Switching Advice Needed

2

2020Times

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Folks,

I’m hoping for some help, I have a query with regard to a potential mortgage transfer application to another service provider with more favourable rates.

Unfortunately, like many, I had previously fallen into very minor arrears, but this would have been only about 1 payment amount at a time, and my balance at year end is always up to date.

I am posting in an attempt to gain an understanding of someone in my circumstances switching mortgages.

My financial circumstances have recently changed for the better and a partner is now contributing to half my mortgage, so I am hoping to avail of a better rate, up my payments slightly, and reduced the term of my loan.

My LTV is 65%, I’ve 160k remaining on the mortgage. I have estimate could save €30,000 over the whole mortgage term, however I am unable to avail of these savings.

Any information you might have would be of huge assistance, or advice on a brokerage that people have had similar experiences of this with, ‘has to be a lot of people in the same boat!

Many thanks,

2020.
 
Call Finance Ireland or Dilosk. See if your house is in an area they'll provide a mortgage for.
They'll direct you to some local brokers, and take it from there. Pick a broker that deals with other banks as well to see if a mainstream bank would look at your case.

You'd need to provide s huge amount more information to get meaningful advice here, so I'd recommend using a broker as above.
 
Get an ICB report, costs around 6Eur, will give you an idea of what you look like financially. based on what you have said alone, it won't nessesarily discount you from any bank, but if your other finances are in risk category, your reconable income isn't great (i.e. circumstances change like another kid etc) then even though can comfortably pay mortgage now, computer may say no on those and additional factors. LTV is good and mortgage isn't crazy high so they are in your favour.

you will need to check but choose the order of what you go for, like KBC, UB, BOI, PTSB, EBS, HAVEN, AIB etc - take into account things like cashback/solicitor contribution, also if want to just move and stay with that bank, or if plan to move again in years time or so to avail of additional cashback - all these come into play so you may not do your first move with the best option, you want to end up with the bank with the best rate (or thereabouts) and good history of treating customers fairly

FI and Dilosk don't have the best rates, so personally I would leave till last to try them (and pepper, would need to check but they might be worse again)
 
yeah as RedOnion said a lot more info is needed, no harm trying with brokers, things like your partners contribution could be a complication and not as clear cut also
 
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