Any reason not to switch from AIB to ICS

[Interest%]

Any update on the rumoured Avant Q1 offer to pay switcher’s legal fees?

I have read that its only available for UB and KBC customers looking to switch. Basically if they had any negative taughts about the owner of their mortgage acquisition (ptsb and boi) then that incentive will entices em to jump to avant. Can you imagine if every single one of the kbc and UB customers switch there mortgage to Avant. Haha

 

[Wiresandmore]

The penalty for an overpayment (above any allowance like Avant's 10%) is calculated using essentially the same formula as is used for calculating the break fee when switching lenders. But instead of the outstanding mortgage balance, they use the amount you want to overpay.

This means that the penalty will depend on:

• how much you want to overpay
• how long is left on your-fixed rate period
• how much interbank interest rates have moved since you fixed

So it is pretty much impossible to predict, except to say that if interbank interest rates rise after you fix, the penalty will be zero.

I just looked at their site and they say the max redemption fee is 2% of the outstanding balance. Question is: does anyone know if you do a partial redemption is that the max pro-rata cost too (e.g. If i had the ability to pay off 100K of a 300K balance in one drop would the worst case be a 2K fee?)