Switching from KBC to AIB - taking ages

sullyck35

Registered User
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Typical just in the process of switching from KBC to AIB. On 4.05% with KBC so the switch will bring me down at least half a %.

Such a painful process but will move again to KBC to get the best rate if AIB don't make some moves.

Question can I move from AIB after the switch as they are paying for professional fees.
 
Hello,

Quick update on the switching process.
Began this process last August and posted here late October to vent frustration at the complexity of the process.

Still ongoing, valuation now out of date, had to take out new life cover costing more every month as the loan offer exceeds the amount of life cover I have.
I also had to increase the amount the house is insured for by over 100 euro per year.

The worst part is none of this is necessary now as KBC have dropped their rates for existing customers so I am saving nothing now by switching

I will move again if it is worth it and will be more prepared but the painful process must be a massive deterrent for a lot of people.
 
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The worst part is none of this is necessary now as KBC have dropped their rates for existing customers so I am saving nothing now by switching

While the current rates that you can avail of are good, their terms and conditions if you take the new rates mean they don't have to pass on future cuts to you so still probably a good idea to proceed IMO
 
Hi Brendan,

I have no idea why it took so long.
Solicitor was waiting quite a while for the documents from KBC.
Also in the middle of the process the application number changed not sure why or if it slowed the process down.

Last week I was told that I needed to get new life cover or reapply for the mortgage as the life cover was insufficient to cover the amount AIB were giving to me.
I argued that the Life cover was in line with my current mortgage and was decreasing with the mortgage.
I proceeded to get life cover for the 227500 and the mortgage will be 223500.
This means they are giving me a check for more than the current value of the mortgage.

Life cover is more expensive and the house insurance has now increased.

The savings I had hoped to make over the lifetime of the mortgage are decreasing not by much.
From
KBC 4.05% variable 227500 euro
To
AIB 3.50% variable 227500 euro

Life cover has increased by 120 per year
House insurance has increased by 110 per year
I will be dropping into the <80% bracket in the next year or 2, but AIB policy not to let customers take advantage I believe.

So I am now wondering if switching was indeed worth it?

As stated I would be more prepared the next time if I decide to switch.
I would be faster-returning documents and more questions would be asked on my part.
 
Solicitor was waiting quite a while for the documents from KBC. I would be faster-returning documents and more questions would be asked on my part.

Doesn't sound right.

The only area where there is occasional delay is the provision of the redemption balance. Your solicitor could have requested the deeds long ago.



I would be faster-returning documents and more questions would be asked on my part.

That might well be the cause of the delay. Your own slowness in returning documents.
 
Doesn't sound right.

The only area where there is occasional delay is the provision of the redemption balance. Your solicitor could have requested the deeds long ago.





That might well be the cause of the delay. Your own slowness in returning documents.


I agree I was not blameless in the delays.
Some of these forms are extremely time-consuming to fill in and difficult to understand.
Working full time tends to take a good chunk of my time and calling all these companies means a long wait on the phone during working hours.
I am not making excuses but it has been mentioned a number of times that the process can be done in other countries in 30 days.
 
Do you think that the switch in my case was worth the trouble if you factor in the increase in life cover home insurance and the ability to benefit from a lower LTV in a year or so?
Leaving aside my slowness returning the documents.
 
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