9 months mortgage paid - good time to shop around for a new deal?

H

HMC

Registered User
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I'm 9 months into a mortgage with EBS paying 5.5% on 170K which seems hefty compared to some postings I read here today (IIB and AIB in particular).
My question is: should I wait until I've been with EBS for a year (June) before approaching other lenders?
Thanks for any advice.
 
Your ability to switch to a better rate depends more on the value of the property than how long you've been in your current mortgage. You should also see if EBS will offer you a better rate to keep your business.

Liam D. Ferguson
www.ferga.com
 
There is nothing stopping you shopping around for a better rate. I would first check with EBS if they would offer you a better rate and that there is no cancellation fees to pay on your own mortgage with them should you decide to move it.Secondly that you check with which ever bank you decide on that they will pay all of your costs e.g solicitors fee, valuation fee etc.
 
HMC said:
My question is: should I wait until I've been with EBS for a year (June) before approaching other lenders?
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Was that rate a first mortgage introductory offer from EBS? It seems very high.

I would leave it until a month before your year is up to go looking, if you decide to switch it'll take a few weeks for the solicitors to complete the deal and most banks will give you a few weeks "grace" to get your affairs in order, however i would just confirm that with EBS to be on the safe side.
I'm assuming you have a fixed/tracker for 1 year with EBS, if not and you want to get out early then you will get charged a penality, can be quite expensive

BountyHunter.
 
We were going to shop around a few months back - we were at 5.5% with EBS - I called them and they offered my 4.9% the tracker rate - just involved signing a form. Depends on your LTV as to what rate you get. THats the variable rate you are on I think
 
Don_08 said:
We were going to shop around a few months back - we were at 5.5% with EBS - I called them and they offered my 4.9% the tracker rate - just involved signing a form. Depends on your LTV as to what rate you get. THats the variable rate you are on I think
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That's very encouraging Don 08, thanks. I'll get in touch with EBS straightaway!
 
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