"Mortgage holders get rate cut after threats to switch"

Hi
I'm currently going through the switching process from BoI to KBC and I think the costs of switching may be of interest if the saving is marginal.
Costs are
-valuation 127e
-legal costs, our solicitor quoted 1085e
KBC's offer includes
-1000e to offset legal fees
-50 percent discount on home insurance. This saved us 180e.
So the cost to us to switch will be around 30e overall.
KBC don't pay your solicitor directly. They undertake to lodge 1000e to your account within one month of drawdown. This could cause a cash flow issue for some people.
Hope this helps.
C
 
Hi Carmel,
Agree that most people will not be cost neutral as part of the switching process, due to the actual costs of switching. However, I do think you have to look at how soon the payback would be. If you benefit 70 euro a month on mortgage repayments, then you have a pretty good return for your 30 euro investment within 6 months !
And yes, it may impact a customers cash flow - this is always a possibility
 
Just wondering if anyone has got an SVR reduction from Danske/Pepper when threatening to switch? My fixed rate mortgage (ltv c.80%) with Danske/Pepper is coming to an end in a few months and will then default to their exorbitant SVR, so planning to switch when the opportunity arises.

Phil
 
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