Fixed rate ending soon, do I need to involve a solicitor if I am switching banks?

[jaykay]

My mortgage was moved from KBC to BOI. I fixed at 2.25% just before they exited the market.
But I don't want to stay with BOI now that the term is up. Since the term is up and there would be no breakage fee, can I just move banks without paying a solicitor ?

 

[Protocol]

To move lender, you need a solicitor.

You repay old mortgage.

You start a new mortgage.

A sol is needed to redeem the old mortgage, arrange for searches, charges on property.


This is why banks often offer 1,000 to switch, it is to contribute towards legal fees.

 

[jaykay]

To move lender, you need a solicitor.

You repay old mortgage.

You start a new mortgage.

A sol is needed to redeem the old mortgage, arrange for searches, charges on property.


This is why banks often offer 1,000 to switch, it is to contribute towards legal fees.

Thanks, I only have 2 years left on the term so it looks like the cost to switch will be too much to justify a switch.
Can a lump sum usually be paid off at the end of a fixed term?

 

[Protocol]

No bank would accept a small, short term mortgage.

Often the minimum is 100k.

Yes, lump sum repayments can be made against variable rate mortgages.

 

[skrooge]

Thanks, I only have 2 years left on the term so it looks like the cost to switch will be too much to justify a switch.
Can a lump sum usually be paid off at the end of a fixed term?

A lump sum can be paid off at any time fixed or variable.

While there might be a break fee if on a fixed, it's also important to note there might not be one. BOI would be able to tell you if there was currently a fee and how much it would be based on what you planned to pay.