Switching Mortgage provider..which one?

E

Elainec

Registered User
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1
Hi
We currently have a mortgage balance of approx 545k and are on a SVR of 3.3% with BOI .
However we are going to switch mortgage provider as this is as low as BOI will go for us.
My question is should we switch to ebs @ SVR of 3.3% but with 2% cash back or switch to KBC or UB who offer a more favourable 3.1% SVR but no cash back offer.

Or thirdly ( bit optimistic possibly) could we switch to ebs and then in the near future switch again to KBC / UB .

Any suggestions would be appreciated,

Thanks
 
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Elainec said:
Hi
We currently have a mortgage balance of approx 545k and are on a SVR of 3.3% with BOI .
However we are going to switch mortgage provider as this is as low as BOI will go for us.
My question is should we switch to ebs @ SVR of 3.3% but with 2% cash back or switch to KBC or UB who offer a more favourable 3.1% SVR but no cash back offer.

Or thirdly ( bit optimistic possibly) could we switch to ebs and then in the near future switch again to KBC / UB .

Any suggestions would be appreciated,

Thanks
Click to expand...

I am about to switch to EBS with 2% Cashback - there is no tie in so you can move mortgage again in future if you want.
 
I am in the process to switch from BOI fixed rate 3.8% to AIB 3.1% variable rate + 2k cash. My mortgage is only 135k though.
 
Elainec said:
Hi
We currently have a mortgage balance of approx 545k and are on a SVR of 3.3% with BOI .
However we are going to switch mortgage provider as this is as low as BOI will go for us.
My question is should we switch to ebs @ SVR of 3.3% but with 2% cash back or switch to KBC or UB who offer a more favourable 3.1% SVR but no cash back offer.

Or thirdly ( bit optimistic possibly) could we switch to ebs and then in the near future switch again to KBC / UB .

Any suggestions would be appreciated,

Thanks
Click to expand...

Ulster Bank have a €1500 cash back offer.

I switched from KBC to UB. KBC don't reduce your rate once you're an existing customer. So whatever you're on now at the start is likely to be what you're on for a while (unless it goes up, they pass increases on pretty reliably)

I switched to UB at 3.2%. A month later they reduced their rate to 3.1%.
There's a bit of messing about with UB but once you ring them, ask for a switcher letter and sign it, they reduce your rate.
They're not efficient at all. But I'm saving €122 a month over KBC, my mortgage is 6 months shorter too plus the switching fee was about €1050 so I got an extra €450 for my trouble. So I put up with their inefficiency.
 
Elainec said:
Hi
We currently have a mortgage balance of approx 545k and are on a SVR of 3.3% with BOI .
However we are going to switch mortgage provider as this is as low as BOI will go for us.
My question is should we switch to ebs @ SVR of 3.3% but with 2% cash back or switch to KBC or UB who offer a more favourable 3.1% SVR but no cash back offer.

Or thirdly ( bit optimistic possibly) could we switch to ebs and then in the near future switch again to KBC / UB .

Any suggestions would be appreciated,

Thanks
Click to expand...

It depends on the remaining mortgage term. That determines how much interest you will pay in total. Your 2% cashback amounts to €10,900. Your total interest for 10 and 20 year terms is:

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UB are extremely slow with processing mortgages.a family member started the process 5 months ago and this week they should have had funds released. UB delayed further by asking for an updated document.thy have had issues throughout the entire time.UB staffing was an issue in that they did not advise correctly and submitted an incomplete application.total nightmare experience with UB they have said which has cost them money and time and lots of unnecesseray stress
 
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