Re-Mortgage with First Active

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pennypincher

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I am looking to move my PTSB Mortgage to First active once I free up from a one year fixed this September,other than legal fees(should be small-Prima Finance) are there any other penalties.PTSB are being a little vague and mentioned that they would be at the loss of interest on the Mortgage etc.but I thought once you were variable you could change without penalty at anytime?
 
As long as the mortgage has transferred to a variable rate there will be no penalty for redeeming the mortgage. I presume you're switching to the current account mortgage? You might also want to consider Ulster Bank's fees free switcher mortgage to their tracker rate - they cover all the transfer costs.

Sarah

www.rea.ie
 
Would that be a better rate than the current account mortgage?As I'm expecting a lump sum shortyl I thought it would be best use of money...
 
It depends on how you use the CAM - I have it and find it very good, I've reduced my mortgage term by 4 months over the last 15 months.....

Sarah

ww.rea.ie
 
I know this isn't relevant to the topic, but so far it has been an absolute pain trying to get a mortgage with FirstActive – don’t know if its just the branch that I am dealing with, or if its just my particular case! Hope it’s different for you, good luck!
 
I applied to First Active for a CAM but was refused outright (with no discussion) because at the time I had been Self Employed for less than 2 Years. I applied instead to AIB And PTSB and recieved an offer from both! So I closed my savings account with First Active and moved it to PTSB.

Shame because I wanted to give the CAM a go but hey, its their loss...

Regards
Jon
 
My partner was only self employed for 3 months and first active offered us a CAM. think it depends a lot on the branch. there was a little bit more work involved for the advisor in first active but she was extremely helpful. all they required in the end was projected accounts for 2 years.
 
When I was applying for a mortgage I initially approached First Active in Naas regarding a CAM, both myself and my partner are in full time employment, have reasonably good salaries, well above the level required to borrow the amount we needed, found them slow, cumbersome and virtually incompetent, and they wanted us to pay an indemnity fee!!!

Went elsewhere for the mortgage and received a call around a year later from the manager asking me if I wanted to go ahead with the mortgage, I proceeded to tell him I was sitting in the house I had spoken to them about, and that the level of customer service in the branch was extremely poor and had cost them my business. Muppets!!!!


Regards,

Ikeano.
 
BlueBell,I think you're right, the person I was dealing with seemed totally inflexible ("I didn't meet head office Guidelines") and I couldn't be bothered fighting against this attitude, if they didn't want me as a customer someone else would.

Jon
 
Dusty, thats a pity, i believe i am going to save thousands by using a current account mortgage. have already reduced term by 5 months approx in about 10 months.
 
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