# NIB mortgage from ECB + .5%



## Brendan Burgess

_press release from NIB:_

*National Irish Bank Transforms Mortgage Pricing in Ireland*
·*Unique New Mortgage Pricing Model Launched – LTV Mortgage links interest rate to home values*
·*Margins from 0.50% - less than half of what many mortgage holders currently pay*
·*Available across full range of ECB Tracker and 2, 3 and 5 year fixed rate mortgages*
·*Approach based on successful Danish model - National Irish Bank’s parent Danske is the leading mortgage player in Denmark*

*17th October, 2006. *National Irish Bank has today announced a ground-breaking approach to mortgages which has the potential to deliver substantial financial savings to thousands of Irish home owners. As an addition to its already powerful range of recently launched customer packages, the new *LTV Mortgage *(Loan to Value) pricing model directly links the interest rate to the value of the property. The greater the property value over the loan, the lower the interest rate. 

With the rapid increase in house prices over recent years, the *LTV Mortgage *will be particularly attractive to home owners who have built up equity in their home, particularly those on a standard variable rate mortgage with their existing lender. 

Typically today, lenders offer standard variable rate mortgages at an interest rate which equates to a margin of up to 1.35% over ECB. National Irish Bank’s unique tiered pricing model offers a margin ranging from 0.50% to 0.59% depending upon an individual householder’s LTV. This makes the new *LTV Mortgage* pricing model the most competitive and most innovative in the Irish market today. 

The pricing structure is available on mortgages up to 80% LTV and works as follows:

·A margin of 0.50% is applied to the first portion of the loan up to 50% LTV
·A margin of 0.60% is applied to the next portion of the loan up to 60% LTV
·A margin of 0.80% is applied to the final portion of the loan up to 80% LTV

For many of Ireland’s home owners, savings in their repayments could be more than €1,500 per year or €28,000 over the life of a €250,000 mortgage – assuming 18 years remaining on a house valued at €500,000.*

The new pricing model, which is available as part of National Irish Bank’s Easy, Easy Plus and Prestige personal banking packages, applies to its full range of ECB Tracker and 2, 3 and 5- year Fixed rate products - so the customer has excellent choice. Customers can also choose between Capital & Interest on loans up to 80% LTV and Interest Only options on loans up to 60% LTV.

The new *LTV Mortgage* is available only for principal private residential mortgages with a loan to value up to 80%. It will not apply to investment properties.

To make switching mortgages easier, National Irish Bank has introduced a new switching service in partnership with First American, which is part of IFG Group plc.  First American are providers of title insurance which is the legal process that facilitates moving a mortgage from an existing lender to National Irish Bank. The switching costs will be paid by National Irish Bank (excluding Government stamp duty). In addition, customers who take an Easy Plus or Prestige personal banking package will receive a contribution of €100 and €150 respectively towards their house valuation fee when taking out the *LTV Mortgage*.

Every 3 years, customers will have the opportunity to adjust the rate of interest they pay by getting a new valuation completed to determine their new loan to value.  This allows customers to benefit from continuing increases in the value of their home or from lump sum repayments on their mortgage.  In the case of a customer who has opted for a fixed rate *LTV Mortgage* the review can take place at the end of the fixed rate term (subject to a minimum of three years). 

*National Irish Bank’s personal banking packages *

National Irish Bank’s approach to pricing and value in consumer banking is centred on personal packages which group the specific services a customer requires. Five personal banking packages are available – Personal Access, Freedom and Easy (no maintenance fees); Easy Plus and Prestige (€75p.a. and €125p.a. respectively). Transaction fee free banking for credit or debit accounts are the norm with minor restrictions in certain circumstances. National Irish Bank’s market leading pricing includes the same rates for overdraft and credit cards, with rates ranging from 8.8%APR to 10.2%APR.   Current account credit interest rates also lead the market for the top two packages at 1.50% and 2.25%. Arrangement fees for overdrafts have been removed as indeed, uniquely, have referral fees.


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## AJC

Great to see something like this at last.

Pity that they are relatively stingy re the amounts they will advance - especially if both partners earn roughly the same.


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## Mourinho

Hopefully this will shake up some of the others to follow suit in due course.


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## AJC

Anyone know if they have changed their policy from (3.8 x one earner plus 1 x second earner) ?

The seem to refer to a maximum 40% net income calculation on their new website...


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## infinity

I must approach my own lender (Permanent TSB) and see what they say. Currently paying 4.35% (ECB + 1.1%). My LTV is 60%. 

Has anyone approached their own bank looking for a deal in light of this ?


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## Gumper

I am currently in the process of switching my mortgage from Ulster Bank ot NIB, and was just off the phone with my local NIB branch. My LTV will be exactly 80%, with the overall rate then being ECB + 0.59%.


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## Carmel

So this is available to switchers as well?

Can someone tell me how they decide on the value of your house? Do they send someone around to do a valuation? Based on recent property prices in your area?

Thanks
C


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## Miles

Gumper said:


> I am currently in the process of switching my mortgage from Ulster Bank ot NIB, and was just off the phone with my local NIB branch. My LTV will be exactly 80%, with the overall rate then being ECB + 0.59%.


 
Have Ulster Bank offered to match the NIB offer? Would be interested to know as I have an LTV of approx 80% also.


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## 3ps

carmel they have all that info on their website.
they pay legal fees or contribute if you use your own sollysitter.
you get the valuation done.


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## JOHNBOB50

This still does not beat Bank of Scotland IRL's ECB+0.45% for first 2 yrs.


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## SteelBlue05

JOHNBOB50 said:


> This still does not beat Bank of Scotland IRL's ECB+0.45% for first 2 yrs.


 
Thats only 2 years, NIB's offer is better over the life of a mortgage. This is not a valid comparison.


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## MugsGame

Thanks for that John -- BoSI only offer this for LTV under 75%, and NIB's offer lasts for the lifetime of the mortgage.


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## turtle77

Infinity; I'm in same boat as you..with PTSB.
Can you let me know how you get on please?


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## JOHNBOB50

yeah but then switch when the two years are up


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## Satanta

JOHNBOB50 said:


> yeah but then switch when the two years are up


Given the costs of switching etc. I can't see this being beneficial.


SteelBlue05 said:


> This is not a valid comparison.


This point still stands. Many people may not be in the same situation to allow them to switch after two years (change of job etc.) so these products should (and usually are!) viewed seperatly.


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## MugsGame

JOHNBOB50 said:


> yeah but then switch when the two years are up



JOHNBOB50, you have posted a number of times recommending BoSI products. Are you aware of the posting guidelines on ? Do you have anything to declare?


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## Brendan Burgess

I have added some more information at the bottom of the first post.

You need to have an NIB current account, but that is ok as they are good value with a good internet offering.

They will contribute to the costs of switching as follows:
_The switching costs will be paid by National Irish Bank (excluding Government stamp duty). In addition, customers who take an Easy Plus or Prestige personal banking package will receive a contribution of €100 and €150 respectively towards their house valuation fee when taking out the *LTV Mortgage*._

I have no information on their fixed rates. They offered to fax it to me, which I think is odd for a company with such a good IT platform. 

Brendan


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## Guest111

My first post...hello there.
This seems to be a fantastic offer. The only cost to the customer will be the stamp duty element of the remortgage.
More importantly it's going to rattle the cages of the other banks.
Personally I'm going to adopt a wait and see approach as this has to be the opening shots of a mortgage war.


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## YouNeek

BoSI
- Contribute 1000 towards legal fees
- You pay for valuation (by one of their approved valuers) and they reimburse you.
- Rate is ECB + .45% for first 2 years, and ECB plus 1% thereafter
- Claw back 1000 if you switch from them within first 5 years of mortgage.
- No need for any other BoSI accounts.

NIB
- Will pay legal fees, or contribute 600 if you use your own solicitor
- Site says " A further professional valuation will be required at this time", but doesn't say who pays. 
- Rate varies, depending on LTV, but it's ECB plus X for lifetime of mortgage (for tracker product).
- No mention of clawing back € 600 if you switch
- You must sign up for one of their banking packages - Easy, EasyPlus or Prestige.



infinity said:


> I must approach my own lender (Permanent TSB) and see what they say. Currently paying 4.35% (ECB + 1.1%). My LTV is 60%.
> 
> Has anyone approached their own bank looking for a deal in light of this ?


 
I approached my own bank and told them of the offers available with the competition. Their attitude was that for a mortgage of a couple of million, they'd do a special rate, but for a smaller amount, it wasn't worth their while to facilitate customers on an individual basis.


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## serotoninsid

YouNeek said:


> I approached my own bank and told them of the offers available with the competition. Their attitude was that for a mortgage of a couple of million, they'd do a special rate, but for a smaller amount, it wasn't worth their while to facilitate customers on an individual basis.


Thats fair enough but if theres a better deal on offer, then do the paperwork and take it thats my attitude. I've been trying to get UB to drop me down to the lower tracker rate (i am now in the lower category LTV due to equity buildup in property) for the last eight weeks and not getting a response from them.
Just mailed them to say that I will go with NIB's new deal if they dont get back to me (its one thing not to be able to match the competition but to not even send a two sentence email to respond to a customer - that really annoys me).


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## Brendan Burgess

I got some further information from NIB 

*The requirement for a current account*
There are no charges on the Easy current account. So you can set one up as a feeder account and keep your existing current account. So you set up a direct debit to the Easy account for your mortgage and use no other services if you wish.

*Fixed rates*
They use the Bloomberg Reference Rate. Apparently Bloomberg publish interbank rates every Friday morning for fixed rate loans.  NIB will add .5%,.6% or .8% as appropriate. 

Obviously, once you take out a loan, the rate is fixed. But the rate for new customers will change weekly. 

*Interest only*
These are quite popular in Denmark. There is no limit on the time period.

*Minimum loan: €20,000*

*How much will they lend?*
40% of the net earnings of the person or couple. 

*First time buyers*
I said that this was obviously not aimed at first time buyers and they said that first time buyers could switch to this product after a few years when their equity builds up to 20% of the value of their home.


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## rory

The tool at the link below will calculate your repayments and APR for tracker and fixed rates. The Advanced tab displays the reference rates and the applicable margin.
[broken link removed]
[broken link removed]


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## 3ps

I'm already on a tracker with BoS. What's the likely hood of them matching this and it being offered to me?


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## 1carrot2

I have just switched to NIB from PTSB.
Gave PTSB the option of doing something for me - but got nowhere - so switched.
Would agree with all the above comments re. BoSI.
I was looking for the best deal over the life of the loan - and not just the introductory gimmicks, to get you in.
The legal side of switching means it is something I would like to do as few times as as possible.


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## cormacol

What happens if house prices start to fall and the LTV increases above 80%?


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## greenfield

Rang my mortgage Company yesterday after NIB published the details of the new offer and was immediately offered a discount of 0.35% to stay, so I think it is certainly worth while ringing your existing lenders and seeing what is on offer.


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## Squonk

greenfield said:


> Rang my mortgage Company yesterday after NIB published the details of the new offer and was immediately offered a discount of 0.35% to stay, so I think it is certainly worth while ringing your existing lenders and seeing what is on offer.


 Are you at liberty to tell us your Mortage company?


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## SteelBlue05

Squonk said:


> Are you at liberty to tell us your Mortage company?


 

Also, what rate (margin over the ECB) were you previously on?


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## greenfield

Hi Squonk and Steelblue05

I am with (for the moment anyway!) ICS and the rate I was on before the discount was ECB and 1.25%


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## jfitzer

YouNeek, that is a terrible and stupid attitude for them to have, if they add up the amount of loans that will be moved from them I am sure it will accumulate to over the two million !!!  

I just phoned NIB, my loan is on Interest Only and they said that it is not available on interest only loans, I pointed out that their website states that it is up to 60% LTV, the guy on the other end of the line was stumped.  I am awaiting a phone back now.


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## liteweight

jfitzer said:


> YouNeek, that is a terrible and stupid attitude for them to have, if they add up the amount of loans that will be moved from them I am sure it will accumulate to over the two million !!!
> 
> I just phoned NIB, my loan is on Interest Only and they said that it is not available on interest only loans, I pointed out that their website states that it is up to 60% LTV, the guy on the other end of the line was stumped.  I am awaiting a phone back now.




Pretty stupid if other lenders don't try to compete. We're with Bank of Scotland, also interest only. The situation is the same, if you're on IO mortgage, reductions don't apply unless you change it to an annuity. We'll be looking elsewhere!!


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## Dinarius

To say that this is long overdue is an understatement.

I bought my first property in 1995. It was a small commercial (lockup/warehouse) building. It cost £72,000 including fees. 

AIB lent me the money and charged me 1.5% over prime. Prime at the time was 6%, so I was paying 7.5%. In other words, they were putting a markup or profit margin of 25% on the money, and not a very large sum at that - and for a commercial property NOT a PPR.

In one of the first posts on this thread, someone wrote that he is paying 1.1% over the current prime of 3.25%. That is a markup of 34%!! And it is almost certainly on a vastly greater sum of money, given that property has risen about 10 fold in the last decade.

Is it any wonder AIB and BofI are making profits of €1bn plus? Of course it isn't. The margins are much greater and so are the sums borrowed.

Developer Sean Dunne bought up a chunk of Dublin 4 for €200m. Even if he went bust and the land became worthless (which will never happen) the bank he owes money to (AIB? BofI?) would lose about 10 weeks profit. That's all. Think about that!

I hope that NIB do very well with this product. 0.5% over prime is a margin of 16%. Not bad for doing sweet fanny adam.

D.


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## jfitzer

Lightweight, even more stupid of them as on IO they get more money over the term of the loan.  I'll let you know what NIB say tomorrow when I get my call back


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## Del3D

I am very tempted by the NIB deal and it would save me hundreds per year as we have >50% equity in the house, for a relatively small initial outlay. However, I am a cynic and I don't fully understand tracker mortgages as they were not common until recently.... My question:

What is to stop NIB changing the rate from ECB+0.5% to ECB+1.25% (e.g.) one year after introduction? Are they contractually obliged to keep this rate for the term of the mortgage?


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## KCT

Yes, it will be stated in your mortgage contract what rate will apply to you.


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## Protocol

Del3D,

no need to be cynical.  Tracker mortgages are good as the take the power and discretion over rates away from the bank.

I am on the best rate previous to this new offer.  ECB + 0.79, also from NIB, for the life of the loan.  That's the beauty of it, as I know the bank can't squeeze me for extra profits.  They just charge me 0.79% fixed margin above the wholesale ECB rate.


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## Protocol

Also, just to let people know that I rang NIB just there to see if I could switch from their already good value 0.79% tracker mortgage to their new LTV offer.

They put me through to a dedicated LTV mortgage telephone call centre, I suspect not in RoI.

It seems I can switch, they will send an info pack out to me.

But I may have to get a valuation, to confirm the LTV, even though i bought the house 1 year ago.


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## Humpback

With regards to this new NIB offer, has anyone noticed that they hold you to whatever deal your on, and your valuation, for a period of 3 years. So, if you're on 70% LTV now, it would appear that you're held on that valuation for 3 years, even if your house value increases and your LTV decreases in the meantime.

Am I reading this right? And given the graduation of rates according to LTV, would this 3 year period make much difference?


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## jfitzer

Just received the call from NIB, they will do my interest only mortgage and as my LTV is below 50% I am getting the .5% above which is great.  Whilst doing this I am also arranging a top up to do some bits and pieces so killing two birds with one stone.  I can use their solicitors as zero cost or have €600 towards my own solicitor, think I will use them, make it easier I hope.  I can take out one of their acconts and will also get a €100 towards my Valuation.  The account in question has quarterly charges of €18 but there are no direct debit fees, etc.  Overall saving about €70 per month on my mortgage so I'm quite happy.


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## Del3D

Thanks - I will park my cynicism, tidy the house and get the valuer around! 

Just on the legal fees though - Is it wise to go with the NIB legal switching service? Will they not have NIB's interest as their prime objective? ... maybe that's my cynicism sneaking back in.


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## Guest111

Surely there can't be anything sinister in using NIB's legal people?
It's a straightforward process...and one we're all being routinely ripped off on! fair play to NIB, this seems to be one of those rare cases where it the customer is getting a transparent good deal.


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## AJC

Does this/should this give a fiduciary duty to all mortgages brokers (who have an agency from NIB) to direct their clients to the NIB tracker regardless of the varying level of commissions which might be on offer ?

_(assuming that the client a) wants a tracker b) the LTV is 80% or less and c) client meets NIB lending criteria_)


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## Jugovic

Question to JFitzer:

You say that you're 'also going to do a top-up' with your mortgage when changing to NIB.

I am currently in the process of looking to move my mortgage, from Ulster Bank to either BoI Scotland or NIB. When I will be moving to NIB, I will also be looking for a top-up. NIB have told me that they will only do the top-up towards building costs for my house..estimates AND final invoices are required. they won't put the top-up against other loans (such as credit card / car loan) or anything else. Have you also come across those stipulations regarding toping up with NIB?

FYI My current mortgage outstanding is approx. 110K (house worth 240K) and when moving I will be moving the full mortgage up to 192K (LTV 80%). This involves a toping up of 82K.


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## Guest111

Do any brokers deal with NIB? I was under the impression they were trying to cut out the middlemen and just deal with the customer.


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## Sarah W

NIB don't have a broker network so it's only possible to get this product by going direct. It is very good although one word of caution - from what I've seen they are inferring that you must move your banking to them or at least open an account with them; under the 1996 Consumer Credit Act you can not make the provision of a service or product conditional upon taking another product from the same provider. So no lender can insist you open an account or buy their mortgage protection, household insurance or mortgage payment protection. Do bear this in mind as that is where the profits lie - not the mortgage product.

Sarah

www.rea.ie


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## jfitzer

Jugovic, I am assuming what you are saying is that you already have a house as opposed to you are only just building it, and you want to raise the €82k to pay off other loans, credit cards etc. Mine was just to get my garden done to the amount of €10k my existing loan is €160k and the value is €400k so even after the topup my LTV is below 50%.  They never asked me any question about the reason for it but that might have been because of the level of my topup.  Maybe they just do not want people consolidating loans.  Sorry I know this is of no help to you.


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## jfitzer

Sarah W, when I spoke to them yesterday they did not insist to me that I had to.  I initially was going to though but for hassle I have decided not too for the time being.   Guess I should check this out.


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## Phaedrus

Hi, 

This is my first post. We just decided to see if we can do anything about our mortgage sneaking up with the recent and impending rate increases.

The current value of our home is *€490,000*, much to our utter amazement - we bought it at €260,000 just 3 years ago - that's a 46.94% increase! We haven't had it valued, but a neighbour's identical house round the corner just sold this week for €495,000 and it didn't have the kitchen extension ours has.

Outstanding on our mortgage is *€160,000*, with 22 years remaining, currently on variable rate of 4.6% (4.7% APR) with PTSB. Current monthly payment is €920 or so.

LTV: *32.66%*

Current ECB is 4.25, if I understand correctly?

http://www.ecb.int/stats/monetary/rates/html/index.en.html

As I read it, NIB would offer us ECB + 0.5% (4.75%) on my outstanding €160,000.

I saw an ad in a local paper last night for Liberty Mortgage Company, whose advertised rates seemed really good. It was actually my web searching for info on that which brought me here. Their ad says that monthly repayments on €150,000 over 20 years would be €866.

I'm guessing I'm like average Joe - life is busy and maths is boring, so how do I know what's best?

NIB's deal seems like a better deal overall, but the thing is, we also have a €20,000, 20-year BOI home improvement loan with monthly repayments of €190 or so AND a €9,000, 5-year BOI car loan with monthly repayments of €140 or so and we would love to consolidate all this. But a couple of posts here seem to suggest that NIB won't facilitate this? 

I haven't been able to contact the NIB special number - work phone won't let me diall it.

Thanks for any advice or comments.

Mark


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## roadrunner

When building from scratch how will they calculate LTV for mortgage - building 2,700 sq foot house on 1 acre being inherited (est 30K value).
I want €300K loan to fully furnish and complete - how would I justify €380K land & building value to satisfy 80% LTV criteria for NIB mortgage.


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## Guest111

Hey Phaedrus...nearly my first post too.
Current ECB rate is 3.25%. I'm in a pretty similar boat to yourself, without the other borrowings. This NIB mortgage seems ideal for us.
We'll end up paying roughly .5% above the ECB rate which is a lot better than the variable rates if IIB(mine) and PTSB(yours).
Consolidating your loans shouldn't be a problem at all.
I reckon this is the deal a lot of people are waiting for...except the Mortgage Brokers who'll lose out.


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## Jugovic

Hi Andy Doof / Phaedrus,

I was informed by my NIB branch that they would not consolidate other outstanding loans that I have. I had an outstanding credit card loan with MBNA @ 15,000 that they refused to pay off as part of my top-up while moving my mortgage over to them.

If either of ye get a differing opinion when talking to your local NIB branch, please let me know..


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## NorfBank

Finally got a definitive answer from the 3rd guy I spoke to, NIB will not consolidate loans. Your income must be strong enough to support the mortgage repayments and any extra loans.


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## Guest111

Hello there. Forgive my ignorance but surely you just don't tell them you're consolidating loans? The last time I moved my mortgage I needed a little bit extra for an investment but didn't mention this to the bank. Dishonest...maybe. Relevant...I think not. You just have to calculate the relevant proportions for Interest Relief.


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## NorfBank

Ignorance forgiven.

What happens when the outstanding loans turn up when NIB run a credit check on you after you have declared you have no outstanding loans on their application form?


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## Jugovic

Hi Andy,

They told me that they will only put money against home improvements (building work) that would need to be done on your property..thats fair enough, we may all know a builder or two that could do up a quotation for you for an amount that you want to top-up with. You could then of course use that money anyway you want (consolidate loans etc). BUT they have informed me that invoices are required at the end of the day when the work has been completed. My own family are involved in building and they wouldn't be very keen to hand over invoices, because what if the bank is audited etc. as this work is not going to be done by me.

NIB won't put money towards anything else. For example, if you said you wanted to buy a car etc. they won't allow that.

My solicitor and myself have just received the loan approval documents from NIB and we're going to have a good look through them to see if the invoice stipulation is included in it. I obviously don't want to use the money for building work but other things.

Thats' my take on it anyway!!


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## Sarah W

Plus it looks like NIB are looking for both estimates of work to be carried out and invoices for the works - presumably the additional funds will be released on the invoices, not the estimates?

Sarah

www.rea.ie

Crossed posts.....


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## Jugovic

I have to also add that the banks credit check (prior to issue of loan offer) will show all outstanding loans, including credit card loans.


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## Guest111

A fair point. I know lenders have tightened things up but it's not a massive hurdle. With this LTV mortgage we're talking about people with a reasonable amount of equity built up in their homes. If your home is worth 600K and your outstanding mortgage is 350K I don't think NIB are going to turn down an application for 400K or even 480K as it'll mean a better margin for them.


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## Jugovic

Hi Sarah,

As far as I know, the loan offer is approved based on the supply of quotations. When you draw-down your loan, the top up that you want will be put into your account. You are then to supply the invoices at a future date to prove the work has been done.

As I said, I am going to have a read of the loan documentation very closely over the weekend.

As an after point on that, they would prefer you to draw down the full amount at the start rather than stage payments of a top-up. It is actually better for you from a rate viewpoint. Stage payments would be classed at the standard interest rate (higher that ECB tracker), but if you draw down the full top-up at the start you can avail of the LTV ratio rate of the full amount.


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## NorfBank

Andy they obviously will turn it down, I'm at 65% loan to value and looking to pay off a car loan. NIB will not allow me to do this as my salary is not strong enough to pay for car loan and the mortgage repayments according to their criteria even though on my current lenders criteria I easily fit in.
I'm with Ulster Bank by the way (no other allegiance to them) who allow me to use 50% of my income to cover the mortgage whereas NIB will only allow me to use 40%.


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## Guest111

The conditions seem far more vigorous than anything out there at the moment...fair enough given the value this product gives to the customer.
So basically if I've a mortgage of 250K with IIB on a property worth 500K NIB will only replicate that amount unless I'm doing "home improvements"?
Sounds bizarre, but it is a bank we're talking about...


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## NorfBank

Looks like it once your salary can cover the repayments on 250k according to their criteria.

It's not bizarre, they are looking for a certain calibre of client - high net/low risk so they can offer the mortgage and then make the serious money by offering other higher margin products.


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## Jugovic

Well Andy,

They will have no problem switching the 250K mortgage from IIB, but with any top-up's on the way it needs to be home improvements only. 

A good idea might be to get the top-ups from IIB at the moment to consolidate loans etc and then switch the mortgage in a few months..I have found IIB to be extemely helpful whenever I have dealt with them, whats your opinion of them?

I have tried that with my 'friendly' Ulster Bank but to no avail...


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## Phaedrus

Does anyone know of a land-base phone line for this NIB LTV product - I can't get through on the 18900 number. Now maths has suddenly become exciting!

Using the LTV calculator on the NIB website, if I borrowed €190,000, over 20 years (to cover the current mortgage and the 2 BOI loans), monthly repayments would be €1,126 at 3.82%. That's saving about €124 a month (or almost €1,500 a year) over our current combined €1,250. I think I expected a more impressive saving, but it certainly would be better! 

It also means our SSIA could be spent on my Lasik eye surgery and something nice for my wife and some savings instead of repaying the car loan.

Mark


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## Guest111

Hey Mark...I agree the savings are pretty impressive. Personally I'm going to wait for a couple of months and see how the other lenders respond and then decide. You should definitely go for the eye surgery...I had it done 6 years ago and haven't looked back.
I think Jugovic has made an interesting point though. You can't top-up unless it's for home improvements. Prohibitive if you want to buy an overseas property, start your own business or whatever.


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## Phaedrus

Wow! This post is flying along, isn't it.

The no-consolidating other loans clause seems a bit flawed. I'm currently already paying €1250 per month between my three existing loans - €920 mortgage + €190 home improvements loan + €140 car loan = €1250.

If I got one LTV loan from NIB to cover all three current loans, I'd be repaying €124 per month LESS than I currently am - pardon my naiivety, but doesn't that amount to my ability to repay NIB actually being _*increased*_?!

Mark


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## Sarah W

Rules is rules, I guess. BTW I agree about the eye surgery - mine were done 3 years ago and it's fab!

Sarah

www.rea.ie


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## NorfBank

Yes it does Phaedrus, but it looks like you are not the target client NIB is looking for. Oterwise they would not have structured their offering as they have. I am sure they have put a lot of dosh and thinking into this offering and are not doing it to be a friend of the people. Don't forget they are a bank, their raison d'etre is to make as much easy money as possible from their clients.


----------



## Satanta

Sarah W said:


> Rules is rules, I guess.


For the sake of playing devils advocate....

NIB view the need of consolidating loans as showing risk. They set the strict criteria on this offer to minimise risk. They want a high volume of customers, a small margin of profit but with very few defaulters costing them money.

They made it strict for a reason, and not allowing consolidation of loans was no accident, IMHO.

Post crossed with NorfBank


----------



## Guest111

Exactly...they're happy to lower their margins providing the risk is appropriate. They do seem pretty serious about the home improvements aspect of the loan. In the past a few fake estimates from one of your buddies would suffice. I don't think the intransigence on certain issues should take away from the fact that this seems to be a fantastic offer.
On the eye side of things I wouldn't go near any of those 995 per eye merchants. Blackrock Clinic is your only man...tax relief makes it all the more fun.


----------



## Phaedrus

So if I understand correctly: 

If my home improvement (costing €20,000) was in the future, NIB's LTV mortgage would cover it, but the fact that my extension was completed last Christmas and I took out a "secured personal loan" (effectively a second - additional - mortgage, secured against the property) rather than re-mortgage (thus avoiding all the fees associated with re-mortgaging), I'm bunched?

In effect, if I were to re-mortgage with anyone else, any new loan would HAVE to cover that separate €20,000 - it is actually a mini-mortgage, directly attached to the home improvement.

Again, I could be displaying some naiivety, but it seems to me that NIB should include my €20,000 loan. Okay, maybe not the car loan (bye-bye eye surgery  ), but I can see reason in that.

Mark


----------



## Guest111

I think yours is a slightly unusual case and a victim of NIB's caution. You've taken out a loan to make improvements to your home, adding value to the asset. Morally you should be able to avail of NIB's offer.
However their policy is to weed out those who remortgage to buy cars, buy dodgy Eddie Hobbs Cape Verde property or generally p..s the money against the wind.
Maybe consolidate the loans with your existing lender and then move the whole lot? Or move to the lender who'll subsidise the process the most and then move to NIB. Be a mortgage slapper so to speak...


----------



## NorfBank

If you do become a "mortgage slapper" as was so eloquently put, beware of the clawback of legal fees if you switch your switched mortgage within 5 years. I don't know if NIB have a clawback in place but presumably there is..

 * Our switching service is subject to terms and conditions which are available on request.


----------



## Guest111

I wasn't advocating that course of action...it might just be the only way to get all your borrowings into this NIB product


----------



## jfitzer

Phaedrus

If you have your receipts for your extention and can prove you took out the loan for this purpose why don't you go in to see NIB at a branch and see what they will do.  You never know.


----------



## MandaC

This seems like an excellent product.  I am moving house and have been approved by BOS for their tracker (ECB + .45% for 2 years and then ECB + 1%) for €225K on a salary of approx. €45K. I have since decided in the current market I dont want to put a noose around my neck with a mortgage of €225K on my own, so am going to buy a cheaper property.

I think this product from NIB would give me better value over the life of the mortgage than the BOS product.

I phoned the customer service line this morning with a view to setting up an appointment in either Walkinstown or Blanchardstown branch, both which would be nearest to me.  Walkinstown booked out until 7th November and Blanchardstown until 2nd.  The man on the phone told me that they are inundated with people trying to make appointments. 

So if anyone is interested, book your appointment soon!


----------



## Moneypit

I'm really glad I rang them yesterday morning so MandaC as I've an appointment in the Walkinstown branch for this Wednesday.  We're supposed to be signing in November so I need a fairly urgent decision from them (have approval from existing mortgage lender PTSB at the moment but they're not competitive compared to NIB or BoS).


----------



## speedy

just wondering has anyone gone to PTSB to say they're going to move to NIB?other banks will surely have to follow with something special to offer.


----------



## roadrunner

For self build project - how will NIB or other banks for that matter work out the LTV when mortgage is being applied for?


----------



## NorfBank

Lender will use the value as per the valuation.


----------



## roadrunner

Valuation per what - the banks independent valuer?, what is the charge for this?


----------



## serotoninsid

roadrunner said:


> Valuation per what - the banks independent valuer?, what is the charge for this?


Dont know about NIB but my valuation on a  new build was 130+vat - picking a valuer off UB's list.


----------



## orka

Has anyone with an existing NIB mortgage managed to switch products without having to fill in forms, get valuation, employment confirmation etc?  Our mortgage has been with NIB for over 10 years and our LTV is <20%.  We phoned a while ago to switch to one of their ECB trackers (before this one which looks even better) but they said we had to fill in all the forms again as if we were new customers (although they incredibly kindly said they would waive having to look at salary slips because they could see the amount coming into the current account each month!).  It's really annoying and nothing to do with risk mitigation - if we're a risk, we're as much of a risk today as we would be after switching products.  So, has anyone switched within NIB with just a phone call and confirmation letter?


----------



## Sarah W

I would guess that the tracker mortgage has different T&C from the standard mortgage which is why you have to sign the application form (and offer) accepting them plus they have to check that you do fulfill the criteria rather than assuming you do. 

Sarah

www.rea.ie


----------



## oysterman

orka said:


> Has anyone with an existing NIB mortgage managed to switch products without having to fill in forms, get valuation, employment confirmation etc?


I'm waiting for a call back from the person who handles my mortgage account in NIB (I'm currently on their ECB + 0.79% tracker). I'll post when I hear back.


----------



## oysterman

oysterman said:


> I'm waiting for a call back from the person who handles my mortgage account in NIB (I'm currently on their ECB + 0.79% tracker). I'll post when I hear back.


Have just piked up an e-mail from her.

I will need to sign some forms they're going to send out to me. No mention of a salary enquiry from my employer.

Looks like I'll need another valuation - this is a bit of a pain but understandable.

Interestingly, I'll have to pick one from a range of new current accounts to avail of the new rate. Odd since the current a/c I have with them at the moment to service my mortgage seems to do the job perfectly adequately.

It looks like it may take a little time for them to do the work from their end. I guess they've been hit with a tidal wave of applications.


----------



## Sarah W

To reiterate - lenders CAN NOT make a mortgage offer conditional on you taking another financial product from them.

Sarah

www.rea.ie


----------



## Dinarius

Sarah W said:


> To reiterate - lenders CAN NOT make a mortgage offer conditional on you taking another financial product from them.



Correct.

But, if you refuse to do so, they can always turn down your application on other (possibly spurious) grounds, and you will never be able to prove otherwise.

D.


----------



## Remix

An article in this morning's Indo:



> So you would expect that the leading banks and building societies - like AIB, Bank of Ireland, Ulster/First Active and the EBS - will be forced to bring down their rates to compete.
> 
> Well, think again. All the indications are that the big homeloan players are going to bide their time to see what impact the LTV Mortgage has before reacting, if they react at all.
> 
> And pressure is coming on from mortgage brokers for the banks to do nothing.
> 
> Mortgage brokers are set to be big losers if NIB starts eating up the switcher market. The Danske-owned bank does not distribute its mortgages through brokers.


 
http://www.unison.ie/irish_independent/stories.php3?ca=299&si=1710996&issue_id=14798


----------



## Guest111

Sarah, I'd imagine their way around this is that they don't turn down an application if you refuse an ancillary product...they just offer you a better deal, i.e. the LTV mortgage, if you do.
Getting the mortgage is not conditional on opening a current account, but getting a better deal is.


----------



## serotoninsid

> and pressure is coming on from mortgage brokers for the banks to do nothing.
> 
> Mortgage brokers are set to be big losers if NIB starts eating up the switcher market. The Danske-owned bank does not distribute its mortgages through brokers.


Times move on.  Brokers have no roll to play for the majority of consumers.  Those that can't be bothered organising a mortgage can pay the broker premium. The rest of us should not have to.

Ulster Banks loan centre ignored my initial email - the reminder and the follow up to that reminder.  Theres a chance I might not be motivated to move had they at the very least responded to me.  
Appointment with NIB on Tuesday.


----------



## Guest111

You're absolutely right...mortgage brokers are becoming less relevant and could easily be wiped out by the banks.
If I want to switch providers why not offer me the 1% commission as an incentive?
Cutting out the middle man is just a natural evolution.


----------



## seanogheg

I 've started the process of switching from BOI to NIB to avail of this new rate - my LTV is only about 40% so I easily qualify for the .5% rate.
I am however giving my own bank one last chance to match the NIB rate so we'll see what they come back with. I've been a life long  BOI customer, when they failed to deliver on recent business loan, NIB beat off BOI & BOS and my company excellent offer which I accepted. I no longer feel obliged to stay with BOI and almost definitely going to switch.


----------



## chippengael

seanogheg said:


> I 've started the process of switching from BOI to NIB to avail of this new rate - my LTV is only about 40% so I easily qualify for the .5% rate.
> I am however giving my own bank one last chance to match the NIB rate so we'll see what they come back with. I've been a life long BOI customer, when they failed to deliver on recent business loan, NIB beat off BOI & BOS and my company excellent offer which I accepted. I no longer feel obliged to stay with BOI and almost definitely going to switch.


 

I was a lifelong AIB customer, but they refused to match the NIB Offset mortgage. I switched to NIB and am saving a packet on our mortgage interest as I inherited some money recently. You do have to monitor the NIB a bit though, they made some stupid mistakes in the beginning (didn't offset the savings). 

I have to look at moving to the LTV mortgage once we spend the inheritance savings.


----------



## pidgbeag

small print is that you need to open  an NIB current account and move your salary and banking, otherwise rates are same as most


----------



## Brendan Burgess

HI Pidg

Where does it say that? 

You do have to open a current account, but you can open a free account with them and just use it as  feeder account. Keep your exising account in say, Bank of Ireland, and arrange for the dd to go in every month just before it goes out again to pay your mortgage.

brendan


----------



## Squonk

pidgbeag said:


> small print is that you need to open an NIB current account and move your salary and banking, otherwise rates are same as most


I spoke with NIB and they tell me that I only need to feed my mortgage payment into the NIB checking account each month. I do not need to 'bank' with them and can continue to use ny bOfI checking account. Furthermore, when I open an Easy or EasyPlus account with them they will contribute €100 or €150 respectively towards the cost of the valuation of my property.


----------



## Moneypit

pidgbeag said:


> small print is that you need to open an NIB current account and move your salary and banking, otherwise rates are same as most


 
Yeah, I also asked the girl on the phone about this as I wanted to know if I could just leave the bank account there idle if I wanted and she said yes I could if I wanted to.  I certainly wouldn't want to move my main banking and salary etc.


----------



## cartman123

I inquired about these low value trackers from NIB and was told it would be 3 weeks before they could meet me at my local branch as there is so many plp looking into it.


----------



## Sarah W

serotoninsid said:


> Times move on.  Brokers have no roll to play for the majority of consumers.  Those that can't be bothered organising a mortgage can pay the broker premium. The rest of us should not have to.
> 
> Ulster Banks loan centre ignored my initial email - the reminder and the follow up to that reminder.  Theres a chance I might not be motivated to move had they at the very least responded to me.
> Appointment with NIB on Tuesday.



For the second time today - there is NO broker premium!!! Brokers cover the upfront cost of sourcing and processing mortgage applications through to underwriting and this is why lenders pay commission - the rates on offer are exactly the same via a broker or direct to a lender. NIB's product is very good and it's a pity that brokers can't access it (although whether they'd cope with the level of applications if we could is another matter). However it is not suitable for first time buyers or people looking to consolidate debt. Equally I don't *think* it's available for investment properties.

Personally I hope the likes of AIB/Ulster Bank/Bank of Scotland/BoI take up the challenge and match or better NIB to make these rates available to all segments of the market and the broker network. 

I don't see the demise of the mortgage broking fraternity just yet 

Sarah

www.rea.ie


----------



## Squonk

Sarah W said:


> Equally I don't *think* it's available for investment properties.


 NIB told me over the phone that it is NOT available for investment properties, PPR only.


----------



## woodseb

on this NIB mortgage,

i'm a FTB and shortly going to move into my apartment which i bought for 245k in May 05. Recently the final phase of the developement sold for 345k, giving me a LTV of c70% - would I be able to get an NIB mortgage on those terms?


----------



## Butter

I switched my mortgage from the UB in feb to a fixed rate (3.29%) with NIB in feb, when the UB refused to match the rate offered by the NIB.  I opened a free bank account which I use just for my mortgage payments each month.  There are no fees attached to the account (unless it goes overdrawn).  My legal fees cost just above €1000 and at the time the NIB contributed €1000.  It looks as if that part of the offer is a bit different now.  Obviously with the rate I got I have no complaints about the NIB, and hopefully I'll move to the ECB + 0.5% when my fixed rate ends. One note of caution though as Chippengael said, just keep your eye on your mortgage account with them as we also had some mix-ups on the account.  My one worry is that the NIB is being swamped at the moment and I wonder how well they'll cope with the numbers applying for and drawing down mortgages in the next few months.  Hope that's some help.  I'd go for it based on my experiences so far.  More importantly it shows the big banks that we're prepared to shop around these days.


----------



## Guest111

Interesting...I bumped into my broker at the Leinster game on Saturday and mentioned I'd had a look at NIB's LTV mortgage.
I contacted the bank directly to get a balance on my mortgage a couple of days ago.
This morning I got a text from the broker telling me the bank had informed him I'd contacted them and could he have first shot at my remortgage.
5 minutes later the bank called me, asked me was everything ok and offered me a better deal when I mentioned NIB.


----------



## Dinarius

Andy,

Who do you bank with?

D.


----------



## Guest111

Iib


----------



## Molly

> Interesting...I bumped into my broker at the Leinster game on Saturday and mentioned I'd had a look at NIB's LTV mortgage.
> I contacted the bank directly to get a balance on my mortgage a couple of days ago.
> This morning I got a text from the broker telling me the bank had informed him I'd contacted them and could he have first shot at my remortgage.
> 5 minutes later the bank called me, asked me was everything ok and offered me a better deal when I mentioned NIB.


 
Lenders have been doing this for a few years, its not a new practice, however I'd imagine with the increased volume of enquiries regarding switching, lenders are alot more proactive now than before in retaining existing business.

most lenders have a " retention centre " when a customer requests redemption figures the retention centre will contact the customer to try and retain the business, if the business was placed with the lender via a broker the lender will let the broker know the customer is thinking of moving their business.


----------



## Guest111

You'd have to wonder some of these banks live in the real world...I said I'd been offered .59% above base rate and no legal fees. They said "we'll give you .95% which is a good deal"
Hmmmmmm, a tough choice


----------



## NorfBank

Do NIB have a clawback of the legal fees if you move within a certain time, does anyone know?


----------



## Guest111

I don't honestly know but given that it seems to be done by their own in-house not quite solicitor people I'd guess no


----------



## Helen

Squonk said:


> Furthermore, when I open an Easy or EasyPlus account with them they will contribute €100 or €150 respectively towards the cost of the valuation of my property.


 
The valuation is only paid if you open an Easyplus account, which costs 18.75 per quarter. So the trick is to open this for the first year, then change over to an Easy account.


----------



## Guest111

Or just bite the bullet and pay the 150 lides yourself...hardly relevant in the greater scheme of things


----------



## paflairl

Sarah W said:


> To reiterate - lenders CAN NOT make a mortgage offer conditional on you taking another financial product from them.
> 
> Sarah
> 
> www.rea.ie


 
Hi all,

Have decided to take the plunge from EBS. Following Sarah's comments above(who always gives imho very sensible advice/soundbites), I mentioned it to the NIB mortgage advisor that because I have a freebank account with NIB , I didn't see the need to sign up to one of the new current account packages and that furthermore under the Consumer Credit Act 1995 and quoting Sarah's line above I didn't think they could link to two together (in the nicest possible way of course, just in case I get put back to the end of the queue!! )

She was very nice but said that it would need to be opened. *So I rang the IFSRA and bizzarely they said that a current account was not deemed a product!*

So I'm just going to take the Easy package , and as has been said already, feed the amount for the mortgage into the Easy account.


----------



## serotoninsid

Just back from meeting with NIB mortgage adviser and it looks like they are prepared to do the switch.  Bye Bye Ulster Bank.


----------



## Jugovic

Hi Andy Doof,

With regard to the IIB mortgage, can you tell me what new rate you got and did you have to have a certain LTV ratio? I also have a mortgage with IIB.

Appreciate it.

Also, with regard to the LTV mortgage from NIB, I have received the paperwork for 80% LTV and am also drawing down some equity when changing from Ulster Bank. As outlined here before, equity is only released on building work (via quotations) and I have been informed by the bank manager that invoices are needed afterwards. BUT my solicitor has informed me that there is no mention of invoices required on the loan documentation. So, are they legally required?!


----------



## Carmel

We have a BOI tracker at 1.05% above ECB. I wrote to BOI last week, saying that we were considering switching to NIB and asking would they match the NIB rate. 

Got a call today to say that the best they would offer would be ECB plus 0.75% for 2 years, going to ECB plus 0.9% from thereon. So they are willing to move, but not enough to match the competition.

Just made an appointment with NIB.

C


----------



## SteelBlue05

I spoke to a mortgage advisor in AIB and he said that he does not know of any AIB product comming out to counter the NIB product. But he said he would expect to hear something in the next 3 or 4 weeks, whether that was said just to put me off from switching straight away or not I dont know.

But am applying for NIBs offer and will be making the switch if AIB dont respond with something at least as good as NIBs offer.

Competition is great, and I am surprised NIB have offered this product. I would have thought all the banks had a cosy unspoken arrangement not to do an Aldi on it.


----------



## Squonk

SteelBlue05 said:


> Competition is great, and I am surprised NIB have offered this product. I would have thought all the banks had a cosy unspoken arrangement not to do an Aldi on it.


 When I spoke with NIB they were really pushing me to use the checking account. I told them I was happy with my BofI checking account and would only be using the NIB account to service the mortgage. They weren't too happy with this but c'est la vie. They claim the would make more money from me if I used the checking account fully. They claim they're not making much from the mortgage product at these rates.


----------



## MandaC

I am currently with EBS, but am in the process of selling so I have my appointment tomorrow with NIB. I phoned EBS today to check my balance on existing mortgage and also to see if they were prepared to offer me a good rate to stay with them for new mortgage- hopefully I will qualify for the tracker of ECB+.5 with NIB. 

The sales guy from EBS told me he could offer me a great fixed rate of 4.85%. I told him they should really be working on drafting a product similar to the NIB if they want to stay in the mortgage business.


----------



## DeBarr

I too got in contact with EBS re the NIB product. 

We have 9 years left on our mortgage (LTV of around 18%) and a balance of €112K. If you look at the EBS rates on their website their tracker rate for this scenario is the same as their variable rate even though there is virtually no risk for them. The margin they are taking on my mortgage is 1.25% a massive 0.75% above the NIB offering I would be eligible for. 

It appears that with EBS the higher the amount you are exposed for the lower the rate you get and therefore you have to assume that the very low risk mortgages are underwriting those that are higher risk to EBS.

When I contacted them (by email) I was told “unfortunately you are not eligible for a tracker rate. I also would like to advise you that regarding NIB's pricing, the market could change in the next few months so it is recommended not to take any decision yet.”

Take no decision???? – I could effectively rollback the last 3 ECB hikes by just switching……


----------



## Dinarius

DeBarr said:


> I too got in contact with EBS re the NIB product.
> 
> We have 9 years left on our mortgage (LTV of around 18%) and a balance of €112K.
> 
> When I contacted them (by email) I was told “unfortunately you are not eligible for a tracker rate.



An LTV of 18% and you're not eligible for a tracker mortgage?!

I'm speechless!

I left EBS last year for AIB. EBS are old school tossers. The ONLY reason for being with them is the possibility that they will give up their mutual status and go private, thus given a lump sum bonus to all their account holders. Otherwise, avoid them, IMHO.

D.


----------



## NorfBank

De Barr you are eligible for a tracker rate but it is a tracker of ECB  + 1.25%. EBS grade their preferential rates by Loan to value and mortgage amount. To qualify for preferential rates your mortage amount must be over 250k.
I agree that the EBS rates are very high but they lend more than most lenders.


----------



## Dinarius

NorfBank said:


> I agree that the EBS rates are very high but they lend more than most lenders.



At those prices they can afford to lend more often! ;-)

D.


----------



## DeBarr

NorfBank said:


> De Barr you are eligible for a tracker rate but it is a tracker of ECB + 1.25%. EBS grade their preferential rates by Loan to value and mortgage amount. To qualify for preferential rates your mortage amount must be over 250k.
> I agree that the EBS rates are very high but they lend more than most lenders.


 
All loan amounts with LTV <=100% in EBS qualify by default for a tracker with a margin of 1.25% - the same as their variable rate so in effect there is no value to this product for someone with a low LTV. It was actually their exact words in the email that said I didn't qualify for a tracker mortgage. 

As you said to qualify for a preferential rate you must borrow at least 250K so they do not have a competitive product for someone who is at the lower LTV end of the market which presents minimal risk to them. 

NIB are obviously looking to mop up the very low risk, low LTV market and fair play to them - they have spotted a gap and have gone for it. 

EBS basically told me to do nothing....


----------



## MandaC

I had my appointment with NIB this morning in Blanchardstown.  Very professional.  Approval should issue within a few days.  Even though it is a new mortgage (house purchase) as opposed to a switcher, they will still pay €600 towards my solicitors fees (I asked twice and was told this) - so happy days.

Probably wont qualify now.  They were adamant that I had to open a current account - think i will go for the "Easy" one.


----------



## Dinarius

Question..........

1. Our one year fixed with AIB has just come to an end and I have received a letter asking us which mortgage rate/product we would like to move to now.

Our mortgage started out last year at €300k over 20 years.

With 19 years remaining, AIB are offering us a <60% tracker of €1837.29 per month. (Interest rate 4.2%. APR 4.27%)

I have just used the NIB mortgage calculator (a little annoying that links cannot be posted on this site, by the way) and inputted a valuation of €1.1m, loan amount of €300k with a 19 year term and got an answer of €1841.71 per month. (Interest rate: 3.82%)

Allowing for the fact that we now owe AIB less than €300k, I would still have expected the NIB product to be cheaper. What am I missing here?

2. AIB have offered a three year fixed of €1921.30 per month, a difference of €84.01 over the tracker. [NIB is €1953.40] If the ECB increases rates next month by 0.25%, how much would that increase the tracker cost by? €84 a month is small beer for three years of security, particularly if it will be a lot less in four weeks time.

Many thanks.

D.


----------



## marksa

Dinarius said:


> Question..........
> 
> 1. Our one year fixed with AIB has just come to an end and I have received a letter asking us which mortgage rate/product we would like to move to now.
> 
> Our mortgage started out last year at €300k over 20 years.
> 
> With 19 years remaining, AIB are offering us a <60% tracker of €1837.29 per month. (Interest rate 4.2%. APR 4.27%)
> 
> I have just used the NIB mortgage calculator (a little annoying that links cannot be posted on this site, by the way) and inputted a valuation of €1.1m, loan amount of €300k with a 19 year term and got an answer of €1841.71 per month. (Interest rate: 3.82%)
> 
> Allowing for the fact that we now owe AIB less than €300k, I would still have expected the NIB product to be cheaper. What am I missing here?
> 
> 2. AIB have offered a three year fixed of €1921.30 per month, a difference of €84.01 over the tracker. [NIB is €1953.40] If the ECB increases rates next month by 0.25%, how much would that increase the tracker cost by? €84 a month is small beer for three years of security, particularly if it will be a lot less in four weeks time.
> 
> Many thanks.
> 
> D.


 
You have quoted 1837 for AIB on 4.2%. This would be based on the remaining principal for 19 years which using www.Jeacle.ie gives an approximate remaining principal after your 1 years payments of 289k. In your calculation in the NIB site you have used the 300k for 19 years. For true comparison you should use 289k, which gives a repayment of 1,774. 

Looking at the fixed rates, NIB's 3 year is weighted by 17 years at their higher standard variable rate of 4.59 ( i think AIB's is approx 4.45 ish). Here you should really look at the 3 year rates exclusively, as you can always restructure after the 3 years. 

If you are looking at the ECB tracker rate, you should price in a 0.25% increase next month in your calculations for both Banks. If you are looking at the fixed, then I would suggest that the NIB 5 year offers better value than the 3 year - similar rate. All depends on whether you intend to move in the next 5 years or restructure.


----------



## K-Man

I currently have my v.low LTV mortgage with AIB and have just purchased a new PPR at auction so have been trying to decide which lender I will take out my new main mortgage from. I currently have 3 courses of action on the go :

1. I have quotes (not good ones from a couple of months ago) from AIB directly for my new mortgage and have banked with them for 15 years or so - so good long standing relationships there
2. I have engaged a broker that will hit First Active, RBOS etc.
3. I have engaged directly with a manager at NIB

I have no allegiances and will take the best offer, which is currently that offered by NIB.

- I am about to make the call to AIB to request their 'best offer' given the NIB deals available
- I have made my broker aware of what NIB is offering and have asked her to get out there and match it
- If neither of these guys can match NIB's offer then AIB and Broker lose out - end of

I'll let you know what happens.


----------



## Dinarius

marksa said:


> If you are looking at the ECB tracker rate, you should price in a 0.25% increase next month in your calculations for both Banks. If you are looking at the fixed, then I would suggest that the NIB 5 year offers better value than the 3 year - similar rate. All depends on whether you intend to move in the next 5 years or restructure.



Yes, that's why I am thinking of fixing, because a chunk of the premium will disappear next month.

Five years? Not so sure. Though anyone who did that 12 months ago is laughing now.

Thanks.

D.


----------



## serotoninsid

One thing I forgot to ask NIB - With their tracker, is it safe to assume that theres no penalty for addional payments/paying off early??


----------



## MandaC

I dont think there are any penalties with the tracker.  I asked about over paying and paying off lump sums.  The advisor told me that most people fix their payments, eg, my mortgage will work out about €820 per month, so I intend to pay €1,000 to reduce the term.  They said no problem with that.


----------



## Daddy

I have an NIB -  ECB variable tracker mortgage.

I intend to switch over to its LTV morgage as LTV less than 50%.

I have a current a/c with NIB also but will be required to open an 'Easy' a/c to feed the LTV mortgage.

I have been told opening of this Easy a/c will cost me nothing.   The Easy a/c will be used for nothing else.

I do have to get my property valued for the new LTV product though.

Anyone in my boat who has negotiated non payment of the valuation fee or a €100 allowance towards it or do I have to stump it up.


----------



## MandaC

Any ideas how quick they get back to you with approval given that they are snowed under. I had my appointment last Thursday, so havent heard anything back. Also,  on the valuation,  can I ask any EA who is a member of IAVI.?

Contracts have just been issued on my new house, but I havent done the valuation yet on the LTV mortgage,  will obviously need this in hand before my loan offer letter is issued.


----------



## Dinarius

Reports in the finanacial press today that the ECB may be close to the end in this round of interest rate increases.

In a bit of a quandary now..........

AIB's offer of 3yr and 5yr fixed is on the table at 1921.30 and 1943.01, respectively.

NIB would cost 1881.78 and 1884.78.

Both for €289k over 19 years.

However, by the time I get approval (it seems I can't even meet someone in my branch until Nov. 22) the ECB will have raised rates again. So, the both banks will have raised their rates, but the NIB cost will be about €35(?) closer to what the AIB cost is now.

Two more rate rises, and I will be wishing I had taken the AIB offer, without waiting for NIB.

Suggestions on a postcard, please........! ;-)

D.


----------



## serotoninsid

MandaC said:


> Also,  on the valuation,  can I ask any EA who is a member of IAVI.?


Thats the way it was explained to me - as along as they are IAVI valuers.


----------



## FiveFingers

Can we return to the point about NIB requesting invoices as proof of work being done in the event of a top-up?

We currently have a mortgage with NIB (ECB +.79) and wish to build an extension to our house which we will finance by getting a top-up with NIB. We are currently in the process of getting quotes from builders (purely because this is a requirement of NIB). However, we had intended to go the direct labour route (friends in the trades), which means that we may not be able to provide invoices. Where does that leave us? Will we HAVE to use a builder/tradesmen who can give us an invoice?


----------



## MoiMoi

I try to approach my bank yesterday (FirstActive), i got a reply saying they will call me back and never heard from them. Will definitively switch to NIB for sure.


----------



## ronny78

.....


----------



## ronny78

FiveFingers,

Last year we did the same thing and topped up an ECB + 0.79% mortgage with NIB to carry out some work on the house, in the region of €15k. They did ask for prices up front. However a one page description of each item of work with a price beside it, printed out and signed at the end of the page by myself, was sufficient. The amount added up to the total amount we were requesting. Once the top up on the mortgage was approved, the money was deposited in our account and we used it at will to pay for the work. There was never any question thereafter about producing invoices. Maybe it depends on the branch or the mortgage advisor but everything seems so centralised with NIB I can't imagine it wouldn't work the same for you. I definitely got the impression from our dealings with them at the time that equity release was treated slightly differently.


----------



## Moneypit

MandaC said:


> Any ideas how quick they get back to you with approval given that they are snowed under. I had my appointment last Thursday, so havent heard anything back. Also, on the valuation, can I ask any EA who is a member of IAVI.?
> 
> Contracts have just been issued on my new house, but I havent done the valuation yet on the LTV mortgage, will obviously need this in hand before my loan offer letter is issued.


 
I met with NIB on the Wednesday, they said I should know hopefully by the Friday, Monday was the bank holiday and I found out on the Tuesday afternoon.  I did keep emailing them and told them how urgent it was.
You can go to any IAVI EA, just get them to complete the NIB valuation form which can be downloaded from their website.  I picked a Valuer who is also on the PTSB and BoS panel just incase NIB turned us down and explained that to the Valuer beforehand.  Once I got approval then I asked the Valuer to complete the NIB form.  It takes 5 working days for the loan pack to be issed to you from their mortgage processing unit in Belfast.
HTH.


----------



## kathryn

Hi 

I am thinking of switching my EBS mortgage 150K (property value 200k approx)to another lender. It was my primary place of residence when I took out the mortgage but is now an investment property.Any suggestions as to who's offering the best investment loan rates.
Thanks


----------



## littletom

Hi, 
My valuation was done last week with a specail rate of 100 euro from 
Boyle & Associates Artane. They said it is a special rate for NIB.


----------



## MandaC

I phoned the hotline yesterday evening and said I had not heard anything back as yet.(Was in last Thursday) Anyway, phoned the branch this morning and spoke to the mortgage advisor I was dealing with. She told me that it had been sent off and "don't worry love, word should come back in a few days, pet".

Explained that I wanted to get AIP before I shelled out for the survey, (though that sounds like a good idea above, to get the valuation that will suit many lenders) so promised to follow up with head office.  Very slow processing, must be because they have so many takers.


----------



## MoiMoi

I approach my bank and they would not prepare to do anything better than that, i am really thinking moving to NIB. Has anyone sign up yet? would love to hear some feedback


----------



## serotoninsid

MoiMoi said:


> I approach my bank and they would not prepare to do anything better than that, i am really thinking moving to NIB. Has anyone sign up yet? would love to hear some feedback


vote with your feet.  If the deals better, theres no need to wait.
Give them a ring, book an appointment and walk in with these;
-P60
- Photo ID
- Last three payslips
- Salary Cert from employer
- Utility Bill to confirm address

...and get the ball rolling from there.


----------



## PGD1

mortgage money is "cheap" money.
I have released equity a few times, over varying periods, to fund certain projects. I would not consider these project to be too wasteful. 

If I moved to NIB I would not have this option as they are not all house related.


----------



## AJC

PGD1 said:


> mortgage money is "cheap" money.
> I have released equity a few times, over varying periods, to fund certain projects. I would not consider these project to be too wasteful.
> 
> If I moved to NIB I would not have this option as they are not all house related.


 

So is it the case that if you want to release equity, you need to remortgage or top up with bank X before moving to NIB for their LTV mortgage rates ?


----------



## MandaC

I visited the branch last Thursday morning and had everything needed apart from the valuation as I wanted to get approval in principal before shelling out for a valuation.  There is still no news back as yet, and apparently it can take up to two weeks for processing, so quite slow if you need a mortgage offer letter.


----------



## NorfBank

"don't worry love, word should come back in a few days, pet" didn't really inspire confidence in NIB.


----------



## MandaC

My thoughts exactly!  As the Tayto Ad says, theres always one, and I sometimes wonder if these people actively seek me out.


----------



## PGD1

AJC you can release equity but onyl for home improvements and they are strict.

What I'm saying is that I will probably want to use the "cheap" money for projects over the next 10-15years and even though I will be on a low rate with NIB I couldn't... so it's not worth moving.

Just a thought.


----------



## MandaC

Just got my approval from NIB.  Just need to organise my valuation now and this will be completed next week.


----------



## Dinarius

I've been speaking to a few people regarding my thougths of moving from AIB to NIB. (See my post above)

It seems that the reason that most banks are reacting with a 'See if we care' attitude to the threat of customers moving is twofold:

1. It is a racing certainty that the ECB will raise rates in just over two week's time.
2. On average, it costs about €1000 to switch between banks.

In my case, the difference between AIB and NIB (€289k over 19 years) is as follows: 

......................................AIB............................NIB...............................Difference
LTV..............................1837.29......................1774.18...............................63.18

3 Year Fixed..................1921.30.......................1864.87...............................56.43

5 Year Fixed..................1943.01.......................1866.41...............................76.60


Anyone applying to NIB now will almost certainly not have their approval before rates rise again.

So, taking the 3 year fixed as an example: if you don't switch on time, the 
difference of €56.43 will be reduced to about €25(?) assuming NIB raise their rates next month. 

Now factor in the cost of switching (say, €1000 with solicitor's and valuation fees): It will take 40 months (@ €25 per month) to claw back this €1000 before you're really in the money. Where will rates be then, in just over three years time? Who knows!

Right?

Buying three years fixed now with AIB, for a possible difference of about €25 a month in month's time, seems reasonable to me.

If anyone thinks I'm barking, please tell me! ;-)

D.

Edited: Another way of looking at it is that NIB's LTV would be 1774.18 for us, while AIB's is 1837.29, a difference of 63.11. Unless I could guarantee that I could switch before next month's ECB rise, it wouldn't be worth it for the reasons I've outlined above.

However, the difference between NIB's LTV and AIB's 3 year fixed (1921.30) is 147.12. If you take the view that rates aren't going much higher (I don't) then it might be worth switching. 

A lot to ponder! ;-)


----------



## serotoninsid

@Dinarius: I suppose what your saying makes sense for your situation - or for anyone else on a fixed rate. But it is still the best deal around for anyone on a tracker.

With regard to the legal costs, my understanding was that if you went with one of NIB's approved list of solicitors, then all costs would be covered - or have I taken this up the wrong way?


----------



## Dinarius

serotoninsid said:


> @Dinarius: I suppose what your saying makes sense for your situation - or for anyone else on a fixed rate.



I'm not on anything right now. That's my point. I've just come off a 1 year New Business Fixed with AIB (which is why I have 19 years to go) and I have to decide where to go now.

If legal costs are covered, then that makes it a very differennt proposition.

D.


----------



## Protocol

Met with the NIB mortgage official yesterday, signed lots of forms, and switched my existing NIB 0.79% tracker mortgage over to the LTV mortgage.

He pushed up the house value from the 278k I paid last year to 285k, with no valuation, so I am at 51.65% LTV.  But I got the best rate, ECB+0.5%.

So I will save approx. 20 a month, or 5,000 in total over 19 years.

Lovely feeling.


----------



## serotoninsid

Its proving popular for sure.  Got the last few documents to the branch on Monday morning. Just called them at they said another week to ten days.


----------



## Merrion

I am currently with PTSB and I was wondering if anyone had received any better rate offers from PTSB when they tried to move to NIB.


----------



## IrlJidel

They don't seem to say how much they are willing to lend on the website.

For a joint application with both partners working, can anyone tell me how much they are willing to lend or is it on a case-by-case basis?


----------



## Helen

serotoninsid said:


> With regard to the legal costs, my understanding was that if you went with one of NIB's approved list of solicitors, then all costs would be covered - or have I taken this up the wrong way?


 
This is true. They pay the full cost if you use one of their solicitors or pay 600 euro if you use your own. The only other cost to be considered would be the stamp duty if the mortgage value is over 254K.


----------



## Krusty2001

Two quick questions (I'm not being lazy, I'm awaiting an appointment from NIB!):
We're currently 8 years into a 25 year 'with profit endowment mortgage' (Yes, I know! It's all we could afford at the time ) with an LTV of approximately 35%.  So:
1) Given NIB's reluctance to allow interest-only mortgage switchers, would we still be candidates for the LTV mortgage?
2) We're planning on continuing paying the endowment, in addition to the new mortgage (with a term of 17 years).  Do you think this might be an issue?

Thanks for any advice..


----------



## serotoninsid

Helen said:


> The only other cost to be considered would be the stamp duty if the mortgage value is over 254K.


So if the new valuation is over 254K, the home owner is liable for stamp duty?
Does it matter how long they have owned the property?


----------



## Squonk

serotoninsid said:


> So if the new valuation is over 254K, the home owner is liable for stamp duty?
> Does it matter how long they have owned the property?


 This can't be true! Stamp duty is not paid on a re-mortgage I had presumed. What house is not valued over €254k??


----------



## techman

SD is only paid if the mortgage exceeds €254k. Not the house valuation.


----------



## NorfBank

It is mortgage deed stamp duty so depends on value of mortgage not property.

Crossed with Techman


----------



## Squonk

NorfBank said:


> It is mortgage deed stamp duty so depends on value of mortgage not property.
> 
> Crossed with Techman


 I'm confused. I'm switching to NIB for a mortgage of 350k and a valuation of 700k (50% LTV). What "stamp duty" do I pay?


----------



## Sunny

Squonk said:


> I'm confused. I'm switching to NIB for a mortgage of 350k and a valuation of 700k (50% LTV). What "stamp duty" do I pay?


 
If you are just transfering your existing mortgage to NIB, you don't pay any stamp duty. The valuation of the property is irrelevant (apart from deciding what rate you pay with NIB)


----------



## CCOVICH

Sunny said:


> If you are just transfering your existing mortgage to NIB, you don't pay any stamp duty. The valuation of the property is irrelevant (apart from deciding what rate you pay with NIB)


 
I think you are still liable for stamp duty on the mortgage deed-anything over €254,000 carries a rate of 0.1%, capped at €630.


----------



## NorfBank

Stamp Duty of 0.1% is payable on the mortgage deed once the amount of the mortgage is over 254k. Property value is irrelevant.
On a 350k mortgage, stamp of 0.1% is due, whether or not this is covered by NIB I do not know but mortgage deed stamp duty of E350  must be paid by someone.
Mortgage deed stamp duty is capped at E630.

Post crossed.


----------



## serotoninsid

Thanks for the clarification on the sd.



Squonk said:


> What house is not valued over €254k??


There are still underdeveloped parts of the country. ie. within BMW region.


----------



## Squonk

NorfBank said:


> Stamp Duty of 0.1% is payable on the mortgage deed once the amount of the mortgage is over 254k. Property value is irrelevant.
> On a 350k mortgage, stamp of 0.1% is due, whether or not this is covered by NIB I do not know but mortgage deed stamp duty of E350 must be paid by someone.
> Mortgage deed stamp duty is capped at E630.
> 
> Post crossed.


 Thanks for the clarification. Anyone know if NIB subsidise the cost of this? Probably not, I'd guess.


----------



## Helen

Squonk said:


> Thanks for the clarification. Anyone know if NIB subsidise the cost of this? Probably not, I'd guess.


No they don't. 



			
				Sunny said:
			
		

> If you are just transfering your existing mortgage to NIB, you don't pay any stamp duty.


Does anyone know the answer to this for sure? I know on an equity release which would bring the total mortgage to in excess of 254K you have to pay stamp - even though the new portion is less than 254K. I just assumed you'd have to pay it on transferring, but maybe that is not the case.


----------



## efm

Helen said:


> Does anyone know the answer to this for sure? I know on an equity release which would bring the total mortgage to in excess of 254K you have to pay stamp - even though the new portion is less than 254K. I just assumed you'd have to pay it on transferring, but maybe that is not the case.


 
What everyone seems to be taking about here is Stamp Duty on the mortgage - Stamp Duty on a mortgage is payable as the State / Revenue deems a mortgage a stampable financial instrument - when one "transfers / remortages" a mortgage what you are actually doing is closing one mortgage and opening another - so as a new mortgage it will have to go to the Stamp office to be stamped and duty is charged as Norfbank said at a rate of 0.1% on instruments valued above €254k. So to answer Helens question if the mortgage you are getting from NIB is above €254k then you will have to pay stamp duty.

The above is totally unrelated to the Stamp Duty that is payable on the purchase of a house.


----------



## Mares

Hi,

Sorry to track back a little, I'm trying to get through this switch process and the guy we're dealing with is on the hard sell all the time. 

Can anyone actually clarify:

We are two friends with a joint mortgage. Do we have to set up two Easy accounts or would one account suffice to qualify for the mortgage?

Have been told we must have both wages paid into these accounts. Are NIB entitled to force us to do this? 

We have asked for full Terms & Conditions as they are not available online. He's stalling on providing these too. So we're finding it difficult to know where we stand on these two areas. 

Many thanks.


----------



## Squonk

Mares said:


> Hi,
> 
> Sorry to track back a little, I'm trying to get through this switch process and the guy we're dealing with is on the hard sell all the time.
> 
> Can anyone actually clarify:
> 
> We are two friends with a joint mortgage. Do we have to set up two Easy accounts or would one account suffice to qualify for the mortgage?
> 
> Have been told we must have both wages paid into these accounts. Are NIB entitled to force us to do this?
> 
> We have asked for full Terms & Conditions as they are not available online. He's stalling on providing these too. So we're finding it difficult to know where we stand on these two areas.
> 
> Many thanks.


 
Myself and my wife set up one easy account with NIB. They were pushing us to use it as our 'primary' account but I fended them off and after some huffing and puffing they admitted that we could just use it as a service account for the mortage only. Thus, we will not be paying our wages into the NIB account. 

The downside is that we have been issued with a laser card and there's annual govenrmnet stamp duty on this (€20 I think). Initially, they were trying to give both myself and my wife a laser card each but we compromised at just one card. I'm not even sure if they have a 'right' to force us to take a laser card but the woman we dealt with couldn't proceed with the online application unless we took one (a software issue).

On another point, I got a valuation done and they refused to refund the cost because we are just opening an easy account and not an easy-plus account. I recall reading on the website that they would refund €100 if opening an easy account but this appears to be gone from their website now (or at least I can't find it). 

PS I got more straight-forward answers when I rang their helpline at 1890 818 800. This seems to be the "official" source of info. I perceived that the NIB branches have their own individual " agendas"

Hope this helps a little.


----------



## DMCL1971

I visited NIB yesterday to transfer my mortgage to their LTV Tracker and all my regular banking to them. Here is what I was told. 

Valuation:
You have to have an official valuation on your premises no matter how low you think your LTV might be. If you open an Easy account no money is paid toward the valuation. If you open an Easy Plus account 100 is paid towards the valuation. If you open a Prestige account 150 is paid towards tha valuation. (You give them the receipt for the valuation and they put the money into your new account)

Legal fees:
The helpline told me that regardless of which of the 3 accounts you open NIB would pay all the legal fees if you let them look after the legal stuff. If you want to use your own solicitor they would contribute 600 toward the cost. However in the branch I was told this legal coverage or contribution option only applied to Easy Plus or Prestige accounts.

Switching later:
You are not tied into any minimum term on either your banking or mortgage. If you want to switch your mortgage or banking to another institution a month after you have switched to NIB you can. They will not look for any of the valuation or legal fees to be returned. The mortgage always has to be paid from an NIB account though. So, if you switch banking to somone else you will have to at least leave yourself an Easy account to feed the mortgage.

Payment flexibility:
The mortgage is flexible. There is no penalty for paying off lump sums, overpaying monthly repayments or reducing/increasing the mortgage term.

Account types:
The Easy account has no bank charges.
The Easy Plus account has 18.75 per quarter charges but the account does pay interest on credit balances (1.25% I think).
The Prestige account also has 18.75 per quarter charges but pays a higher rate of interest (1.75% I think).


----------



## rory

I have just changed from NIB's ECB +0.79% tracker to their LTV tracker. While the mortgage advisor outlined the benefits (as she saw them) of the Easy account, there was no pressure to make it my main bank account, or to take a Laser card, etc.


----------



## Mares

Thanks for that input, will press on with trying to open just one account!

Cheers!


----------



## SteelBlue05

DMCL1971 said:


> Legal fees:
> The helpline told me that regardless of which of the 3 accounts you open NIB would pay all the legal fees if you let them look after the legal stuff. If you want to use your own solicitor they would contribute 600 toward the cost. However in the branch I was told this legal coverage or contribution option only applied to Easy Plus or Prestige accounts.


 
Just on this, I got different info, I was in a branch yesterday and they said the legal fees offer applies regardless of the account you set up. It would be a bit crap if this only applied when you open an account that has maintenace fees.


----------



## Squonk

DMCL1971 said:


> Legal fees:
> The helpline told me that regardless of which of the 3 accounts you open NIB would pay all the legal fees if you let them look after the legal stuff. If you want to use your own solicitor they would contribute 600 toward the cost. However in the branch I was told this legal coverage or contribution option only applied to Easy Plus or Prestige accounts.


 I have been told by both my branch and the helpline that legal fees would be paid even if I opened up 'only' an easy account. This is confirmed by some other comments on this post.


----------



## Moneypit

SteelBlue05 said:


> Just on this, I got different info, I was in a branch yesterday and they said the legal fees offer applies regardless of the account you set up. It would be a bit crap if this only applied when you open an account that has maintenace fees.


 
Exactly what I was informed too.  I was also under no pressure to accept a lasercard or have my wages lodged directly into their Easy account, thankfully.


----------



## Sarsfield

SPC100 said:


> If you want to reassign your existing mortgage protection policy, you need to use your own solicitor. (I am surprised at this - not sure if its really true).


 
Sounds odd. Why would you need a solicitor to re-assign a mortgage protection policy in the first place?  I never involved a solicitor when sorting out (and subsequently replacing) my policy.

Anyway, had the valuer in yesterday (valuation to be collected on Monday) and appointment at the bank booked for next week.


----------



## Helen

Has anyone gone for the Easy Plus option and been forced to take a laser card/mastercard and cheque book? 
This is what they are telling me, however I do not want any of these. I'll have to go through the hassle of cancelling them afterwards.


----------



## alancash

For those that have switched to NIB or maybe those in the process... How long (roughly) does it take from inital contact with NIB to having the mortgage switched over to them? Are we talking months or a few weeks usually?


----------



## Helen

I met them 1 month ago and have just got the loan offer now, I expect it will take at least another month for solicitors to carry out their tasks and for the mortgage to move over.


----------



## rory

> Has anyone gone for the Easy Plus option and been forced to take a laser card/mastercard and cheque book?


Not sure why you choose the Easy Plus if you don't want the bells and whistles. Why don't you for the free Easy account?


----------



## Squonk

rory said:


> Not sure why you choose the Easy Plus if you don't want the bells and whistles. Why don't you for the free Easy account?


 I presume becasuse the valuation gets paid for if you sign up for the easy-plus account. Note that I was forced to take the laser card even with just the easy account.


----------



## serotoninsid

Squonk said:


> I presume becasuse the valuation gets paid for if you sign up for the easy-plus account. Note that I was forced to take the laser card even with just the easy account.


How long would you have to hold the easy-plus without having to refund the valuation charge?


----------



## MoiMoi

Does anyone know what are the terms and conditions?


----------



## snowdrop

Hi All

Thought I'd fill you in ref NIB and PTSB.  I made an appointment for NIB next week.  At current ecb rates I would save E 70 per month moving my E 240K mortgage which is currently 4.35% with PTSB over the same term (18 years) and LTV less than 50%.

However I also have an interest only investment mortgage with ptsb also at 4.35% which i couldn't move to NIB.  

I contacted PTSB customer retention dept and without much ado was offered ecb + .9% on both mortgages.  I will now save E 91 per month between the two - almost E 1100.00 per annum or E 20K in interest.  Not bad for one phone call . . .


----------



## MandaC

I was in signing contracts with my Solicitor today and she brought it to my attention that there was a Security Fee of €80 on the letter of offer from NIB.

Has anyone else had this on theirs and what exactly is it?  I am going to ring to find out, but any info. I have before that would be great.


----------



## Squonk

NorfBank said:


> Stamp Duty of 0.1% is payable on the mortgage deed once the amount of the mortgage is over 254k. Property value is irrelevant.
> On a 350k mortgage, stamp of 0.1% is due, whether or not this is covered by NIB I do not know but mortgage deed stamp duty of E350 must be paid by someone.
> Mortgage deed stamp duty is capped at E630.
> 
> Post crossed.


 
Following yesterday's budget, if I read this right, this stamp duty is now abolished !!

*Stamp Duty on Mortgage Deeds*
Mortgage deeds, as with many legal documents, are liable to stamp duty (this is a separate stamp duty from that which is applied to the conveyance of property).  Primary mortgages are currently exempt up to the value of €254,000, and those at higher values are subject to stamp duty of 0.1% subject to a maximum duty of €630 whether in respect of residential or non-residential property. The duty currently applied to collateral or additional mortgages is generally a €12.50 fixed duty and in the case of equitable mortgages and transfers of mortgages, generally 0.05%, subject to a maximum of €630.  The stamp duty head of charge for mortgages is being abolished for mortgage deeds executed on or after 7 December 2006.


----------



## Moneypit

MandaC said:


> I was in signing contracts with my Solicitor today and she brought it to my attention that there was a Security Fee of €80 on the letter of offer from NIB.
> 
> Has anyone else had this on theirs and what exactly is it? I am going to ring to find out, but any info. I have before that would be great.


 
MandaC, I noticed this on my loan pack too, meant to ask the Solicitor about it, if you get any more info about it please post.  Thanks.


----------



## bambino

the security fee should have been explained upfront...it is the fee charged at the very end of your mortgage (called a vacate fee) €65 is for releasing  the mortgage on your deeds and €15 for releasing the mortgage (also called assignment) on your life policy. this was fully explained to me prior to taking my mortgage.


----------



## Moneypit

Thanks for that Bambino.  The Solicitor did mention a €65 charge to me before for what, if I can recall properly, you say there.  It was included in the outlays of her bill, I had thought that this €80 was on top of that again.  Does anyone know if the new mortgage stamp duty exemption lowers or indeed removes those additional costs i.e. €65 and €15 or has it nothing to do with at all?
Thanks.


----------



## NorfBank

Mortgage Deed Stamp duty exemption abolished the 0.1% stamp duty on mortgage deed and nothing else.


----------



## serotoninsid

bambino said:


> the security fee should have been explained upfront...it is the fee charged at the very end of your mortgage (called a vacate fee) €65 is for releasing the mortgage on your deeds and €15 for releasing the mortgage (also called assignment) on your life policy. this was fully explained to me prior to taking my mortgage.


No chance of this being covered under 'legal fees' then?


----------



## niallo34

*Any downsides to NIB LTV Tracker*

I'm currently with PTSB - I owe €195k on a €208k Mortgage - over 30 years, have 27 years left.

Current LTV ration for mortgage to house is about 55%-60%

I'm paying 4.35% variable at the moment .

The NIB offer seems too good to be true. I rang TSB and they said they couldnt match NIB and that I had to pay all the costs myself, plus move my current acc to NIB (I currently get my salary paid into PTSB acc) - NIB tell me that all charges are paid and that whilst I have to setup a Current account with them, I dont have to move my salary payments into it.

Has anyone had any bad experiences moving to NIB? Do they really pay all charges? Do you simply pay for the valuation yourself?

Thanks..


----------



## Guest111

*Re: Any downsides to NIB LTV Tracker*



niallo34 said:


> I'm currently with PTSB - I owe €195k on a €208k Mortgage - over 30 years, have 27 years left.
> 
> Current LTV ration for mortgage to house is about 55%-60%
> 
> I'm paying 4.35% variable at the moment .
> 
> The NIB offer seems too good to be true. I rang TSB and they said they couldnt match NIB and that I had to pay all the costs myself, plus move my current acc to NIB (I currently get my salary paid into PTSB acc) - NIB tell me that all charges are paid and that whilst I have to setup a Current account with them, I dont have to move my salary payments into it.
> 
> Has anyone had any bad experiences moving to NIB? Do they really pay all charges? Do you simply pay for the valuation yourself?
> 
> Thanks..


 
Just finishing the move now...has all gone pretty smoothly. TSB are spoofing you. You do have to open a current account but only for the mortgage to be paid from. If you choose that Easy package (no fees current account) they pay your legals. Also stamp duty on remortgages has been abolished in the last week so that's a 300 odd Euro saving on average. You pay the valuation (100-130 Euro) but it's more than worth it.
A good product


----------



## serotoninsid

Was just onto the loan officer at NIB. My completed app. went in over 1 month ago and he seems to be still sitting on it!

Anyways, he said that if I went with First America (their solicitors), there would still be some charges.  This was not my understanding.  Originally, I was told that all legal fees would be covered.  He said that 'Land Registry Stamping' would have to be covered by me (he reckons this would amount to €200 approx.).  He couldnt confirm if there were any other fees.

Is anyone aware of this? What would land registry stamping cost?  What other costs would I have to pay?  Is there a possibility that he's steering me to my own solicitor for a reason? ie. maybe using First America is problematic?


----------



## Squonk

serotoninsid said:


> Originally, I was told that all legal fees would be covered. He said that 'Land Registry Stamping' would have to be covered by me (he reckons this would amount to €200 approx.).


 NIB say that their legal service is free, but not any incidental government charges involved in moving tha mortgage which are out of their control. Anyhow, the good news is that this stamping fee has been aboloshed in the budget....good timing!


----------



## serotoninsid

Squonk said:


> Anyhow, the good news is that this stamping fee has been aboloshed in the budget....good timing!


Excellent.  With immediate effect? If not when does it come into force?

It shouldnt be a factor at the rate of progress on NIB's part.  I knew they were snowed under but a turn around of 1 month plus (and counting) is out of order IMO.


----------



## Guest111

It's actually not...around 1 month is normal. I mean from first appoinment to completion. The fact that they are inundated is a good sign. It's a good product. And what difference does a couple of extra weeks make in the greater scheme of things? Mine was done and dusted in a month.


----------



## serotoninsid

Andy Doof said:


> It's actually not...around 1 month is normal. I mean from first appoinment to completion.


Yes - but I am just looking for a letter of offer! I dont think the guy has sent it in to their loan centre (or do they do not do this sort of stuff centrally like other banks?) - hes been sitting on it.


----------



## K-Man

serotoninsid said:


> Yes - but I am just looking for a letter of offer! I dont think the guy has sent it in to their loan centre (or do they do not do this sort of stuff centrally like other banks?) - hes been sitting on it.


 
I hope that NIB can work quicker than this!!! I am about to take out a new mortgage and have worked across many banks to choose the best value. Just got on to AIB who I have banked with for 12 years - they produced letters of offer the next day !!! Unfortunately their rate is not at the races in comparison to NIB and I was told they wouldn't be able to match it.

First Active are not too far off the mark for my particuar circumstances however I am looking to progress with NIB from Monday and will be aiming to move the transaction as quickly as possible.

I'll let you know how fast I can get it done.......starting NOW (bang)


----------



## serotoninsid

Finally got verbal notification of mortgage approval.  Just need to get valuation done now.  Before going any further, is there any pitfalls with using their own solicitors (First America)?


----------



## niceoneted

I went last Jan to NIB to switch. I started the whole process off opened an account got mortgage approval. I wanted to get my own solicitor as I had a very bad experience when initially buying my house. Before being able to get an appointment with a highly recommended solicitor mortgage payments started to come out of my account - I had not even drawn down the mortgage - I then decided to postpone moving. I have had no problems banking with them - although I had been told I would get a laser and credit card with the account I opened and they never arrived which I am glad of now. 
Given the events and movements with interest rates this year I am now reevaluating my situation and have decided to move to NIB. I am with EBS have €145K mortgage on property value €325. I will qualify for the ECB plus .5% - this will be .75% below what I am currently on. I will make a saving of €166 approx a month.
I'll be quite happy to have that money in my pocket rather than EBS.
Cheers everyone!


----------



## oysterman

oysterman said:


> I'm waiting for a call back from the person who handles my mortgage account in NIB (I'm currently on their ECB + 0.79% tracker). I'll post when I hear back.


I posted the above in this thread on October 23rd.

They still haven't managed to move me to the new rate.

That's despite me not needing a new valuation because the existing one they had on file for my house brought me within the equity criteria for the ECB+0.5% rate.

I had to chase and chase them to send me out the relevant documentation.

They never sent it.

They did, however, promise on three occasions (to the best of my recollection) that they had sent it. Not that they would send it (non-receipt of it by me would merely have amounted to incompetence on their part) but that they had sent it (so they were lying).

I finally managed to get the documentation by going in myself to collect it, bringing it home, signing it with Mrs. Oyster and returning it on the same day. They promised me they would switch my rate that day.

That was December 8th.

Since then I have continued to ring them and e-mail them repeatedly.

I called in when I couldn't get anybody to respond to me. I was told that the woman who deals with my account was in a meeting and couldn't see me.

That was odd because I could see her - she was hiding behind a pillar just back from the front desk.

I could have pointed this out but I believe in always keeping my dignity and I was (naturally) promised by the woman at the information desk that the other woman (you are keeping up now, aren't you?) would telephone me by the close of business that day.

Sadly, she's on holidays now. She has been since December 19th and will be until January 2nd.

I'm not quite sure why I'm posting this.

Maybe it's out of a sense of guilt.

After all, I have posted many times in the past that mortgages are a commodity, that the only thing that matters is the rate, that customer service is a piffling irrelevancy.

I still believe that. Honestly, I do.

But I'd like to apologise in advance to any AAM member who just happens, by chance, to be in my local NIB branch next Tuesday.

It could be both loud and ugly.


----------



## RainyDay

Which NIB branch, just for curiousity?


----------



## oysterman

RainyDay said:


> Which NIB branch, just for curiousity?


I'm strangely reluctant to reveal this because, despite everything, I genuinely like the woman who handles my account. And, furthermore, I have a big problem with people who use the anonymity of the web to single out individuals who work in service industries for one-sided criticism. In truth, if I revealed the branch, I have given enough other information for her to be identified by her management. My problem isn't with her specifically but rather with the corporate culture that allows such atrocious customer service. So, for the moment anyway, her identity's safe with me.


----------



## niceoneted

I wanted a front row seat!!!!


----------



## K-Man

oysterman said:


> oysterman said:
> 
> 
> 
> I called in when I couldn't get anybody to respond to me. I was told that the woman who deals with my account was in a meeting and couldn't see me.
> 
> That was odd because I could see her - she was hiding behind a pillar just back from the front desk.
> 
> I could have pointed this out but I believe in always keeping my dignity and I was (naturally) promised by the woman at the information desk that the other woman (you are keeping up now, aren't you?) would telephone me by the close of business that day.
> 
> Sadly, she's on holidays now. She has been since December 19th and will be until January 2nd.
> 
> 
> 
> 
> ....despite everything, I genuinely like the woman who handles my account.
Click to expand...

 
I must say - you're a patient soul....


----------



## FiveFingers

Hi, 

I just want to get back to the point about opening up the Easy or Easy Plus current account and leaving it as a feeder account for the mortgage repayments. I rang the LTV hotline yesterday and the lady confirmed that it can be left as a feeder account and that no laser cards need to be ordered. 

My husband just met with our NIB mortgage advisor. She insisted that at least one of our salaries had to be paid into Easy/Easy Plus current account and that all standing orders and direct debits must also be moved over. She rang the LTV hotline there and then and this was confirmed to her! She said that the current account must be active and that this was a directive to all mortgage advisors - using it as a feeder account for the mortgage repayments is not considered active. 

So, we have to switch our day-to-day banking from BOI to NIB. Was no one else forced to do this? (However, they seem to do most of the work for us with switching over DDs and SOs.) 

I had also asked the question here regarding getting a top-up for a small extension and about their requirement to supply final invoices once the building work was completed. Well, she doesn't require final invoices, just quotations. That's good news to us because we intend to go the direct labour route. 

Why does each branch say something different? I'm not happy about being forced to switch over.


----------



## irishpancake

Seems NIB are now marketing the LTV mortgage as an additional benefit of their easy/easyplus/prestige current account packages.



> When you take out an Easy, Easy Plus and Prestige personal banking package with National Irish Bank you can also benefit from this LTV mortgage option. It is available on your principal private residence only. As long as you are 18 or over you can apply to borrow up to a maximum of 80%# of the value of your home.



[broken link removed]

Example from easy package:



> New LTV Mortgage Option for Easy customers
> The new LTV Mortgage is the latest benefit to our personal banking packages. This is a revolutionary step forward in mortgage thinking. It recognises the value you've built up in your home, and uses it to lower your mortgage interest rate, which means that we can offer you preferential mortgage pricing.For existing mortgage holders switching from another provider, we also offer our switching service or a contribution towards the legal cost of switching.



[broken link removed]

So it seems that NIB are looking for people to switch their current account over to avail of the benefit of the LTV mortgage


----------



## oysterman

FiveFingers said:


> She said that the current account must be active and that this was a directive to all mortgage advisors - using it as a feeder account for the mortgage repayments is not considered active.
> 
> So, we have to switch our day-to-day banking from BOI to NIB. Was no one else forced to do this?Why does each branch say something different? I'm not happy about being forced to switch over.


Don't switch current a/c's in that case....

[Happy to update my previous post of quiet desperation - I'm now on the ECB+0.5% rate....and I didn't have to engage in the row I'd been intending to.]

I have not had to move my current a/c business to nib.

The feeder a/c I've had for my mortgage with them for the last 2 years has simply been transferred into the most basic of the 3 a/c's that have been mentioned on this thread (I think it's called the "Easy" a/c). The number of it has not been changed and I have told them I only intend to use it as a feeder a/c for the time being. This was not a problem.

Sarah Wellband posted earlier in this thread to remind us all that the taking up of an additional financial product cannot be a condition of securing a mortgage product. Don't let them bully you around - it's understandable that they'd want you to move your current a/c business to them. If you don't want to do that, politely decline their offer.

But don't let this messing put you off getting this ltv mortgage - it is the best on the market (for certain borrowers) by a distance....severe customer service issues notwithstanding!


----------



## Helen

*Re: Any downsides to NIB LTV Tracker*



niallo34 said:


> Has anyone had any bad experiences moving to NIB?


I had my first appointment with NIB mid October and I'm still waiting for the mortgage to be issued. Grrrrrr...

I initially met with the branch manager and had the loan offer signed and returned by early November. One month later I hadn't heard anything so tried to get in contact with the manager, but despite daily calls and emails he refused to ring me back. I finally got a one line email saying the branch doesn't deal with draw downs so it was out of his hands. I replied looking for a contact number for someone who could tell me the status of my application but he wouldn't respond to this either. 

After various calls to the LTV helpline, the NIB headoffice, I finally got in contact with someone in the mortgage issuing department - very surprised to find a client on the phone but I wouldn't let them go until they agreed to look into the delay for me. This girl was great and rang me back saying they were waiting on one piece of documentation, but I had never been informed of this. She said I would need to contact the branch but when I did, they said it would come from the issuing department. 

Another week later - week before Christmas - still no sign of the form which didn't surprise me as noone seemed responsible for sending it out, so I rang the branch every hour until finally I spoke to the mortgage advisor - someone I should have met at the beginning of the process and she said the form had been sent. As of today there is still no sign of it and surprise surprise she hasn't returned any of my calls this week. 
I do have an appointment to sign documents with a solicitor on Monday, so I'm getting somewhere but the whole process has been very frustrating and based on their customer service I informed them I would not be moving any of my day to day banking to NIB and I have cancelled the laser card. I am currently with BOI and have found them extremely courteous, efficient and any time I have asked to speak to the manager he has always phoned me back if not available at first. 

I would advise anyone applying to NIB for a mortgage to phone on a weekly basis to ensure their application is progressing as once they have your application form in the door, they do not care what happens after this - well my local branch didn't anyway.


----------



## serotoninsid

Further to above post, I am also finding what should be a simple process ridiculously protracted - and not just on NIB's part. I waited many weeks before I finally got an approval for the switch to NIB - and I only have verbal approval which is not ideal. Following this, I have been trying to get a valuation report. Pursued the valuers that had done my original valuation just a year ago - they reckoned my house wasnt worth any more than the value at the time I signed the contract for it - two years ago (then again, they are on Ulster Banks list - and I wonder if this is the reason they wont simply stamp the bloody valuation at the going rate). Have found another valuer who will value at the going rate but didnt ring me back as agreed. They have admited that all they have to do is stamp the bloody form (ie. they arent going to come out and look at it) - so wheres the problem.

There needs to be an improvement in service across the board in ireland and we all have to play our part in that (ie. if your not getting satisfaction, dont put up with it).


----------



## RainyDay

Daddy said:


> I have an NIB -  ECB variable tracker mortgage.
> 
> I intend to switch over to its LTV morgage as LTV less than 50%.


I'm in a similar position - I have just under €100k outstanding (8 years to pay) on their tracker mortgage, currently paying 4.29%. With the LTV, I could drop this to 4.09% APR. On running the numbers through Karl Jeacle's mortgage calculator, I find that I'll save about €1k over the life of the mortgage, or about €100 a year.

Is this fairly-low saving simply resulting from my fairly-low mortgage, or am I missing something?


----------



## marksa

RainyDay said:


> I'm in a similar position - I have just under €100k outstanding (8 years to pay) on their tracker mortgage, currently paying 4.29%. With the LTV, I could drop this to 4.09% APR. On running the numbers through Karl Jeacle's mortgage calculator, I find that I'll save about €1k over the life of the mortgage, or about €100 a year.
> 
> Is this fairly-low saving simply resulting from my fairly-low mortgage, or am I missing something?


 
Yes - it is because of your small mortgage - lucky you!. But also, the saving of 1k (100 per year) implies that you have approx 10 years left on mortgage where you are mainly paying off capital rather than interest. 

Still, if you are already with NIB, then it should be a painless exercise to switch, so you might as well anyhow.


----------



## serotoninsid

*NIB Valuers*

To all those who have had valuations done for this switch, have you all been told to use IAVI valuers only?


----------



## Guest111

I was told the valuer had to be a member of the IAVI. NIB do not use panels. You could try those auctioneers fellas from the Prime Time programme...reckon they'd put their name to anything!


----------



## Carmel

Hi 
I am in the middle of the process with NIB at the moment. Got the valuation done and have an appointment with a solicitor (their choice, they are paying) next week to sign the loan offer. 

We used Independent Valuations ltd, 17 Upper Baggot St. for our valuation. They were recommended by NIB and we were very happy with their service and the valuation they gave (about 30K more than we thought it would be). Website http://www.valuations.ie

Hope this helps.

C


----------



## DaveD

Carmel said:


> Hi
> We used Independent Valuations ltd, 17 Upper Baggot St. for our valuation. They were recommended by NIB and we were very happy with their service and the valuation they gave (about 30K more than we thought it would be). Website http://www.valuations.ie
> 
> Hope this helps.
> 
> C



Don't suppose you remember what they charged for the valuation? How long did it take to get done? Mind you with the speed NIB are replying to my request for documentation I'm in no hurry, waiting since mid December for written offer.

DaveD


----------



## Carmel

It was 130e and they did it within a week of calling them. They came to vist the house so someone had to be there to let them in. Didn't take long though.
C


----------



## r0chf0rt

Hi
Can someone who has gone through the process of switching to nib confirm whether they were liable for land registry fees if they used the nib solicitors? The guy in nib said no but I have noticed some people mentioning it in other posts.
thanks
Paul


----------



## potnoodler

MoiMoi said:


> I try to approach my bank yesterday (FirstActive), i got a reply saying they will call me back and never heard from them. Will definitively switch to NIB for sure.


 

Got the same response from FA myself, asked at reception to speak to an advisor cos I wanted to check out my options before switching to NIB (after not receiving a promised return phone call for an apointment), receptionist spoke to advisor on the phone and then said to me it was best to write a letter to head office, as there's nothing they can offer onsite. Total joke as no commission involved I suspect.
So long FA.


----------



## MandaC

I have been trying for the past two weeks to have my mortgage drawn down with NIB and they are proving most unprofessional.

My Solicitor requested the cheque two weeks ago and it took a week for them to come back and say they were waiting for life policy and house insurance(they already had house insurance documents.)

Last Monday,  I drove over to Blanchardstown and dropped in the life policy.  I had a call from my mortgage advisor in Blanchardstoen on Wednesday to say all was in order and cheque would be drawn down.  My Solicitor was trying their head office in Belfast on Thursday and Friday to ascertain whereabouts of the cheque.  This morning they came back again and said cheque had not been released as there was no "assignment of life policy" signed, which they said had sent in the post to me.

I had never received this document, or I would have sent it back to them when I dropped off the policy documentation last week. The mortgage advisor should not have told me all was in order, when it wasnt and wasted another week.

Calls are not returned from their head office to my Solicitor and it takes about a week to get a response by e-mail.  In the meantime,  I have an irate builder chasing me and am getting stressed out over it.

I have to say I am not happy with the service to date.


----------



## Moneypit

I have to agree with you MandaC.  We drew down our NIB loan cheque in January but it was really touch and go when it came to closing the sale, all down to them just being inefficient and uncommunicative.  We got there in the end but it wasn't for the want of me trying and emailing our mortgage advisor at least twice a day on it.  Even with all that, it was only last week when they finally took the first mortgage payment out again despite me emailing several times asking them to take the money!  They then sent our legal fees reimbursement cheque to our old address, again I had emailed them to make sure they changed our address on their records, it's like I'm not being listened to properly, emails are being half read.  I do miss PTSB for their efficiency and I like the way you can ring a number and get through to someone re your mortgage query straight away rather than having to deal with the one person only in NIB but at the end of the day we are saving a lot with NIB so money talks.  One bonus, we got by the way, was a contribution towards the valuation fee of 100 euros which I wasn't expecting because we hadn't opened any other a/c bar the mandatory easy a/c.  Probably a mistake on their part.  In all seriousness though, they really need to review their systems and come up with some better way of providing an efficient service to their customers.


----------



## serotoninsid

I'm just sending back a bunch of NIB forms that required my sig for this.  On the 'Customer Agreement' Form, it states;

*When we asked you "Where is the money coming from to operate the account on an ongoing basis?" you confirmed - "From Salary".*

If I sign the above, does it imply that I have to have my salary paid directly into the NIB account? (as this was not my intention)


----------



## Sarsfield

I have to agree with MandaC & Moneypit.  It's a job in itself keeping on at NIB to find out what's going on.  Don't expect them to contact you!  I was told I'd completed all the necessary documentation but when I called to check progress (finally speaking to my 'advisor' after leaving messages for a week!) I eventually found there were 2 items outstanding - one I'd never been told about, the other I'd been told I didn't need!

Maybe it's just because they're so busy with mortgage switches,  but I get the impression a number of their staff are not knowledgable enough about the switching process.


----------



## MandaC

Just a further update in respect of NIB. They were onto me last week about the new account details. I signed paperwork and sent it back in the post with a cover letter telling them I had changed address and had not been at the previous address since before Christmas. I also told the contact on the phone when she rang me to make sure that all correspondence is issued to my new address.

Despite this, this morning I receive in the post (forwarded from my old address), a cheque book in one envelope and a pin number for my laser card in another envelope. No sign of the laser card, god knows where that has made its way to.
I better follow up to ensure that the reimbursement of legal fees is not sent to the address I am gone from for over three months.

My Solicitor is giving out hell about them, says she has never come across such a shower of idiots. No instructions are listened to or acted upon at all.


----------



## Phaedrus

Hi Again,

I posted on this thread before Xmas.

I still haven't moved on this, but called NIB, AIB & PTSB (my current mortgage lender) today.

My mortgage and the extra loan for my extension are both with PTSB. The extension loan is called a One Plan loan, aparrently, and is directly linked to the house and the main mortgage. 

I reckon that with some crafty talking, NIB would have to take them both as effectively one mortgage and accept me as a candidate for the LTV loan.

As I calculate it all at this time, I'll save €118pm by switching. The NIB phone operator (in Belfast, which is odd since I called my local branch in Dublin) said that she'd be getting the mortgage officer from my local branch to call me, but couldn't guarantee that'd be today. So I await their call.

Here's a question regarding NIB (or AIB or whoever) not taking into account loans other than the main residence mortgage for their LTV product:

If one were to consolidate all their loans (mortgage, car, holiday, credit cards, etc) into one mortgage with their current lender, could they then subsequently switch that mortgage to an LTV mortgage, ending up better off all round?

I'd guess there's something that would scupper that idea, but I had to ask.

Thanks,

Mark


----------



## serotoninsid

Phaedrus said:


> The NIB phone operator (in Belfast, which is odd since I called my local branch in Dublin) said that she'd be getting the mortgage officer from my local branch to call me, but couldn't guarantee that'd be today. So I await their call.


Their call centre is in Belfast and they route all calls there. I wouldnt be waiting by the phone.  Customer service isn't part of this whole deal.  If theres money to be saved as there certainly is in your case, your going to have to drive this yourself.  Call into the local branch and organise the appointment. I've been trying to get this all sorted out since last November.


----------



## KalEl

Phaedrus said:


> I reckon that with some crafty talking, NIB would have to take them both as effectively one mortgage and accept me as a candidate for the LTV loan.Here's a question regarding NIB (or AIB or whoever) not taking into account loans other than the main residence mortgage for their LTV product:If one were to consolidate all their loans (mortgage, car, holiday, credit cards, etc) into one mortgage with their current lender, could they then subsequently switch that mortgage to an LTV mortgage, ending up better off all round?
> I'd guess there's something that would scupper that idea, but I had to ask.
> 
> Thanks,
> 
> Mark


 
I've recently switched to the NIB LTV product and can recommend it.
I don't see any reason why you couldn't consolidate your loans with another provider and then switch to NIB.
However you should really match loan terms to the length of life of the asset...even though it's widespread sticking cars/holidays/clothes on your mortgage isn't wise.


----------



## Sarsfield

Well I finally got confirmation of the drawdown of the NIB loan! I only started the process in early December!!

One question: The amount I borrowed from NIB is now more than the outstanding balance on the old loan (due to the continuing payments on the BOI mortgage since December). How & when can I expect this money back?


----------



## ClubMan

Sarsfield said:


> One question: The amount I borrowed from NIB is now more than the outstanding balance on the old loan (due to the continuing payments on the BOI mortgage since December). How & when can I expect this money back?


Presumably when you solicitor gets the cheque and uses it to clear the old loan any excess will be returned to you? At that point it might make sense to put it off the new loan as an accelerated capital repayment unless you need it for some other purpose?


----------



## DaveD

I have to say I couldn't be less impressed with customer service from NIB. I started the switch process last November, took a month to get an appointment, they never sent out the mortgage documentation for me to complete until I asked 3 times. My "advisor" is NEVER available on the phone, never returns messages and only eventually replies to emails.

I was moving from AIB after they refused to match NIB but when I told them the move was imminent they offered the new business 1 year discounted rate of ECB + 0.45%, then on to their current lowest (0.1% higher than NIB I think). AIB even refunded the €120 charge I incurred to get the property valuation for NIB.

All the NIB documentation is sitting in my office on a shelf for over a month and I think I will let it stay there. NIB have never initiated contact with me, if this if their customer service when they're trying to sell me a mortgage then I'd hate to see it if I ever have a problem afterwards.


----------



## roadrunner

I am applying for mortgage with NIB - when I asked the timeframe for the process was told should be wrapped up in a month. Is this realistic?
I hope to start the build then so it beeter be right?

Also I was told that until build was complete I would be put on Variable rate of 4.85% - then I could apply for the LTV when build complete.
(should qualify for .5% above ECB rate)
Meeting them next week - what questions should I be asking?

My own bank are keen but can only offer 4.8% APR -


----------



## MandaC

I drew down last week after very much hassle, if I had known how much hassle I would get from NIB, I dont think I would have bothered, even though I am on the best ltv rate.

The mortgage advisors are terrible, I echo the above, it is impossible to get calls returned, or letters or faxes acknowledged. 

I eventually got two really good guys on side from the call centre, and they sorted it for me.


----------



## serotoninsid

roadrunner said:


> I am applying for mortgage with NIB - when I asked the timeframe for the process was told should be wrapped up in a month. Is this realistic?


Absolutely not!


----------



## thedarkone

I kicked the process off in Nov with NIB when this was first launched and told it would be all wrapped up by Xmas.  Its now March and still no sign of closure to the issue.  Customer service is brutal, no-one calls you back, you'll get the wrong/no documentation, etc etc: you'll need to drive this hard yourself.  Is it worth it?  Probably, in the long term.  Pain is quickly forgotten.


----------



## buttonmoon

we started our switch in November and only got it all sorted this month. 

They just seem to be *very* slow so no point in stressing about it.

See if you can get your advisors email address. I found it was a nice n easy way to ask questions, sort out docs etc. 

Anyway, the mortgage is now 30 euro a month cheaper and 5 years shorter so it's well and truly worth the hassle.


----------



## roadrunner

I have a rough figure of 300 - 350K will suffice in the house build. 
If I take out 350K and say I have 50K left over - will I be able to pay it off
mortgae amount and reduce debt?


----------



## practitioner

We started the switch mid Dec and it has concluded Mar 7. There was a poor returning your call service. We saved about 150 euro on the new mortgage protection policy through La Brokers.We got the valuation done through estate agent we bought hse from originally and they didn't charge for same as did not necessitate a call out.The legal side of things all went ok using their solicitor. It was handy that we did not get caught for the mortgage stamp duty that was abolished in budget.So overall we saved money through discount above and now save with the better LTV of 0.5 % plus ECB.I had to set up standing order to pay money into Easy a/c to service mortgage.They said they would write each time there is a change in interest rate so one would have to adjust standing order which should be free now with transaction free banking etc.No prressure to take other current accounts or cards etc.There was a lot of form filling involved but only one visit to NIB for meeting and one visit to their legal team.


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## Buddyboy

Whew, just back from the Solicitors after signing a raft of documents for NIB.

We started the process in Nov. of last year as well, and are just now concluding it.  It is a mortgage shift from FA Current A/c.

Definitely lots of hassle, but you just have to be patient and ride it out. We were lucky in that we are switching, so there was no hurry, I'd hate to think how stressed I'd be if I was buying, and this was needed to close.

We are moving all our current account to NIB as our current account (facililty a/c) with FA doesn't have a cheque book, so we have to have an account with TSB to maintain a cheque facility.  So we will be going down from 2 accounts/laser cards to 1 account servicing all our needs. We are keeping the credit card seperate as we have just paid the travel insurance through it (Visa Gold Card), so we were able to refuse the credit card part of the NIB account.  As soon as the travel insurance expires we may move that credit card to NIB as well for simplicity.

We will be saving on on the mortgage, by over 100 a month, together with the yearly savings on govt. card charges.

So we are getting the cost of a meal out each month... definitely worth the hassle (which hopefully is almost over).

I must just make sure to change all the direct debits/salary ect. out of the FA account as iirc it shuts down as soon as you have the mortgage cleared.


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## mell61

I've just started the process with NIB, and contacting my current mortgage company Permanent TSB, they've sent my details across to their 'retention' department.
I'm wondering if anyone has had decent rates offered by PTSB not to move?

They are contacting me tomorrow to discuss, but NIB are offering ECB + 0.51%.


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## Squire

I'll bet they ring back and offer to cut 0.25% off their current rate, it seems to be their policy. Try push them for more and let us know how you get on.


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## 1carrot2

Like everyone eles I found NIB's service level appalling. But just continue to monitor their calculations after the account eventually gets up and running.
I have had to constantly inform them of errors - and keep on at them to get a resolution.
It has been a lot of work - but it is cheaper.


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## mell61

PTSB got back to me to offer me... nada / nothing / nix
They've said that the ECB + 1.1% is their very best offer, but they are currently re-evaluating their products and may have something in 6-8 weeks, that may be less expensive, but until it launched they (the retention dept) don't have any details.
I asked if they would look at offerin a years free household insurance / life insurance, calendar / pen... anything....   No, but I could call Irish Life to see if they could offer me some free insurance (?).
It was nice to get the follow up, but it really felt like a wasted effort - they couldn't offer anything at this point, and don't know anything about their new products yet to say whether or not its worth sticking around!

NIB ECB + 0.51% is looking better and better.


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## DannyBoy

Had our first appointment with NIB today about the LTV mortgage. Brought all the paperwork and filled out all the forms. Then the advisor proceeded to tell me how I'd have to sign up to their current account and that it would have to be active.

When I queried them about this they said that simply feeding the mortgage wouldn't classify the account as "active" and while I wouldn't have to move my salary to their current account I would have to take out their laser card and have activity shown on the account.

Now this second bit is news to me, I know they push you into opening up a current account with them becaus the financial regulator doesn't see it as a product (ffs!) but the rest was a surprise to say the least!

When I wouldn't budge the advisor said she will speak to one of the managers to see what they can do and get them to call me back. From what I can read on this forum I doubt I'll ever get that call.

Can they force you into taking their laser card? And making transactions on the account other than the mortgage payments to keep it active in their opinion?


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## serotoninsid

DannyBoy said:


> Can they force you into taking their laser card? And making transactions on the account other than the mortgage payments to keep it active in their opinion?


No.


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## serotoninsid

My Loan Agreement shows an APR of 4.11%/interest rate of 4.03%.
this interest rate would be ECB + ??? (whats the current ecb rate? Theres been that many of them, i'm no longer sure).


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## woodseb

ECB is 3.75%


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## hakouna

Get to sign my Loan Agreement today with NIB in front of a solicitor , I found a wierd charge in the documents that the solicitor couldn't explain .
The charge is : 
"Effect on amount of instalment of 1% increase in the first year in interest rate" Euro 80.52
"This is the amount by which the instalement repayment will increase in the event of a 1% increase at the start of this first year in the interst rate on which the above calculations are based "

Can anyone shed some light on this statement ? Is this a comon leagal/financila term in loan agreement ?


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## DeirdreL

since the introduction of the Consumer Credit Act, all lenders are now obliged to list the effect of a 1% rise in interest rates based on their offer at the time and show the monetary amount applicable in the individual case

DeirdreL

www.rea.ie


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## serotoninsid

woodseb said:


> ECB is 3.75%


If the ECB rate is 3.75%, how does an interest rate of 4.03% appear on the Loan Agreement? (Even if it was all the capital sum was due to fall under ECB+0.5% - which it doesnt, this doesnt add up??)
@hakouna: what rate was on your Loan Agreement today?


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## KalEl

serotoninsid said:


> If the ECB rate is 3.75%, how does an interest rate of 4.03% appear on the Loan Agreement? (Even if it was all the capital sum was due to fall under ECB+0.5% - which it doesnt, this doesnt add up??)
> @hakouna: what rate was on your Loan Agreement today?


 
Because NIB don't apply the ECB rate change immediately...it's the month after your repayment goes up. Plus, the loan offer was probably pre-ECB rise?


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## hakouna

Rate was 4% but the loan agreement was backdated to 28th of Feb .


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## serotoninsid

ok, thanks for that clarification guys- that makes sense now - as not all of the capital sum qualified for the ecb+0.5% rate - so slightly over - which makes sense.


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## trimman

We switched from PTSB to NIB  only problem with the cash transfer to PTSB this took ages app. 3 months with NIB blaming PTSB (who wants to lose business), all done now hope to save some cash now we reckon the difference will be about Euro 60-80 per month.

Only cost was for house evaluation to determine mortgage rate, Rang around the cheapest was remax for us.


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## mell61

we're just at the final stages of moving our mortgage and PTSB refused to provide the NIB with the current value of the mortgage, they would only go via the solicitors.     PTS advised solicitors that there is a very large interest sum which PTSB say is outstanding, equeal to approx 3 x months of interest payments.   NIB have advised me that the sum is a lot higher than they normally see for outstanding interest (normally just 1 x months interest).
PTSB wont' give me the figures over the phone, will only post out to me, so I've 5 days to wait and see what that says!  (I recall in the past we did get that info by phone with another mortgage provider, so strange that PTSB can't give it to us).
Anyone else had any issues with moving from PTSB?


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## minion

I have been at the final stages of moving my mortgage to NIB for the past 3 months now.  The whole sad process has just gone into its 7th months since i have spoken to the NIB mortgage advisor.

So far everyone but my dog has been blamed on the slowness.

The only time i have actually spoken to someone was my first appointment in November.  They never, ever return phone calls.  The sometimes return an email, after sending the email about 5 times, with even less info than they gave months ago.

I'm about to pull the plug now, as they are just taking the michael at this stage.  There are only so many times (11) that you can take hearing, 'Its with the solicitor, it will only be one more week).  I think they just keep forwarding the same email to me.

They are a joke.

When i started out on this long NIB road they told me it would take about a month in total and they would help me every step of the way.

A colleague applied to a different branch about a week after i did and he is about to pull the plug now too, so its not isolated.


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## MrKeane

I am going through the process switching to Ulsterbank from EBS and its going ok, I am just waiting on the mortgage insurance ploicy in the post and it should be sorted, the total time is about 2 months I think and would have been faster if I sorted the insurance bit quicker.


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## A-Z Safety

my experience reflects Trimman's

We began process in January assured everything would take 3 weeks ( we had all the documentation with us the first meeting) after this for 6 weeks they kept coming back with additional things they needed, after this PTSB delayed the whole process a further 8 weeks by giving outdated amounts for outstanding mortgage details.

finally this is all through, we have our NIB account (current account you must use to pay the mortgage each month) but have been waiitng 4 weeks for them to set us up with this account online so have no idea of the activity on it.

they ARE a joke but im hoping it will be worth it, we have reduced our term by 7 years for roughly the same monthly payments..


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## staunton

I just completed my switch from Ulster bank to NIB and it went relatively smoothly, taking about 6-8 weeks from my first meeting ( brought the forms with me and was waiting a week for valuer to get form back to me).
Switched my life assurance to them as well thinking it might give the guy dealing with my application an extra incentive ( commision ) to speed up my application.
Found them extremely reponsive by email, never rang them though after the effort it took to get a switcher pack sent out.
In my experience it is better to call directly to the branch and get an email address from whoever your dealing with along with the switcher forms.
Well worth any hassle though saved me 5 years of paying back my mortgage!!!!


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## marksa

A-Z Safety said:


> my experience reflects Trimman's
> 
> 
> they ARE a joke but im hoping it will be worth it, we have reduced our term by 7 years for roughly the same monthly payments..


 
there seems to be a bit of a common thread here - pain in the proverbials to get it set up, but then is it not worth it if you can knock 5-7 years off your mortgage!! I think the hassles usually stem from 

the "losing" bank taking its sweet time hoping people will chicken out of the move
volume of business into NIB
Patience will be rewarded!


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## mell61

Well we've finally drawn down our mortgage yesterday - PTSB spent the last 6 weeks issueing incorrect redemption figures, and when challenged wouldn't give us a breakdown of where they got the figures from!     I can't blame NIB because I was also trying to get this information, and for some reason PTSB don't seem to really know how to handle customers!     But its taking 4 years off our mortgage, so worth the blood sweat and tears!


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## Buzzmolloy

*Brendan*

*Could you show me how the margin of .59% is calculated on this product assuming an ltv of 80%*

*thanks*

*Buzz*



*National Irish Bank Transforms Mortgage Pricing in Ireland
*·. 


Typically today, lenders offer standard variable rate mortgages at an interest rate which equates to a margin of up to 1.35% over ECB. National Irish Bank’s unique tiered pricing model offers a margin ranging from 0.50% to 0.59% depending upon an individual householder’s LTV. This makes the new *LTV Mortgage* pricing model the most competitive and most innovative in the Irish market today. 

The pricing structure is available on mortgages up to 80% LTV and works as follows:

·A margin of 0.50% is applied to the first portion of the loan up to 50% LTV
·A margin of 0.60% is applied to the next portion of the loan up to 60% LTV
·A margin of 0.80% is applied to the final portion of the loan up to 80% LTV


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## LDFerguson

Let's assume that the loan is €800,000 and 80% LTV, i.e. the property is worth €1,000,000.

First €500,000 is at 0.5% over ECB.  
Next €100,000 is at 0.6%.
Final €200,000 is at 0.8%.  

(€500,000 x 0.5%) + (€100,000 x 0.6%) + (€200,000 x 0.8%) = 0.5875% on €800,000, rounded up to 0.59%.

Liam D. Ferguson


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## Buzzmolloy

Thanks Liam


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