Comparing alternative lenders - missing anything?

[Mollymoo]

We are currently with EBS on a 3.5% rate, loan to value 70% in Dublin area 20 years left. We want to make 1 switch now to a fixed rate for approx 3 years. Our joint account out of which the mortgage is paid (but we dont get paid into) is with EBS & we are willing to move it.
We contacted doddl as we are aware you need a broker to access Avant & we thought they would be the best option. They do have the lowest rate but the cashback offers etc have confused us. PTSB are looking the best as per our calculation (by 3,480) but are we missing something?? With PTSB is there a "catch" we need to be aware of? Thanks!

Avant PTSB UB KBC
Mortgage value 300,000 300,000 300,000 300,000
Rate 2.10% 2.50% 2.25% 2.30%
No. of years fixed 3 3 2* 3

Annual interest 6300 7500 6750 6900
3 year interest 18900 22500 20250 20700

cost of switching- estimated 1500 1500 1 500 1500

Cashback(CB) lump sum 0 6000 1500 3000
Valuation paid for 0 0 150 0
Monthly CB x3 yrs if Bank a/c 0 1080 0 0
Interest above Avant x 3 years N/A -3600 -1350 -1800
N/A 3480 300 1200

 

[Brendan Burgess]

PTSB are looking the best as per our calculation (by 3,480) but are we missing something?? With PTSB is there a "catch" we need to be aware of? Thanks!

Yes, they treat their existing customers very badly.

So if you can't switch because policies have changed or because you have changed job or have damaged your credit record, you would be at the mercy of the worst lender by far.

Brendan

 

[Mollymoo]

Hi Brendan,

Thanks for the information, that colours it a bit for us. At least if we do go with them we will go in eyes open! Thanks