+2% Stress Test: A Barrier to Switching

Definitively give KBC a shot.

It's always going to be a struggle to switch providers with a relatively high LTI but if you don't ask...

If that goes nowhere you should at least look to switch to PTSB's <80% MVR - not a huge rate reduction but better in your pocket that PTSB's.
 
Update:

AIB were interested enough and courteous enough to organise a meeting with a mortgage advisor, but we could not proceed as the 22-year term remaining is too long, as we are 47 and 48 years old.

KBC sent on an attachment of a very long form to be completed, together with declaration of income forms to be completed by our employers. We are both public servants, and the forms will inevitably be lost when we submit them. I'm not that gone on KBC and fear that we might be in a stickier situation if they decide to abandon the Irish market and sell the loan book to an unscrupulous lender charging 5%+.

BOI said no based on LTV.

EBS, contacted them twice, but no response.

Still with PTSB, still paying 4.3%. LTB now approximately 81-84%. Will have professional valuation completed before the Christmas.

I submitted a letter to bot the governor and deputy governor of the central bank. I also sent a submission to the central bank for their analysis of the mortgage market. No reply from any of these as yet.

I have abandoned our attempts to remortgage for now, and will concentrate on holding tight in keeping PTSB sweet until such time as they are sold/taken over/win the Euromillions and sort themselves out. If our valuation is less than 80% I will ask them to review our rate and see what BOI can do. Worst case scenario is that they hike up their rates to screw even more us and others like us who are trapped with them.

The UB experience left a bad taste in the mouth, so near and yet so far to a good deal for me an my family. I might try them again in the new year as we are due a pay rise, and the loan balance will be a little bit smaller....
 
@Joe90 I don't see KBC leaving the Irish market anymore. There was doubt until recently, but the Group gave committed to staying, and I've seen a ramp up in recruitment / investment in the past few months.
Interestingly, they've just this morning announced a 10 year fixed rate at 3.19% (2.99 with current account) for less than 80% LTV.
BoI is the only other 10 year fixed at 3.8% for the same LTV.
 
Thanks @RedOnion, that is an interesting development, seems to indicate a long-term strategy for that institution.

Have to leave this on hold for now. We have some issue with our credit rating, as PTSB have not reported to the ICB that we came out of an interest-and-part-capital repayment arrangement and went on full repayments 15 months ago. This only came to light this week when we tried to get a car loan with the credit union....
 
We go again.

New year, new increments have been applied to earnings, and LTV has reduced again. Will go via a broker in June when I have some time to pursue this again, as the broker options have improved since last year.

I got an email from the Central Bank today following my submission to the public consultation on Enhanced Mortgage Measures: Transparency and Switching (CP112) in 2017. No publication date for this report was given but they do intend to make my submission available on their website, and state that they will remove any sensitive material. No word on what commentary or opinion on our case that they will have, but I am awaiting this report with interest. Is there anything I should be concerned about in my publication of my submission?
 
are you below the 80% LTV as that would be a big help with UB (4 yr fixed 2.6%) or try get BOI cashback with 1,2,3 or 5 yr fixed @ 3%.
Your O/S mortgage will have dropped so you might be able to reduce the term to finish by 65 with the 2.6% or 3% rate. I'm just finishing switching from UB to BOI.
 
Update: I received a copy of the proposed redacted version of my submission to the Central Bank report CP112 late yesterday evening. They have blanked out over 50% of it, and much of the integrity and purpose of my original correspondence has been lost. What remains hints at the issue that I had with the barrier that I came up against in switching mortgage provider, but it not explicit enough for me. I had thought of denying permission to use my submission but I think I will leave it, as there may be other submissions that can address more clearly my concerns. If I had known that submissions can be published, I would have been more careful in my phrasing and details that could have been published. C'est la vie....
 
Im in a very similar position to you Joe.

Reading your post has put we off switching

We are meeting UB on Monday but Id say that will be that

PTSB have a new 3.7per cent Fixed Rate for existing customers

Might hv to go that way for 5 years and just treat it as rent.
 
Hi Paul, I only saw this today, would love to know how you get on.

I took a break from all of this for 2 months and was not aware of the new fixed rate foe existing customers. I'll be checking this out, but knowing PTSB, they'll probably put some barrier in our way.....
 
@Paul Reilly , @Joe90
As far as I can see the only barrier PTSB have in place is that you have to pay a fee of 100 euro to fix.
If you're on MVR of 4.3%, and can't switch lender, my view is you should really fix at 3.7%.
I think there's still room for the rates to drop further, but right now I'd fix for 2 years to start saving, and keep an eye on changes. If they drop further it might be worthwhile breaking and refixing.
 
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