NIB - Switching offer €1000 for every 100k

[dieter1]

[broken link removed]



Danske Bank-owned National Irish Bank today launched a new switcher fixed rate mortgage, offering cash incentives for every E100,000 switched.
The bank said it will pay E1,000 for every fixed rate mortgage of E100,000 or more switched to it between now and the end of February.
National Irish Bank currently offers a fixed rate of 3.29pc (APR 3.7pc), 3.45pc (APR 3.7pc) and 3.80pc (APR 3.80pc) for periods of 2, 3 and 5 years respectively, the most competitive on the market, it saidThe offer is available to investors as well as home owners.
Andrew Healy, Chief Executive said the new offer is a good example of the bank's approach to the market.
He said that the Wholesale Money Markets are predicting that interest rates will increase by .50pc over the next 12 months and that the next ECB increase could be as early as March.
"On top of the .25pc increase already announced in December, this will mean quite significant increased monthly costs for borrowers, particularly those on standard variable rates. The purpose of our offer is to highlight to borrowers the fantastic value in National Irish Bank's fixed rates, which protect against future potential increases but at a price that is better than many variable rates currently on offer. Our fixed rate mortgages offer peace of mind and leave you with money in your pocket," he said.


Is this a good deal? I'm looking at switching my mortgage at the moment. Would net 2k out of the proceeds of this.

 

[irishpancake]

[broken link removed]



Danske Bank-owned National Irish Bank today launched a new switcher fixed rate mortgage, offering cash incentives for every E100,000 switched.
The bank said it will pay E1,000 for every fixed rate mortgage of E100,000 or more switched to it between now and the end of February.
National Irish Bank currently offers a fixed rate of 3.29pc (APR 3.7pc), 3.45pc (APR 3.7pc) and 3.80pc (APR 3.80pc) for periods of 2, 3 and 5 years respectively, the most competitive on the market, it saidThe offer is available to investors as well as home owners.
Andrew Healy, Chief Executive said the new offer is a good example of the bank's approach to the market.
He said that the Wholesale Money Markets are predicting that interest rates will increase by .50pc over the next 12 months and that the next ECB increase could be as early as March.
"On top of the .25pc increase already announced in December, this will mean quite significant increased monthly costs for borrowers, particularly those on standard variable rates. The purpose of our offer is to highlight to borrowers the fantastic value in National Irish Bank's fixed rates, which protect against future potential increases but at a price that is better than many variable rates currently on offer. Our fixed rate mortgages offer peace of mind and leave you with money in your pocket," he said.


Is this a good deal? I'm looking at switching my mortgage at the moment. Would net 2k out of the proceeds of this.

How would you net the €2k?

NIB will only pay switching legal, etc. costs of €1000 for mortgages in excess of $100k.

I don't think you will get €1000 for each $100k switched

 

[dieter1]

300k switch,
legal costs would be basic costs (about 450 all in) as partner is solicitor.

might even make 2.5k out of it. 5 year rate of 3.8% seems pretty good too.

I'll ring NIB today and find out if there is a catch.

 

[irishpancake]

300k switch,
legal costs would be basic costs (about 450 all in) as partner is solicitor.

might even make 2.5k out of it. 5 year rate of 3.8% seems pretty good too.

I'll ring NIB today and find out if there is a catch.

Don't get me wrong here, i would be delighted if your interpretation of the reported statement from NIB is correct.

But can anyone actually see any financial institution giving out what amounts to "free money" to clients.

Especially NIB, with their well known record in over-charging and grazing on customers accounts.

This is not 1st April, by any chance

 

[MugsGame]

It does sound like it's EUR1000 for any mortgage over EUR100,000 i.e. it's not cumulative.
But even if it was cumulative, surely the maths is simlar to brokers offering a 1% commission refund? NIB are just cutting out the broker!

 

[irishpancake]

It does sound like it's EUR1000 for any mortgage over EUR100,000 i.e. it's not cumulative.
But even if it was cumulative, surely the maths is simlar to brokers offering a 1% commission refund? NIB are just cutting out the broker!

The brokers commision figure sounds about right, but NIB don't use brokers. i.e. you can't arrange an NIB mortgage through most of the mortgage brokers like Prima, Mortgages Direct, etc.

 

[irishpancake]

It does sound like it's EUR1000 for any mortgage over EUR100,000 i.e. it's not cumulative.
But even if it was cumulative, surely the maths is simlar to brokers offering a 1% commission refund? NIB are just cutting out the broker!

Surely this RTE report gives a better interpretation of the new NIB offering.

This is still a pretty good offer though, taking the probable rate increases into account, and the fact that the 2-yr rate is better than some variables (including trackers) already on offer.

 

[greyser]

NIB switch offer and fixed rates, 3 to 5 yr

can't find too many threads on this, but has anybody taken up the switch offer,1k for sols fees etc

looking at switching 2 btl mortgages, seems like the 5 yr of 3.8 % is excellent based on probable increases in the next year (.5 - .75% over current ecb rate) .

anybody else any thoughts

 

[CCOVICH]

Re: NIB switch offer and fixed rates, 3 to 5 yr

can't find too many threads on this, but has anybody taken up the switch offer,1k for sols fees etc

looking at switching 2 btl mortgages, seems like the 5 yr of 3.8 % is excellent based on probable increases in the next year (.5 - .75% over current ecb rate) .

anybody else any thoughts

I have merged your thread into the previous thread on the NIB offer.