Hi,
I recently asked here about switching my mortgage but things have changed since. I have 22 years left with EBS. Balanceis 148,000 approx with LTV of around 50%. Currently on 3.7% variable and had the intention of switching to maybe Avant to get a good rate. I was also planning to put a lump sum of €40,000 in as well, as my savings are not earning anything so this would bring the balance down to €108,000. I contacted a broker and starteď collecting paperwork etc.
The problem is I bought my house under the affordable housing scheme and therefore Cork County Council is going to be involved. I hadn't thought of that originally as I am not selling the house but the broker says Avant won't want to take this mortgage but there are other lenders who would. Cork CC also want a €150 application fee and a valuation done and then they will decide if I can switch or not. Not sure how long it would take to get a decision.
So my question is I can stay with EBS and go on their fixed rate of 2.75% or is it still worth trying to switch to eg Haven which is 2.35% over 3 years with €2000 cashback? The cashback wouldn't fully cover costs. Is it worth the hassle in this case?
Also, has anyone else managed to switch their mortgage with affordable housing from Cork CC?
Thanks