


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  • #7
    Q&A
    Registered Users, Registered Users 2 Posts: 583 ✭✭✭Q&A


    greep wrote: »
    I found better rates for my mortgage with KBC, but don't like the hassle of switching...

    Has any of you successfully negotiated with your current bank, i.e. threatening them to leave to an alternative lender, say... to match the rates the new lender would offer?

    Thanks

    Banks won't price match. However, you might be in a situation where your LTV has reduced sufficiently that you might be eligible to move to a lower rate (if based on LTV). However, KBC have some good rates so it's likely they would still be cheaper.

    Yes some work involved in switching (and cost) but the €3k should more than cover that.


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