Remortgage costs?

[Havana]

We are planning on changing mortgage providers. Any one any idea the likely legal costs of this? Will be ringing the solicitor today but would like and idea before I do.

Thanks

 

[CharlieC]

Was charged 1200 euros 2 years ago by solicitor.

Was on a variable rate so no penalty from original bank

Needed marriage cert and a few other docs for solicitor

 

[emnc]

I have just moved Mortgage and all accounts from BOI to NIB after 20yrs +.

The bank paid 600e towards Legal fees, we had to cover the other 450 which included vat. On top of that was a valuation which only cost 75e as we used an auctioneer.

The process took 6+ weeks but the other Switching of accounts took an additional 4 weeks as the BOI were crap!! TG its all done now and I will have saved 10K + in Mtgage Interest, moving from 3.6% to 2.79% and No Bank Charges!!!

 

[Havana]

Thanks. Yeah, we're doing the same - moving mortgage and all accounts to NIB. Looks like we'll be saving a fair amount each month!!!

 

[WizardDr]

I imagine it will be a few years to 'save' €10,000 in interest.
Assuming that NIB stick at 2.79%.
Would not hold my breath.

 

[badknee]

Does anyone know if It is possible to release equity on a house(no mortgage) so as to put a deposit on another house and then gain a mortgage on the strength of owning the original property?

 

[DrMoriarty]

I imagine it will be a few years to 'save' €10,000 in interest.

The term of the loan, all else being equal..?

Assuming that NIB stick at 2.79%.

If emnc is on that rate, it's the best in the country (for LTV <60%) and is guaranteed to remain at the ECB rate +0.79% for the life of the loan.

Would not hold my breath.

That's the beauty of a tracker mortgage..!

In response to the OP - congrats on a good move!

 

[emnc]

Yes Emnc is on that rate, as the LTV rate is <60% of the houses value. I am also acquiring an investment property and have negotiated another 130K of the new mortgage to be included in the Tracker with the balance of 120K on an investment rate of 3.09, not bad eh?

So far NIB are great!

 

[Lemurz]

I'm with Ulster Bank myself on a tracker rate of 2.85%. Their only advantage over NIB is they cover all legal fees if you transfer your mortgage, but you also have the downside of a monthly fee (€8) for their U-First account.

As far as I know NIB offer the best tracker deal @ 2.79%, but they don't pay brokers commission so it doesn't get the publicity it deserves. NIB offers free banking also, a rare thing these days.

I believe NIB have recently launched an offset mortage product, which nets the balances of all your accounts together for interest calculation purposes. Does anybody know if the 2.79% rate applies to this product also?

 

[WizardDr]

The beauty of the tracker is when interest moves down. Tell me again in June 2006 when rates may move up what th advantage then is.
Also the rate you are on with a tracker may not be the maximum margin that may apply.
Also was not clear whether this NIB rate is a tracker or not.

 

[emnc]

The beauty of the tracker is when interest moves down. Tell me again in June 2006 when rates may move up what th advantage then is.

The advantage of a Tracker Mtgage holds especially when interest rates increase, as one always remains on the ECB interest rate + .79%. Instead of relying on a bank to choose whatever variable rate they wish to put you on. Eg. BOI current variable rate is 3.6%!!