Fixed term PTSB mortgage

Paul F said:
@masterboy123 Can you call them again and ask them to post it out to you?
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Hi @Paul F

I got the breakage fee from PTSB and as you said it is zero ☺️ they will post me a letter also and it will remain valid for 10 days.

I have submitted everything to AIB and they are verifying the documents. They told me it can take 7 working days until mortgage is approved.

I have my previous solicitor lined up for the financial switch.

Hope all goes well now and I would like to say a BIG thank you ☺️
 
Ehmmmm....

@masterboy123 Haven dropped their green rate earlier this week to 2.0%. That makes them the best value in your circumstance, although note that you can only fix for four years (versus 5 with AIB).

If you go with Haven instead of AIB, you will be better off by about €900 in four years' time.

There is nothing stopping you applying to Haven right now so that you get approval in principle from both lenders. Your break fee is very likely to be zero for the next few weeks at least (and possibly for the next few months).
 
Paul F said:
Ehmmmm....

@masterboy123 Haven dropped their green rate earlier this week to 2.0%. That makes them the best value in your circumstance, although note that you can only fix for four years (versus 5 with AIB).

If you go with Haven instead of AIB, you will be better off by about €900 in four years' time.

There is nothing stopping you applying to Haven right now so that you get approval in principle from both lenders. Your break fee is very likely to be zero for the next few weeks at least (and possibly for the next few months).
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Thanks @Paul F
I saw your other post about Haven and that it is a subsidiary of AIB.
I will apply to Haven also.
But I am happy with AIB in case Haven's mortgage process is more complex.
I understand cashback is same as AIB €2000. I will be borrowing 160,000s.

I used AIB's mortgage mobile app and uploaded everything on the go. There is an option to message them and they reply/called within 2 days.

Thanks once again.

I will update you once the process is completed!
 
HollowKnight said:
One thing to consider in this scenario is the free banking with AIB if your mortgage is with them. That makes it a closer decision.
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True but you can also open an N26 account and put most of your transactions through that, and they won't charge you any fees.
 
Did anyone recently get mortgage approved recently?
I have submitted all the documents 5 days ago and still no approval. I rang them and they told me they are very busy and my turn should come soon.

I am worried that PTSB breakfees may no longer be zero if it's delayed for too long

Solicitor is ready to receive the mortgage pack.
 
masterboy123 said:
Did anyone recently get mortgage approved recently?
I have submitted all the documents 5 days ago and still no approval. I rang them and they told me they are very busy and my turn should come soon.

I am worried that PTSB breakfees may no longer be zero if it's delayed for too long

Solicitor is ready to receive the mortgage pack.
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If you're talking about AIB, they are very slow, at least for switchers.

There is very little chance of your break fee going above zero for several months.
 
Paul F said:
If you're talking about AIB, they are very slow, at least for switchers.

There is very little chance of your break fee going above zero for several months.
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I second that. AIB are so slow. I went into the branch to show proof of address and ID. We were waiting 15mins in the que and then 45mins in the chair why the documents were uploaded to file.
 
Interest% said:
I second that. AIB are so slow. I went into the branch to show proof of address and ID. We were waiting 15mins in the que and then 45mins in the chair why the documents were uploaded to file.
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I went in to the branch also today as we had to update our address and it couldn't be done online.
I told them i have applied for mortgage online and they told me a mortgage advisor will be in touch on Monday.
 
Just to update you all.
It's 6 weeks since I started the online AIB mortgage application. The application is in final stages and should hear back this week or next.
They are pretty slow I have to admit.

I hope PTSB break fee won't go above 0.00 euros in the coming weeks, as I will not switch then.
 
masterboy123 said:
It's 6 weeks since I started the online AIB mortgage application. The application is in final stages and should hear back this week or next.
They are pretty slow I have to admit.

I hope PTSB break fee won't go above 0.00 euros in the coming weeks, as I will not switch then.
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Two months for a switch isn't bad at all.

If the break fee has gone above zero (which is unlikely), don't throw your toys out of the pram. This post should make you realise that time is not on the side of anyone who wants to switch.
 
Paul F said:
Two months for a switch isn't bad at all.

If the break fee has gone above zero (which is unlikely), don't throw your toys out of the pram. This post should make you realise that time is not on the side of anyone who wants to switch.
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I got the AIB mortgage approved finally.

Now they have asked me for 3 things:

1. Home insurance
2. Mortgage protection plan
3. Valuation report

My questions are :
1. I have existing house insurance, would copy of this suffice? But the house price have increased since the purchase and it says it should meet the value on the valuation report.

2. I also have mortgage protection plan in place. Would current policy suffice?

My only concern is if the Break Fee has gone way up then I won't be going ahead with the switch I will ring PTSB to find the Break Fee. And then arrange valuation report which would cost €150.
 
masterboy123 said:
My questions are :
1. I have existing house insurance, would copy of this suffice? But the house price have increased since the purchase and it says it should meet the value on the valuation report.

2. I also have mortgage protection plan in place. Would current policy suffice?
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On 1 its not the value of the house but the cost of rebuilding your home the new lender is looking to see here. The valuation report will have the expected market value and also the rebuild cost. It's the latter that is relevant. As long as you can show your current insurance is sufficient to cover this you're ok.

On 2 - you need a few things to keep using your existing policy:
1) the new mortgage term has to be equal to or less than your existing mortgage term .
2) The new mortgage amount has to be equal to or less than the amount you're currently covered for.
3) It depends on how you got your mortgage protection policy on the first place. If it came as a package with your previous lender you might be in trouble. If you did your own shopping around you should be ok. Easiest thing to do is phone the mortgage protection provider. They'll tell you soon enough. Worst comes to worst you just look to get a new policy. Plenty of sites like bonkers will give you a range of quotes quick enough.
 
Hi All,

Just an update. I contacted PTSB and break fee still remains zero.

We got the AIB valuation done, home insurance and life protection are done. BER certificate provided.

Do we undertake Solicitors Undertaking now?

It's been a long process but might get there.
And a special thanks to @Paul F
 
I am in the process of switching from PTSB to AIB.

The AIB are now requesting to get a proof from PTSB that life cover from IrishLife could be moved to AIB if paid in full.

It's difficult getting in touch with PTSB and will take another few weeks until I get this document.

I wonder is it possible to just get a new Life cover? And can we usually cancel the old life cover with IrishLife without any penalties?


Many thanks.
 
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