N
newmoney
Guest
Hi,
just looking for some advice on a Switcher Mortgage (Tracker) move that I'm thinking of.
The problem that I'm facing is...
a) making a decent saving by moving from IIB's standard variable to BOS 'switch & save' tracker mortgage
vs...
b) a strong chance of trading up within 5 years, (potentially 2-3 years).
For thoses that maybe are not aware... most lenders will expect a repayment of the 'switching' costs (solicitors etc) to be made to cover their losses if you leave within the first 5 years. (see following thread)
http://www.askaboutmoney.com/showthread.php?t=23716
So if I went for BOS switcher mortgage and plan to trade up within 5 years then they would require me to pay the €1000 back (even if it was 4 3/4 years later).
My other options are to try(!) and haggle with IIB to give me a better deal OR to go to a broker and pay for the solicitor myself.
Most of these have their merits and cost implications. If anyone can offer any insight then it would be (as always) much appreicated.
Regards.
just looking for some advice on a Switcher Mortgage (Tracker) move that I'm thinking of.
The problem that I'm facing is...
a) making a decent saving by moving from IIB's standard variable to BOS 'switch & save' tracker mortgage
vs...
b) a strong chance of trading up within 5 years, (potentially 2-3 years).
For thoses that maybe are not aware... most lenders will expect a repayment of the 'switching' costs (solicitors etc) to be made to cover their losses if you leave within the first 5 years. (see following thread)
http://www.askaboutmoney.com/showthread.php?t=23716
So if I went for BOS switcher mortgage and plan to trade up within 5 years then they would require me to pay the €1000 back (even if it was 4 3/4 years later).
My other options are to try(!) and haggle with IIB to give me a better deal OR to go to a broker and pay for the solicitor myself.
Most of these have their merits and cost implications. If anyone can offer any insight then it would be (as always) much appreicated.
Regards.