Just wanted to give me experience of switching as I found some of the other posts very interesting. I have used steelmans post to lay it out in the same fashion. Thanks steelman
Was with BOI (previously ICS) since 2008
Was on various fixed and variable rates during that time.
In September 2015 I was on a rate of 4.2 so started looking into getting a lower variable rate with BOI, however they had their policy of lower rates only for fixed so I fixed at 3.6 for one year.
In September 2016 I decided to contact BOI about getting a lower variable rate when I came off the fixed that November. At the time the mortgage was 210k and the value of the house was 300k so 70% LTV. I was put onto the mortgage review team who contacted me back a couple of weeks later advising that they couldn't do anything for me so I told them that I was going to move mortgage provider when the fixed rate was up thinking that might change their mind but was just told "Sorry there is nothing we can do".
So in October 2016 I started looking around at alternative mortgage providers and it came down to AIB and EBS. Eventually the 2% cashback and the advice on AAM swayed us towards EBS.
We owed approx. €202,000 on the house that was valued now at €310,000
So I started the process at the end of October by calling into my Local EBS. They were very helpful and we got the initial approval within a couple of weeks.
We then started getting all the rest of the paperwork together and the week before Xmas we got the final approval.
We have had a couple of issues with changing the Mortgage protection policy which means it is only this week that we finally submitted all the pieces required in the special conditions but all going well we should able to draw down funds at the end of the week or early next week.
Overall I have met the Branch manager on 3 occasions and have been to the solicitor twice.
All in all 3 months with very little hassle and job done. Probably about 7 hours tops of my time.
Borrowed €205,000 so getting €4100 cash back from EBS.
Costs so far were valuer €150 (Which EBS covered for me), solicitors €1336
Was it a hassle, no not really. A small bit around the Mortgage protection but that was mainly due to dealing with a broker who was trying to sell me some other stuff as well.
Would I do it again. Definitely to get a better rate and a few quid in the back pocket.
Was with BOI (previously ICS) since 2008
Was on various fixed and variable rates during that time.
In September 2015 I was on a rate of 4.2 so started looking into getting a lower variable rate with BOI, however they had their policy of lower rates only for fixed so I fixed at 3.6 for one year.
In September 2016 I decided to contact BOI about getting a lower variable rate when I came off the fixed that November. At the time the mortgage was 210k and the value of the house was 300k so 70% LTV. I was put onto the mortgage review team who contacted me back a couple of weeks later advising that they couldn't do anything for me so I told them that I was going to move mortgage provider when the fixed rate was up thinking that might change their mind but was just told "Sorry there is nothing we can do".
So in October 2016 I started looking around at alternative mortgage providers and it came down to AIB and EBS. Eventually the 2% cashback and the advice on AAM swayed us towards EBS.
We owed approx. €202,000 on the house that was valued now at €310,000
So I started the process at the end of October by calling into my Local EBS. They were very helpful and we got the initial approval within a couple of weeks.
We then started getting all the rest of the paperwork together and the week before Xmas we got the final approval.
We have had a couple of issues with changing the Mortgage protection policy which means it is only this week that we finally submitted all the pieces required in the special conditions but all going well we should able to draw down funds at the end of the week or early next week.
Overall I have met the Branch manager on 3 occasions and have been to the solicitor twice.
All in all 3 months with very little hassle and job done. Probably about 7 hours tops of my time.
Borrowed €205,000 so getting €4100 cash back from EBS.
Costs so far were valuer €150 (Which EBS covered for me), solicitors €1336
Was it a hassle, no not really. A small bit around the Mortgage protection but that was mainly due to dealing with a broker who was trying to sell me some other stuff as well.
Would I do it again. Definitely to get a better rate and a few quid in the back pocket.