Any advice would be greatly appreciated "IIB BANK"

[johnnybegood]

Hi guys,

I am at present updating my fathers finances. Turns out he had an endowment policy mortgage with IIB Bank. The policy is worth pretty much what he paid into it. So i have cashed this irish life policy in made a lump sum payment against the mortgage and now wish to put him on a capital/interest repayment.

I requested ten years, the mortgage amount is €57,880. this is his only borrowings and he has two houses combined value €600,000 +. The best rate IIB Bank will give us is 3.45% Standard Variable APR.

Has anybody had experience with IIB? Would they be willing to reduce this considering the LTV is well below 60%. I know we can switch to Ulster Bank get 3.00% apr and have switcher costs paid but its the hassle of doing so plus the home insurance is also with IIB.

Anybody any ideas or any previous similiar experiences?

Thanks,
johnny

 

[Sarah W]

Uslter's minimum loan for their switcher is €75,000. You'd be better off talking to NIB who may subsidise some of the costs or the EBS who are offering a fees free switcher - no min. loan as far as I know (I don't get asked that very often!).

Sarah

www.rea.ie

 

[johnnybegood]

Thanks Sarah,

Funnily enough does not mention that on UB website (not even in the terms and conditions part) Typical banks!

I will investigate EBS/NIB option further.

 

[oysterman]

I am at present updating my fathers finances......plus the home insurance is also with IIB.

Johnny, there's a real quick win staring you in the face. A couple of hits on google will save you a load of money versus home insurance brokered by mortgage lenders. They are operating daylight robbery. (123.ie is a decent place to start but there are others.)

 

[N.I.H]

I recently got a 5 quotes for house insurance based on a rebuild price of 180,000 and 35,000 contents fbd was a third cheaper than every one else