"Mortgage holders get rate cut after threats to switch"

Bronte

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get your deeds called up

Bronte

That is a very interesting strategy.

It might not even be necessary to get approval in principle from another lender. Just ask your solicitor to get the deeds and explain that you are switching to another lender, and you might get called proactively?
 
Hi Guys love the site. I have tried and failed with AIB only recently for them to switch me to a better LTV rate my current LTV is 40% I have sent in letters but they won't budge. All they would offer is the fixed rates.
 
Yes I like the deeds one myself. Your solicitor can call them up easily, just requires the customers signature on a simple standard form.

Sunglasses, it looks like it's a brand new policy and they are being very coy about it. As in, fobbing off most but acting seriously when they believe you really are switching.
 
Yes I like the deeds one myself. Your solicitor can call them up easily, just requires the customers signature on a simple standard form.

Sunglasses, it looks like it's a brand new policy and they are being very coy about it. As in, fobbing off most but acting seriously when they believe you really are switching.

I will try the solicitor route and I will see how that plays out I will report back my results.
 
What happens if you get your solicitor to request the deeds? Will your bank just hand them over no questions asked? Will they not look for the mortgage to be paid off??
 
The solicitor is just asking for the deeds to have a look at them with a view to switching mortgages or selling the house I presume.

Brendan
 
What happens if you get your solicitor to request the deeds? Will your bank just hand them over no questions asked? Will they not look for the mortgage to be paid off??
It's perfectly normal for a solicitor to call up your deeds if you are switching, and for any number if other reasons, he will state the reason, no need for the mortgage to be paid off to get the deeds, the solicitor undertakes to hold the deeds in trust.
 
So is a solicitor going to be happy if you contact him/her saying "Would you mind just getting in touch with my bank there and asking them for my deeds. I want to see if they'll offer me a lower rate."

I presume one would expect to have to pay their solicitor to do this?
 
I have just received my Letter of Offer from KBC on Friday (delay encountered in the end for some unknown reason). My solicitor has just requested the deeds from BOI, so I will confirm here if BOI do contact me re my switching. I have told them on at least 2 occasions I would move and they said there is nothing they could do, so will be interested to see what happens now. Will still switch at this stage, unless they make an absolutely fantastic offer to me !
 
Hi, What address did you use in your letter to BOI. I sent them a letter 2 weeks ago asking them to match a rate KBC were giving and still no reply.
 
I did not write to them - I discussed it over the phone with them. My solicitor has now requested the deeds to be brought from storage, so will see if they contact me in the next few days or not !
 
Hi, I sent them a letter stating my LTV was around 30% and wanted my SVR reduced from 3.9% to something more in line with what KBC are offering. They have offered me 2 yrs fixed at 3.7%
What think ye?
 
I think it depends on the size of the mortgage and the reality of you switching - is it financially worth your time to switch ? Lets say it costs 1500 to switch and KBC give you 1000 back - how many months before are back even again (without timing your time into consideration)

Most people on here believe SVR's will come down - but how far?

I think it all depends on the capital remaining on it, and maybe you are better fixing for 2 years, see how the SVR market pans out in that window and decide then if you want to switch or not ?

I am only 4 years into my mortgage, so probably in a bit of a different position to yourself !
 
my quick calculations are
17 years at 110k @ 3.7% is 727
17 years at 110k @ 3.55% is 719

The difference is 8 euro a month. Assuming you have to pay 400 euro on top of the 1k you get to switch, this means 4 years to get your money back

If I was you I would go on the 2 year fixed rate and decide in two years what to do next based on what happens in terms of SVR rates and whether they reduce to european average rates. You can always swap then when you have more information available. That said I would not fix for more than 2 years !


The above proposal does not suit me personally, because (a) my mortgage is a good bit higher thanks to South County Dublin and (b) I am consistently overpaying it which is not possible in a fixed scenario.

Would be interested to hear others opinions on what they would do in that instance though - you should not take my word alone on it !
 
Hi, I sent them a letter stating my LTV was around 30% and wanted my SVR reduced from 3.9% to something more in line with what KBC are offering. They have offered me 2 yrs fixed at 3.7%
What think ye?

I don't like that you have to fix. That's because I believe rates are moving now in Irish banks, downwards.
 
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