I was with BOI before switching to AIB. Fixed rate 2 years at 3.8% ending this April. I could have waited till April and then moved to another 2/3 years fixed rate at 3.1% but wasn't too keen to fix again as I make lump sum payments towards the capital every x months.
Week 1 _ I got all my required docs together, filled in their application form and went to my local AIB branch to hand all this in. They did the ID identification and the verification of address and they posted all the docs to their mortgage department.
Week 2 _ I contacted my previous solicitor who I used when buying the house and got him ready for the switch. They quoted me 850 eur for his work.
Week 3_ AIB phoned me to advise that I was given approval for the requested amount and that more paper work to fill in was on my way. This came in the post fast (2 working days after). I phoned AIB to arrange a valuation (150 eur). House valuation comfortably within the <50% range.
Week 4_ Valuation done and sent to AIB. Meantime I met my solicitor and signed contracts.
Week 5_ By the end of this week the AIB funds transferred the funds to my solicitor who then transferred to BOI to clear this mortgage. Letter received from AIB advising that mortgage had been drawn, first repayment date and interest rate 3.1%
This same day my solicitor paid off the BOI mortgage, 2k was transferred to my BOI current account.
I consider my mortgage small (for Irish standards) so my savings from switching may not be huge but I wanted to have a low variable rate and the lowest BOI was offering me was 3.9% (if I remember well).
Also, very nice to earn 1k from very little effort/work. Nice Christmas gift.
Week 1 _ I got all my required docs together, filled in their application form and went to my local AIB branch to hand all this in. They did the ID identification and the verification of address and they posted all the docs to their mortgage department.
Week 2 _ I contacted my previous solicitor who I used when buying the house and got him ready for the switch. They quoted me 850 eur for his work.
Week 3_ AIB phoned me to advise that I was given approval for the requested amount and that more paper work to fill in was on my way. This came in the post fast (2 working days after). I phoned AIB to arrange a valuation (150 eur). House valuation comfortably within the <50% range.
Week 4_ Valuation done and sent to AIB. Meantime I met my solicitor and signed contracts.
Week 5_ By the end of this week the AIB funds transferred the funds to my solicitor who then transferred to BOI to clear this mortgage. Letter received from AIB advising that mortgage had been drawn, first repayment date and interest rate 3.1%
This same day my solicitor paid off the BOI mortgage, 2k was transferred to my BOI current account.
I consider my mortgage small (for Irish standards) so my savings from switching may not be huge but I wanted to have a low variable rate and the lowest BOI was offering me was 3.9% (if I remember well).
Also, very nice to earn 1k from very little effort/work. Nice Christmas gift.
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