Switching mortgage restricted by age

fme

Registered User
Messages
64
Hi,
Thanks to all the great advice on here, we are looking to switch mortgage.
We are just about to complete a 2 year fixed rate (3.8%) period with current mortgage from BOI so am shopping around.
EBS is listed as best buy due to the 2% cashback - the variable rate of 3.5 also would mean reduced monthly repayment.
However the caveat in our case is that we have over 23 years remaining on current mortgage and as I am nearly 46, EBS will not give us a switcher mortgage of more than 19 years.
So instead of reducing monthly repayments, these will increase by around €200. That plus the extra stress-testing they do looks like it will be a non-runner for us in terms of proving additional regular savings.
They mentioned that AIB also have this same policy.
KBC on the other hand do not seem to have this restriction so it looks like we'll be switching there instead...
 
I switched in 2010 or so to AIB and the restriction was there also although my original mortgage was also restricted to when I was 65 with UB. I think the stretch till you're 70 only came in late in the madness.
 
So do KBC offer mortgages to 68 or is it 70? Does anyone know what policy is with the others - BOI, Haven, Perm TSB?
 
It's a crazy rule.

So what if you have a mortgage of €20k when you are 70? If you have any sort of decent income at all, you can afford to pay the interest.

Brendan
 
It's a crazy rule and should be illegal in the context of the state raising retirement ages ... it clearly tells me the company in question don't want business.
 
I tried to switch to aib from EB's and couldn't due to this. They wanted a lump sum plus the repayments would be higher as the mortgage would have to finish at 65. This despite the fact that I offered to use my lump sum to pay it off at that stage which would more than cover it. This is preventing lots of people switching:mad:
 
Did you try UB who will allow a mortgage run to 70 if you have a non-State pension?

3.1% and €1,500 towards legal fees...better than a slap with a wet fish.
 
Ive looked it up and it keeps coming up as 3.7%???? My house is worth about 160000 and I owe 100000 - ???
 
Yep, it does appear to be 3.7% with UB for >61-80% LTV.
The 3.1% rate is offered by KBC for >60-80% LTV...
 
I think that we're both right...

Ulster Bank do 3.1% for 80% LTV if you open a current account (€4 a month), but I think a €100k mortgage doesn't qualify (something in the back of my mind about a €200k or €350k minimum).
 
Have just seen this. Challenged BOI on my 4.2% rate on basis that ebs and aib were quoting. Have given me svr of 3.7% but that's it. However I will be caught by this rule which looks like ruling both ebs and aib out and only ub left at the 3.1%.
 
Back
Top