Hi
Please bear with me, I need help from those in the know.
Our situation is this;
Fixed rate (PTSB) ended in Dec, and now at 4.8%.
We would qualify for the NIB loan to value mtg, at a rate of 4.5%.
Doing the sums and talking to NIB rep, we would make a saving of something like €16 per month on repayments. (factoring in TRS)
To switch it would cost us approx solr fees and valuation fee total; 930 minus refund from NIB 600 = 330.
We could use NIB legal team but in not so many words were discouraged from doing so as they are very very slow, by NIB rep.
I would prefer to use my own solr anyway, long time contact/friend etc.
When we met with NIB rep, I was never less sold a financial product in my life. It was almost as if she was discouraging us from going ahead.
Very confusing and not at all expected.
We would also have to open an account with NIB, arrange for the salary to go into it. It is not compulsory but rep told us that as the whole switching thing had kind of backfired on NIB as in they had loads of mortgage switchers but no account take up, they now would look most favourably and move quickly on new account holders as well.
So why are we so slow to change?
Are we stupid to not switch now while the offer still stands.
Other little things....
EddieHobbs referenced the NIB ltv mortgage about four times in Jan mag, this got me thinking.
The NIB branch that would be our local one was as quiet as could be when we visited, we thought it was closed or had skeleton lunchtime staff, however lunchtime came and went and there wasn't a rush of anyone anywhere. Never been in a bank so quiet.
If they did relocate from nearby town, would we be in a quandry down the line if no real life branch?
Finally, NIB rep said we would be tied in for lifetime of the mortgage if we do switch, (17yrs), and in the future if they hike up the interest we would be unable to get out of it.
Another point to note is that we would have to take up a new Life policy on the mortgage, as the one we have is with Irish Life, at what everyone tells me is a good premium. Even the NIB rep was surprised at what we were paying each month. We would have to get a new policy if we switched companies, and I am guessing that it would cost more than what we are paying now.
To switch or not to switch ..that is the question????
Thanks for reading.