Is it still possible to switch mortgage?

S

seanistaken

Registered User
Messages
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I am interested in switching mortgage to get a better interest rate. Is this still possible? Currently paying 4.19% and suspect it could be worth the cost of switching if I can beat this rate.

Mortgage/Property Details
  • Lender: Permanent TSB
  • Mortgage Type: Variable
  • Interest Rate: 4.19%
  • Amount Outstanding: 126,800
  • Term Remaining: 22 years 4 months
  • Estimated Property Value: Similar local properties on offer from 170k to 190k

Additional Information:
  • I have the cash to pay off a lump sum up to 15 thousand if that will mean a more favorable LTV ratio and hence interest rate. Not comfortable putting any more cash in. In all I have over 70k in savings - if that is relevant.
  • I am 36 and have steady employment, no other debt and earn 50k per annum. Married with a child. Wife returning to part-time work in next 6-12 months.
  • I am not interested in 'releasing equity'
  • I am comfortable with current monthly repayments (€729) but would be willing to up this amount should a lender require me to shorten the term from 22 years and 4 months.
  • I can only assume that I have good credit rating, have been paying mortgage for almost 8 years and have repaid 2 car loans previously. Always pay Credit Card in full etc.
 
Switching is still possible..I am in the process of doing just that.
Some banks/building society's are not doing switchers though.
Just phone up and ask .
 
KBC for example have a 5 year fixed at 4.5% with €1000 contribution towards legal fees. They are underwriting very strictly though.
Click to expand...

Very interesting. I will give them a call and see what they can do on a variable. I am not surprised about the strict underwriting but the €1000 towards legal fees is an unexpected potential bonus.

Also I take the earlier point that I should just phone around, but I am very interested in hearing other experiences and getting some advice on what is out there.
 
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