Change type of mortgage with current provider

R

robertmayo

Guest
I'm currently with First Active and have an offset mortgage 5.3% apr. Morgage is 60% value of house, So I want to change to their Loan to Value product at 4.9% APR.

Does anyone know if I need a solicitor to change morgage with current provider?
 
Yes, or at very least their First American Service which costs about 899. Try your own solicitor first to see if they will do it cheaper. Different type of legal mortgage so cant just switch from it to tracker.
 
Whether they charge to change or not - why not switch to an even better rate somewhere else?
Some lenders pay legal fees if you switch.
For 60% LTV you will get a rate of 4.53 from NIB. PTSB will give you 4.6.
 
IU have a number of mortgages with FA and some are standard variable. When I started the process of changing to Halifax, they came back to me and said that they would change all the mortgages to tracker ECB +.75. There's no requirement for a Solicitor
 
agapanthus said:
Yes, or at very least their First American Service which costs about 899. Try your own solicitor first to see if they will do it cheaper. Different type of legal mortgage so cant just switch from it to tracker.
Click to expand...

You sure about that?

I changed from standard variable to tracker with BOI some time ago without needing a solicitor. A colleague did the same with NIB. Only when I moved from BOI to NIB did I need to use a solicitor.
 
Contact First Active directly to try and change products. No solicitor required.

Only if you change lender will you require a solicitor and several banks are paying the fees for this.

FYI First American now costs approx €1150
 
Trust me, there is legal work involved. This is to transfer between a FA Offset to FA tracker or vice versa. No legal work to transfer from FA standard variable to FA tracker or fixed. Only with Offset. Whether you use their First American Service or your own solicitor there is definetly legal work involved even though it is same bank, there are differences in the legalities of the mortgage so at the moment (may change) it is not as simple as switching from one to another, you are actually applying for a new mortgage and clearing the offset mortgage.
 
What is the best rate offered for Tracker 50% mortgage to value with First Active under the Offset Account- It looks high! Was looking for around ECB +0.5% as with current provider

Also is the Offset mortgage really that good?
 
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