Switching lender

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wheels

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I'm currently with IIB and on the advice of a close friend who works for them was advised to switch as they are in no way the cheapest. Given I'm only a few months into my mortgage I have a few questions.

Firstly to explain my background, I got my mortgage through a broker who was a family friend. I was incredibly unhappy with his service but was in a bind because despite being able to afford repayments being self employed was a huge barrier at every turn. This broker was able to get me the mortgage incredibly quick and hassle free, for that I was greatful. However a few months in and I'm realising I didn't get a competitive deal. On a 400,000 mortgage I'm paying roughly 2260 back a month, plus life assurance of 17euro.

My question is, is it too early to switch? I seem to recall my policy has a 6 month clause. And if I do decide to switch, do I need to go through the broker who got the deal? One of my parents went guarenture on a percentage of the mortgage, would this affect a switch?

My other concern is that other banks will reassess me, given this was the huge issue in the first place I'd prefer not to have to go through that again.

Where should I start?
 
wheels said:
I'm currently with IIB and on the advice of a close friend who works for them was advised to switch as they are in no way the cheapest. Given I'm only a few months into my mortgage I have a few questions.

Firstly to explain my background, I got my mortgage through a broker who was a family friend. I was incredibly unhappy with his service but was in a bind because despite being able to afford repayments being self employed was a huge barrier at every turn. This broker was able to get me the mortgage incredibly quick and hassle free, for that I was greatful. However a few months in and I'm realising I didn't get a competitive deal. On a 400,000 mortgage I'm paying roughly 2260 back a month, plus life assurance of 17euro.

My question is, is it too early to switch? I seem to recall my policy has a 6 month clause. And if I do decide to switch, do I need to go through the broker who got the deal? One of my parents went guarenture on a percentage of the mortgage, would this affect a switch?

My other concern is that other banks will reassess me, given this was the huge issue in the first place I'd prefer not to have to go through that again.

Where should I start?
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Before you even think about switching go in to the bank armed with quotes from other lenders and see if you can negotiate a better deal. Tell them you are loan approved with other lenders. good luck...
 
landlord said:
Before you even think about switching go in to the bank armed with quotes from other lenders and see if you can negotiate a better deal. Tell them you are loan approved with other lenders. good luck...
Click to expand...


If I was go say approach AIB, would they all the checks etc. that IIB did?
 
wheels said:
If I was go say approach AIB, would they all the checks etc. that IIB did?
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There may be differences between underwriting criteria for the various lenders but proof of income, ICB check, proof of income of guarantor, if applicable, valuation, house insurance and life assurance, I'd imagine would be fairly standard criteria amongst all prime lenders.
 
slinky said:
Is there something you don't want them to find out?
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Not at all, it's just the fact that getting it was such a huge hassle as I explained in my original post. It wasn't a simple yay/nay and there was nearly three months or towing and frowing because my situation was out of the ordinary.
 
while IIB may not be the cheapest lender out there, but they generally approve you for the highest amount (from an affordability point of view) and are more flexible than most other lenders - guess u pay for it with the rate though!
 
wheels said:
If I was go say approach AIB, would they all the checks etc. that IIB did?
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The simple answer is yes.

Given the current "credit crunch", the banks might be even tougher now than they were/appeared to be a few months ago.
 
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