Switching advice

[timbob]

I'm looking at switching my mortgage at the moment and looking for a bit of final advice for anything i might have overlooked.

Currently with AIB, about 29 years remaining, €200k owed and variable interest at 2.95%, LTV at around 60%

I met with AIB after looking around and they offered me 2.85% fixed for 5 years but said their hands are tied for negociating and that rates are 'under review'.

KBC are offering €3000 cash and a fixed 2 year term of 2.3% if i move my banking to them, no problem doing that.

This seems a no-brainer of a move for me, is there anything here I'm forgetting or missing out on? Are there better offers to be had? This move could keep my payments at the same rate, knock 4-5 years off the mortgage and save me ~€30k in the long run, all for a bit of paperwork. Thanks!

 

[misemoi]

Are you in a position to overpay in the next 5 years eg due an increment, cash in share options, end of a bill such as a car loan, childcare etc. If so, you can overpay 10% of the balance with KBC without penalty but with Ulster bank, you could overpay by 10% of the balance each year. If you have an idea of what you can overpay, do the sums on that basis.

 

[Itchy]

If you're going to pay a breakfee anyway, why not switch to UB/KBC ~2.3% fixed?