Can you pay the €60, break out of your current fixed rate and refix with KBC for five years? Yes, this will be honoured by BOI.Thinking of similar myself. Currently a KBC customer on 2 year fixed (1 year left) Break fee quoted was 60 euros. Does anyone know if you can extend kbc fixed rate to say 5 years and have that move over to BOI when the switch over completes.
OP is currently a KBC customer (i think) Therefore I posted as it might be an option to get a lower rate depending on LTV (2.2% is what I am on with KBC Current account reduced rate) for the next number of years avoid a switch to a new bank (Avant, AIB)Can you pay the €60, break out of your current fixed rate and refix with KBC for five years? Yes, this will be honoured by BOI.
Though not sure the relevance for this thread.
Get you now.OP is currently a KBC customer (i think) Therefore I posted as it might be an option to get a lower rate depending on LTV (2.2% is what I am on with KBC Current account reduced rate) for the next number of years avoid a switch to a new bank (Avant, AIB)
Confirmed - its 2 month anniversary of draw down of mortgage.I heard it is at 1 month stage.
Thabks. How was the switching process, hoe how long did it take. did you go direct with the bank or did you use a broker.Confirmed - its 2 month anniversary of draw down of mortgage.
Thanks Paul, yes i had seen it was 2.15% but when you advised i taught there was maybe something in the T/Cs that made it 2.1%. Thanks for the update.@Interest% BTW, earlier in this thread I wrongly told you that AIB's green rate was 2.1%, but for your LTV it is actually 2.15%. (You may know that already.)
If you go for AIB's 2.15% green rate, in five years' time you will be better off by €2,000 (versus either the 5-year or the 7-year Avant 2.15% rates). The difference is simply the cashback that AIB offers. But of course the 7-year Avant rate would give you 2 years of extra "insurance" against rate rises.
See this list for some brokers that deal with Avant and don't charge a fee. There may be others.i dont think the broker firm i am with deal with AIB or Avant so i dont know what to do and im having some restless nights because of it.
If the broker doesn't provide the service you want look elsewhere. For AIB you don't need a broker at all.
Thanks guys.See this list for some brokers that deal with Avant and don't charge a fee. There may be others.
If mortgage decisions are giving you restless nights, you might be better off going for the 7-year 2.15% rate with Avant, i.e., a longer period of certainty. But ultimately it's your decision.
I am concerned about broker clawback from the bank.If the broker doesn't provide the service you want look elsewhere. For AIB you don't need a broker at all.
Not sure what do you mean by broker clawback from bank?I am concerned about broker clawback from the bank.
Sorry I mean if you take out a mortgage with a bank via a broker (the broker gets commission of 1% of the mortgage) and you decide to switch before your fixed rate contract is up-. I have heard that the banks will claw back the fee from the broker- in turn the broker passes the fee on to the client. All hear say so far as I have not have a definite answer.Not sure what do you mean by broker clawback from bank?
We went directly to AIB without any broker so it is immaterial. It look us around two months - most of that was collecting documents they needed and dealing with solicitor.
Anyone any Feedback on this.Sorry I mean if you take out a mortgage with a bank via a broker (the broker gets commission of 1% of the mortgage) and you decide to switch before your fixed rate contract is up-. I have heard that the banks will claw back the fee from the broker- in turn the broker passes the fee on to the client. All hear say so far as I have not have a definite answer.
Last time I took out a mortgage, I paid the broker €500 once I got Approval. That was then refunded to me when the mortgage was drawn-down. There would have been some clawback for the broker on his fee from the bank if I moved within the first 24 months. But it was graduated with no question of any clawback against me.Anyone any Feedback on this.
Thank you Gordon.Last time I took out a mortgage, I paid the broker €500 once I got Approval. That was then refunded to me when the mortgage was drawn-down. There would have been some clawback for the broker on his fee from the bank if I moved within the first 24 months. But it was graduated with no question of any clawback against me.
Could some brokers have different clawback arrangements? E.g., longer than 24 months? Or with the possibility to claw it back from the customer?Last time I took out a mortgage, I paid the broker €500 once I got Approval. That was then refunded to me when the mortgage was drawn-down. There would have been some clawback for the broker on his fee from the bank if I moved within the first 24 months. But it was graduated with no question of any clawback against me.
I doubt it. Why would anyone go with them then?Could some brokers have different clawback arrangements? E.g., longer than 24 months? Or with the possibility to claw it back from the customer?