Switching while on employment probation

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bpmckenna

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I am currently <1 year into a variable mortgage with BOI. Its fixed for 3 years at 3.75%. I am keen to switch to take advantage of better rates elsewhere but mainly to consolidate some loans taken out to renovate the property into a mortgage.

My partner is currently on a probationary period after starting a new job. Q's would be is it too early to switch while the mortgage is so new? Would my partners probation rule this out anyway? And is consolidating loans an option with any mortgage lenders? (I am self employed and my income has improved since the bank a 3 year average when they made their assessment in late 2015).

Thanks in advance for any help.
 
Yes, the probation is an issue, and so too is exiting a fixed rate. Loan consolidation also tends to be something the banks shy away from.
 
Thanks, would the fixed rate be a complete blocker or a fee that the bank I'm switching from will withhold? If the fee isn't exorbitant it might still be a saving in the long run...
 
There is usually a fee to break a fixed rate, might be a set amount or formula and stated in loan offer, if not ask the bank and they will calculate it.
 
So after speaking to a broker they seem to think that with my both our employment records my partners probationary period may be overlooked by some banks, but, we are fixed with BOI for 3 years and the sales guy in the bank has advised that the cost to exit this would be in the region of 28k!!! Does this sound right?

Essentially, the main driver for this is to consolidate some personal debt user taken out for a house refurbishment, I might need to wait it out and see if BOI will do this 6 months down the line as per the advise of the same guy in there..
 
There is no way of knowing whether that penalty is right or not without checking what formula the bank uses and amount owed. The broker may be familiar with it but you should check your loan offer which probably sets out the penalty clause or if not just ring BoI, I'd ring Head Office directly and get the relevant dept, they will probably be able to tell you straight away in the press of a few buttons.
 
Thanks, it was actually a sales guy in a BOI branch who said that, but i think i should call BOI Mortgages as well.
 
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