Switching Mortgage After 14 Months??

S

Skinner1

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Just wondering if there is any problems around switching my mortgage after about 14 months?

I'm currently on a tracker of 3.35% but in the light of the recent NIB fixed rate switcher offer and the possible interest rise would it be advisible to switch to NIB's 2 yr fixed rate of 3.29% or even their 3 yr fixed rate.

Also do you think the €1000 cover all the legal expenses?
 
There shouldn't be, unless you were offered some kind of introductory rate (i.e. we are committed to our mortgage for the first 5 years, otherwise the 0.1% discount is clawed back), on the basis that you don't switch within X years. Check the letter of offer and loan agreement.
 
Once you're not on a fixed/discounted rate, you should be able to transfer without incurring too many costs. It will probably cost around 65 euro to close with your current back and certainly less than 1000 euro in solicitor fees. However, you will need to submit a new application to NIB, same as before, i.e. bank statements, etc and also some fiddly things like reassigning home and life assurance. Is it really worth the hassle though as who's to say that NIB won't have higher rates in two or three years' time, after your fixed rate runs out? You may then be back in the same position as now.
 
Are you switching from one NIB mortgage to another, or from another bank to NIB?
 
I'd be changing from PTSB to NIB. Assuming that the ECB raise's rates by another 0.5% this year (based on what I'm reading the concensus is that this is more likely to be the case than not) the NIB 3 yr Fixed of 3.45% looks good value.

I suppose I need to ask them if there's a limit on which rate you move to after the end of the fixed term.
 
NIB fixed rate only applies to end of February.

Generally switching a mortgage can take 8 weeks so you will need to ensure everything can be completed before end of February.

NIB pay the solicitor directly so if you source a solicitor to complete the work for less than 1k, you will not get the balance payable to you as it will be paid to a NIB designated solicitor
 
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