NIB LTV Mortgage

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wigwam

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Hi, does anybody have any experience of switching to this mortgage. How long does it take? Is it worth it in terms of reduced monthly payt? Thanks
 
wigwam said:
Hi, does anybody have any experience of switching to this mortgage. How long does it take? Is it worth it in terms of reduced monthly payt? Thanks
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At the time, it took forever - but maybe this was because they would have had to deal with a stack of new business all at once. Perhaps it has quietened down now.
Process was a bit frustrating but at the end of the day, it doesnt matter as long as it gets sorted eventually and you are confident that you've got yourself the best deal available.
If you stand to make savings, isn't it worth it? You'll have to do your own sums on that.
 
I looked up their website. Typically you can get 4.8% on AIB/BOI trackers with an LTV < 80%. With NIB the following are possibilities:

80% LTV: 4.69%
70% LTV: 4.65%
60% LTV: 4.61%
50% LTV or less : 4.59%

You'll probably save a few hundred € a year if you have a low LTV, nice money for filling out a few forms even if it does add to the hassle
 
Don't you have to switch to one of the NIB current accounts to avail of the LTV mortgage?

Are you "forced" to take a Laser/Banklink card, which have associated fees?

Do you have to agree to pay your salary into the current account?

Is the NIB C/A paying any interest at present?

Is there a minimum laon amount?

Sorry if these have been answered before, but just to check on possible drawbacks.
 
You can use their "Freebank" account. Don't think it pays interest but I just transfer mortgage money into my NIB a/c a couple of days before the mortgage is due so it doesn't matter. You don't need to pay your salary into the a/c either. I have my mortgage with NIB and although it was a bit slow it was well worth it at the time (I fixed for two years at 3.29%). That's coming to an end next Feb but I'll be sticking to the NIB and taking the LTV mortgage. I've remortgaged twice in 7 years to avail of better deals and it has been worth it both times.
 
Theres a mammoth thread on this when the product was first introduced by NIB - just run a search. It covers all aspects of it.
 
I found the process fine, took a good while but that was possibly because I didn't chase them as much as I could have. I do find their treatment of Mortgage Interest Relief annoying - they don't credit it at source, but instead deposit it into your (NIB) current account. Minor enough irritation I suppose. Also, I've been waiting ages for their Apple specific keycard thingy to access the online banking, they've sent me the PC login three times at this stage. Apart from that, the savings are worth it.
 
Another question re this product while we're at it.
I'm currently looking at this and am in the early stages of prep-ing in an effort to make process as painless as possible. For the valuation (in West Dublin) I have contacted 2 large estate agents - 1 doesn't do this type of LTV valuation and referred me to someone I think was a broker, who didn't instill confidence as they didnt seem to know what I meant when I started talking about "switching" and "LTV" etc. (so they're a non-starter), the other quoted E180. Is that reasonable? I'm contacting only IAVI members as I'm led to believe that's the only pre-requisite NIB put on who does these valuations. Should I shop around further? Anyone have any recommendations in D15 area?
 
I've just done this with NIB. Make the appointment to see them first and get the ball rolling. The deal is based around getting the valuation, you can send this in afterwards. NIB have a recommended EA to do valuations (if you're a potential custoemr of theirs), it'll cost you €100 ... or free if you go with their premium current account.

Good luck
 
Hi wigwam
It is taking MONTHS for NIB to sort this out (approved and told we could drawdown within two weeks last August AFTER a few months), so much so I am lodging a complaint formally as per their complaints procedure and lining up a second mortgage as I don't hold much faith in NIB at this point.
I am hoping it will proceed but it is at the stage now where I will lose the property if I do not pay. Just to let you know. Calls, emails all ignored.
Re question on valuation ask the valuer if they are on NIB list and to complete the NIB form. Our valuation cost 150 euro.
 
folly said:
Hi wigwam
It is taking MONTHS for NIB to sort this out (approved and told we could drawdown within two weeks last August AFTER a few months), so much so I am lodging a complaint formally as per their complaints procedure and lining up a second mortgage as I don't hold much faith in NIB at this point.
I am hoping it will proceed but it is at the stage now where I will lose the property if I do not pay. Just to let you know. Calls, emails all ignored.
Re question on valuation ask the valuer if they are on NIB list and to complete the NIB form. Our valuation cost 150 euro.
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UPDATE Replied to me today--can you believe it? Maybe they were on here last night. Wigwam it appears the tunnel may be lit!
 
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