NIB mortgage from ECB + .5%

[Squonk]

Originally, I was told that all legal fees would be covered. He said that 'Land Registry Stamping' would have to be covered by me (he reckons this would amount to €200 approx.).

NIB say that their legal service is free, but not any incidental government charges involved in moving tha mortgage which are out of their control. Anyhow, the good news is that this stamping fee has been aboloshed in the budget....good timing!

 

[serotoninsid]

Anyhow, the good news is that this stamping fee has been aboloshed in the budget....good timing!

Excellent. With immediate effect? If not when does it come into force?

It shouldnt be a factor at the rate of progress on NIB's part. I knew they were snowed under but a turn around of 1 month plus (and counting) is out of order IMO.

 

[Guest111]

It's actually not...around 1 month is normal. I mean from first appoinment to completion. The fact that they are inundated is a good sign. It's a good product. And what difference does a couple of extra weeks make in the greater scheme of things? Mine was done and dusted in a month.

 

[serotoninsid]

It's actually not...around 1 month is normal. I mean from first appoinment to completion.

Yes - but I am just looking for a letter of offer! I dont think the guy has sent it in to their loan centre (or do they do not do this sort of stuff centrally like other banks?) - hes been sitting on it.

 

[K-Man]

Yes - but I am just looking for a letter of offer! I dont think the guy has sent it in to their loan centre (or do they do not do this sort of stuff centrally like other banks?) - hes been sitting on it.

I hope that NIB can work quicker than this!!! I am about to take out a new mortgage and have worked across many banks to choose the best value. Just got on to AIB who I have banked with for 12 years - they produced letters of offer the next day !!! Unfortunately their rate is not at the races in comparison to NIB and I was told they wouldn't be able to match it.

First Active are not too far off the mark for my particuar circumstances however I am looking to progress with NIB from Monday and will be aiming to move the transaction as quickly as possible.

I'll let you know how fast I can get it done.......starting NOW (bang)

 

[serotoninsid]

Finally got verbal notification of mortgage approval. Just need to get valuation done now. Before going any further, is there any pitfalls with using their own solicitors (First America)?

 

[niceoneted]

I went last Jan to NIB to switch. I started the whole process off opened an account got mortgage approval. I wanted to get my own solicitor as I had a very bad experience when initially buying my house. Before being able to get an appointment with a highly recommended solicitor mortgage payments started to come out of my account - I had not even drawn down the mortgage - I then decided to postpone moving. I have had no problems banking with them - although I had been told I would get a laser and credit card with the account I opened and they never arrived which I am glad of now.
Given the events and movements with interest rates this year I am now reevaluating my situation and have decided to move to NIB. I am with EBS have €145K mortgage on property value €325. I will qualify for the ECB plus .5% - this will be .75% below what I am currently on. I will make a saving of €166 approx a month.
I'll be quite happy to have that money in my pocket rather than EBS.
Cheers everyone!

 

[oysterman]

I'm waiting for a call back from the person who handles my mortgage account in NIB (I'm currently on their ECB + 0.79% tracker). I'll post when I hear back.

I posted the above in this thread on October 23rd.

They still haven't managed to move me to the new rate.

That's despite me not needing a new valuation because the existing one they had on file for my house brought me within the equity criteria for the ECB+0.5% rate.

I had to chase and chase them to send me out the relevant documentation.

They never sent it.

They did, however, promise on three occasions (to the best of my recollection) that they had sent it. Not that they would send it (non-receipt of it by me would merely have amounted to incompetence on their part) but that they had sent it (so they were lying).

I finally managed to get the documentation by going in myself to collect it, bringing it home, signing it with Mrs. Oyster and returning it on the same day. They promised me they would switch my rate that day.

That was December 8th.

Since then I have continued to ring them and e-mail them repeatedly.

I called in when I couldn't get anybody to respond to me. I was told that the woman who deals with my account was in a meeting and couldn't see me.

That was odd because I could see her - she was hiding behind a pillar just back from the front desk.

I could have pointed this out but I believe in always keeping my dignity and I was (naturally) promised by the woman at the information desk that the other woman (you are keeping up now, aren't you?) would telephone me by the close of business that day.

Sadly, she's on holidays now. She has been since December 19th and will be until January 2nd.

I'm not quite sure why I'm posting this.

Maybe it's out of a sense of guilt.

After all, I have posted many times in the past that mortgages are a commodity, that the only thing that matters is the rate, that customer service is a piffling irrelevancy.

I still believe that. Honestly, I do.

But I'd like to apologise in advance to any AAM member who just happens, by chance, to be in my local NIB branch next Tuesday.

It could be both loud and ugly.

 

[RainyDay]

Which NIB branch, just for curiousity?

 

[oysterman]

Which NIB branch, just for curiousity?

I'm strangely reluctant to reveal this because, despite everything, I genuinely like the woman who handles my account. And, furthermore, I have a big problem with people who use the anonymity of the web to single out individuals who work in service industries for one-sided criticism. In truth, if I revealed the branch, I have given enough other information for her to be identified by her management. My problem isn't with her specifically but rather with the corporate culture that allows such atrocious customer service. So, for the moment anyway, her identity's safe with me.

 

[niceoneted]

I wanted a front row seat!!!!

 

[K-Man]

I called in when I couldn't get anybody to respond to me. I was told that the woman who deals with my account was in a meeting and couldn't see me.

That was odd because I could see her - she was hiding behind a pillar just back from the front desk.

I could have pointed this out but I believe in always keeping my dignity and I was (naturally) promised by the woman at the information desk that the other woman (you are keeping up now, aren't you?) would telephone me by the close of business that day.

Sadly, she's on holidays now. She has been since December 19th and will be until January 2nd.

....despite everything, I genuinely like the woman who handles my account.

I must say - you're a patient soul....

 

[FiveFingers]

Hi,

I just want to get back to the point about opening up the Easy or Easy Plus current account and leaving it as a feeder account for the mortgage repayments. I rang the LTV hotline yesterday and the lady confirmed that it can be left as a feeder account and that no laser cards need to be ordered.

My husband just met with our NIB mortgage advisor. She insisted that at least one of our salaries had to be paid into Easy/Easy Plus current account and that all standing orders and direct debits must also be moved over. She rang the LTV hotline there and then and this was confirmed to her! She said that the current account must be active and that this was a directive to all mortgage advisors - using it as a feeder account for the mortgage repayments is not considered active.

So, we have to switch our day-to-day banking from BOI to NIB. Was no one else forced to do this? (However, they seem to do most of the work for us with switching over DDs and SOs.)

I had also asked the question here regarding getting a top-up for a small extension and about their requirement to supply final invoices once the building work was completed. Well, she doesn't require final invoices, just quotations. That's good news to us because we intend to go the direct labour route.

Why does each branch say something different? I'm not happy about being forced to switch over.

 

[irishpancake]

Seems NIB are now marketing the LTV mortgage as an additional benefit of their easy/easyplus/prestige current account packages.

When you take out an Easy, Easy Plus and Prestige personal banking package with National Irish Bank you can also benefit from this LTV mortgage option. It is available on your principal private residence only. As long as you are 18 or over you can apply to borrow up to a maximum of 80%# of the value of your home.

[broken link removed]

Example from easy package:

New LTV Mortgage Option for Easy customers
The new LTV Mortgage is the latest benefit to our personal banking packages. This is a revolutionary step forward in mortgage thinking. It recognises the value you've built up in your home, and uses it to lower your mortgage interest rate, which means that we can offer you preferential mortgage pricing.For existing mortgage holders switching from another provider, we also offer our switching service or a contribution towards the legal cost of switching.

[broken link removed]

So it seems that NIB are looking for people to switch their current account over to avail of the benefit of the LTV mortgage

 

[oysterman]

She said that the current account must be active and that this was a directive to all mortgage advisors - using it as a feeder account for the mortgage repayments is not considered active.

So, we have to switch our day-to-day banking from BOI to NIB. Was no one else forced to do this?Why does each branch say something different? I'm not happy about being forced to switch over.

Don't switch current a/c's in that case....

[Happy to update my previous post of quiet desperation - I'm now on the ECB+0.5% rate....and I didn't have to engage in the row I'd been intending to.]

I have not had to move my current a/c business to nib.

The feeder a/c I've had for my mortgage with them for the last 2 years has simply been transferred into the most basic of the 3 a/c's that have been mentioned on this thread (I think it's called the "Easy" a/c). The number of it has not been changed and I have told them I only intend to use it as a feeder a/c for the time being. This was not a problem.

Sarah Wellband posted earlier in this thread to remind us all that the taking up of an additional financial product cannot be a condition of securing a mortgage product. Don't let them bully you around - it's understandable that they'd want you to move your current a/c business to them. If you don't want to do that, politely decline their offer.

But don't let this messing put you off getting this ltv mortgage - it is the best on the market (for certain borrowers) by a distance....severe customer service issues notwithstanding!

 

[Helen]

Re: Any downsides to NIB LTV Tracker

Has anyone had any bad experiences moving to NIB?

I had my first appointment with NIB mid October and I'm still waiting for the mortgage to be issued. Grrrrrr...

I initially met with the branch manager and had the loan offer signed and returned by early November. One month later I hadn't heard anything so tried to get in contact with the manager, but despite daily calls and emails he refused to ring me back. I finally got a one line email saying the branch doesn't deal with draw downs so it was out of his hands. I replied looking for a contact number for someone who could tell me the status of my application but he wouldn't respond to this either.

After various calls to the LTV helpline, the NIB headoffice, I finally got in contact with someone in the mortgage issuing department - very surprised to find a client on the phone but I wouldn't let them go until they agreed to look into the delay for me. This girl was great and rang me back saying they were waiting on one piece of documentation, but I had never been informed of this. She said I would need to contact the branch but when I did, they said it would come from the issuing department.

Another week later - week before Christmas - still no sign of the form which didn't surprise me as noone seemed responsible for sending it out, so I rang the branch every hour until finally I spoke to the mortgage advisor - someone I should have met at the beginning of the process and she said the form had been sent. As of today there is still no sign of it and surprise surprise she hasn't returned any of my calls this week.
I do have an appointment to sign documents with a solicitor on Monday, so I'm getting somewhere but the whole process has been very frustrating and based on their customer service I informed them I would not be moving any of my day to day banking to NIB and I have cancelled the laser card. I am currently with BOI and have found them extremely courteous, efficient and any time I have asked to speak to the manager he has always phoned me back if not available at first.

I would advise anyone applying to NIB for a mortgage to phone on a weekly basis to ensure their application is progressing as once they have your application form in the door, they do not care what happens after this - well my local branch didn't anyway.

 

[serotoninsid]

Further to above post, I am also finding what should be a simple process ridiculously protracted - and not just on NIB's part. I waited many weeks before I finally got an approval for the switch to NIB - and I only have verbal approval which is not ideal. Following this, I have been trying to get a valuation report. Pursued the valuers that had done my original valuation just a year ago - they reckoned my house wasnt worth any more than the value at the time I signed the contract for it - two years ago (then again, they are on Ulster Banks list - and I wonder if this is the reason they wont simply stamp the bloody valuation at the going rate). Have found another valuer who will value at the going rate but didnt ring me back as agreed. They have admited that all they have to do is stamp the bloody form (ie. they arent going to come out and look at it) - so wheres the problem.

There needs to be an improvement in service across the board in ireland and we all have to play our part in that (ie. if your not getting satisfaction, dont put up with it).

 

[RainyDay]

I have an NIB - ECB variable tracker mortgage.

I intend to switch over to its LTV morgage as LTV less than 50%.

I'm in a similar position - I have just under €100k outstanding (8 years to pay) on their tracker mortgage, currently paying 4.29%. With the LTV, I could drop this to 4.09% APR. On running the numbers through Karl Jeacle's mortgage calculator, I find that I'll save about €1k over the life of the mortgage, or about €100 a year.

Is this fairly-low saving simply resulting from my fairly-low mortgage, or am I missing something?

 

[marksa]

I'm in a similar position - I have just under €100k outstanding (8 years to pay) on their tracker mortgage, currently paying 4.29%. With the LTV, I could drop this to 4.09% APR. On running the numbers through Karl Jeacle's mortgage calculator, I find that I'll save about €1k over the life of the mortgage, or about €100 a year.

Is this fairly-low saving simply resulting from my fairly-low mortgage, or am I missing something?

Yes - it is because of your small mortgage - lucky you!. But also, the saving of 1k (100 per year) implies that you have approx 10 years left on mortgage where you are mainly paying off capital rather than interest.

Still, if you are already with NIB, then it should be a painless exercise to switch, so you might as well anyhow.

 

[serotoninsid]

NIB Valuers

To all those who have had valuations done for this switch, have you all been told to use IAVI valuers only?