switching my mortgage

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switcher1234

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I presently have a mortgage of 110000 and am hoping to try and switch to another bank for a better rate. I'm wondering is switching mortgage very difficult, awkward? Has any one done it and did you have any problems? Also will my life insurance that I got when I took out the mortgage still stand when I switch or will I have to apply for a new one? Are there any pitfalls I should be aware of? I think I will find a bank to switch to ok but just want to have a good picture of any possible difficulties before I go ahead. Thanks.
 
I don't think any banks are interested in switchers . That's one of the big problems with the Irish market at the moment . There is only completion for first time buyers. They don't give a s@*t about existing customers
 
switching

I've already filled out the forms at a bank where I'm hoping to switch to and the man there that I spoke to seemed positive that my application would be successful, so if I am does any one know of anything I should be aware of or may have overlooked before I switch?
I'll post here if I'm approved.
 
If you try running the search option in this forum you may find previous threads on this subject.
 
AIB don't do switches. The following are some that do: -

  • KBC (max 80% LTV)
  • Permanent TSB (max 75% LTV)
  • Bank of Ireland (max 50% LTV)
  • ICS (max 50% LTV)
The main thing to consider is to make sure that switching makes long-term financial sense. Consider the following: -

  • Allow €1,000+ for legal costs and €130 for valuation. Are you sure that you will recoup this €1,130 in lower interest in a reasonable period of time?
  • Just because Lender A has lower rates than Lender B right now, this relative position might not always be the case.
  • If you're refinancing short-term debt into your mortgage, don't spread it over the full term of the mortgage. Refinance the short-term debt over the same short term.
Liam D. Ferguson
 
switching????

The reason I'm being careful is that in the past I've rushed into things without looking at every angle and come to regret it afterwards.
Does changing from 4.4% to 3.5% sound worth the cost to you? Bearing in mind of course that rates can change, but I saw on the newspapers that it seems that variable rates will go down further? Thanks
 
Switcher1234 where you successful in switching.I would like to switch from ptsb to bank of Ireland I have a morgage left of 60000 do ye think it worth while will I save much in the long term.I have a variable rate of 4.34% 9yrs remaining.
 
Bank of Ireland's variable rate is 4.3%. Not worth switching - the cost of switching would be ~€1,000 for the solicitor and €130 for the valuation. Besides, Bank of Ireland's rates may not be better than Permanent TSB's over the next nine years.
 
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