Switching Mortgages- who to listen to?

[neady]

Hi all, I'm currently on a fixed mortgage with EBS (3.9%) which is to end next month. I have being searching around and found NIB to be the best value. They offered me a tracker mortgage at 4.51% (my LTV is 55%). I met with the manager of EBS to disuss my account and I asked him what can he offer me. He offered me 5.25% at first and because I'm a valued customer lowered it to 4.95% at a tracker rate. When I told him I had actually a better offer from NIB he laughed at me saying I would not be saving anything switching to them. When I queried why he explained that because I would have to open a current account with them and their rates are so high, I would in fact be saving nothing. Is he right or just trying to pull the wool over my eyes? Any advice warmly welcomed. Thanks in advance.

 

[twofor1]

He's bluffing, I have LTV mortgage with NIB and two current accounts both free. The difference between the two rates been offered is €24 monthly (€100K over 20 years) well worth changing for especially if they pay your legal.

 

[Fauve]

Hi Neady
Reading with interest as pretty similar situ here, and considering going to NIB also for same reasons.
Broker I spoke to re NIB was discouraging of them too "lots of my customers are leaving them now due to high interest" and they deal more in the commercial market??
I did read somewhere that NIB don't deal with brokers though.
Will be interested in replies.
Checked out the current ac charges too and couldn't find excessive charges anywhere!
Best of luck.

 

[irishlinks]

As mentioned many times here - NIB don't pay brokers commission - so of course Brokers will avoid recommending them because that will lose out. If you have an LTV under 80% the LTV tracker mortgage from NIB will give you the lowest rate over the mortgage term. You will get similar or slightly lower rates for 1 year discounted periods off other lenders - but these discounts stop after 1 year. I have no connection to NIB .
There may be other factors in deciding who you borrow off - such as local branches, speed of application - but if lowest interest rate is you main criteria - NIB is the lowest on LTV under 80%.

 

[boruce]

NIB have the best rates, but they can take a long time to process applications, I heard recently that you have to wait more than two weeks just to meet with one of their advisors, but if you are in no hurry, they do have the best rates. I would say go to an independant broker and go to NIB yourself, Brokers will often offer deals on Life cover or Home cover that compensate for the rate not being as good as NIB, play them off each other and go with the best over all offer. cant hurt, in the current market everyone wants the business

 

[ClubMan]

I met with the manager of EBS to disuss my account and I asked him what can he offer me. He offered me 5.25% at first and because I'm a valued customer lowered it to 4.95% at a tracker rate. When I told him I had actually a better offer from NIB he laughed at me saying I would not be saving anything switching to them.

Don't expect independent, professional advice in your best interests from a tied agent with a vested interest in selling you something!

 

[Eeyore]

When I told him I had actually a better offer from NIB he laughed at me saying I would not be saving anything switching to them. When I queried why he explained that because I would have to open a current account with them and their rates are so high, I would in fact be saving nothing. Is he right or just trying to pull the wool over my eyes?

He is definitely trying to pull the wool over your eyes. You do have to open a current account with them but you can open an Easy account which has no charges.