Moving mortage from NIB to INBS

D

dervalh

Registered User
Messages
19
I am thinking of moving my mortgage from NIB to INBS. Is it possible to move say 1/3 of my mortgage to INBS in hope of gaining from DM windfall and retain 2/3 of mortgage with NIB in order to keep benefiting from lowest interest rate I get from them.
Thanks in advance
 
would it be possibelto get a top up from INBS and use that to bring down the amount owing to NIB?
 
Both CCOVICH and Brendan may have been a little hasty in their replies (if they are saying 'no' you can't have have two mortgages on the one property with different lenders).

It is possible to do, in your case NIB would have a 'first legal charge' on your property up to the amount of the mortgage you would leave outstanding with them and then INBS would have a 'second legal charge' on the property for the sum owing to them. Not often used nowadays, but it is possible to do.

Whether you can gain from a potential INBS windfall I'll defer to those wiser than I to answer that part..........

BM
 
No bank will take a second charge on a property unless the property is worth eur5m and the borowing is 50k.
 
Dervalh

I enquired on Thursday and was quoted 3.19% by INBS, initial for one year. I will move the lot in the hope of benefitting from the windfall and it's cheaper than my variable rate at the moment.

Slim
 
Check out the costs of switching before you decide. The one year discounted may seem attractive but their standard variable is not the best. Inbs are also not really big in the mortgage market, for very good reason. Try to find someone (or several) with one of their mortgages and see what they say about INBS. Also if you go back to NIB with your lower offer they may try to match it. Carpetbagging is not an easy or certain way to earn money.
 
You must log in or register to reply here.
Back
Top