Switcher Mortgage Should I bother ?

Hi ,

At this Moment in time I have a mortgage with EBS. Approx 203K left to pay over approx 18 years. the variable rate I am on is 4.93% and they don't even have any fix rates to Offer.

I did a quick rough verbal on what my house is worth (worse case ) 230k.

Speaking with Bank of Ireland I would be in with a chance of getting 90 % LTV to switch to 3.85 % . With all costs involved being I would hope to be no more than €1000 would it be worth my while? I see AIB offering 3.49% variable LTV >80%
Now that EBS is part of AIB is this the reason no fixed rates available and very hi variable rate ? Do they want people like me to switch ???

If I switch will the rest of them follow and bang up the variable rate in the new year ??? Will the Germany and France change anything in the next few weeks !! ??

Based on the figures you've given, the Bank of Ireland offer is around €115 per month lower, so you'd have recouped your expenses in a year or less, assuming the gap remains.

AIB don't do lender switches.

While it's possible that Bank of Ireland may hike up its variable rate, thus wiping out your savings before you've recouped your expenses, the Financial Regulator has taken a view on this recently. See here. The ECB are not under economic pressure to put up rates in the short-term, although it will probably happen in due course. But when it does, any ECB rate hikes may well be passed on my both EBS and Bank of Ireland.

Thanks LD