connor141013
Registered User
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I didnt no switching involves a solicitor ect i dont think my partner or i could go through that process again....if i stay with ebs and pick a fixed term the rate is 2.9%.so if we pay the 25k will we get charged interest on the 25k or does it just come off your loan?Hi Connor, you need to start applying for a switcher mortgage with another bank as quickly as possible. You'll save about 100 per month interest switching to the best rates available.
Brendan just updated the best buys list of mortgages today:
Mortgages - Good Buy Tables
It's very hard to keep these updated - so do check their accuracy before making a decision. I have tried to get a balance between keeping it simple and including every deal. If there is a Good Buy that I have excluded, please let me know. I have summarised my conclusions here...www.askaboutmoney.com
I'd be keeping it simple: pick the best rate and apply to that bank. So you'd be looking at Ulster Bank or KBC (to get best rates with KBC you need to open and keep a current account with them). You could switch multiple times and get cash back from each bank if you're organised. You'll find a thread in that in the switchers forum.
How long a switch takes depends on your circumstances. It's similar to when you first applied so you need all your bank statements in order, etc.
You'll need to engage a solicitor to do the switch for you, and you'll need a valuation (you can start the application and get approval before that). A solicitor will cost around 1,000. UB will give you 1,500 cash back which covers your expenses. KBC will give you 3,000.
If you do nothing with EBS, you'll automatically roll to their variable rate (3.5% I believe). As soon as possible, pay off the lump sum you have. I think EBS can tell you over the phone if there would be a break fee. If there is you could just pay it at the end of your fixed period (paying it off will save you about 62 euro interest per month).
Post if you've more questions. The more specific you are with your questions, the better chance you'll get the information you need.
It'd be really nice if you keep a brief diary of your switching journey if you go down that road so others can learn from your experience.
Red.
Ah, if you don't want to switch, then once the fixed term is up next month, pay the lump sum off, it'll reduce the balance, and then refix.if i stay with ebs and pick a fixed term the rate is 2.9%.so if we pay the 25k will we get charged interest on the 25k or does it just come off your loan?
So our balance is approx 187.000euro if i give them 25k at the end of our term march 2020 will our balance be 162000euro or will it be for example 175000 (interest paid on the 25k)Ah, if you don't want to switch, then once the fixed term is up next month, pay the lump sum off, it'll reduce the balance, and then refix.
Apologies if I confused you earlier.
What I would suggest is consider fixing for just 1 year, and look into the switching process - you'll have 12 months to work out if it's something you'd do.
Just a note on a switching as a regular switcher - it requires about half an hour of collecting details (wage slips, bank statements, etc.) And engage a broker to do the rest. You meet a solicitor once to sign some paperwork.
It's worth it!
That's what my broker has done each time.Hi HollowKnight
can i ask how the life assurance element of the switching works ? - can we stay with the same company and just move the mortgage - as we had a little hassle getting the insurance to start with
thanks
J
ThanksThat's what my broker has done each time.
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