Switching to NIB: how long are you hooked for?

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bacchus

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I called NIB few days ago to get details about their switching services, and particularly the legal cost involved.
Two options:
1- No cost if you choose their recommended solicitor
2- Otherwise , they pay €600 towards cost if you get you own solicitor.

I asked how long does one have to stay with NIB so that no legal cost is to be repaid (in the context of option 1.)
I was told over the phone (so may be not worth much!), that there is no set period and that solicitor cost is never to be repaid even if you switch again shortly after..

So, until i receive the T&Cs of their swicthing service, TRUE or FALSE?
 
Some lenders that subsumed or subsisided the legal costs of remortgaging used to have a 5 year "clawback" time limit but maybe NIB don't or no longer have?
 
NIB can afford this as they don't have broker fees to pay in addition to legal fees.
 
so if u switch to NIB and leave them again in say 1 years time, then u owe them nothing...

are there restrictions with their LTV mortgages wherby there is an extremely good rate on offer for year 1, (the ECB rate i think)?
 
It's actually the ECB rate + 0.5% is the best they do I think. We're also changing over from First Active(5.03% - mad to be with them I know!!) House is worth 350000 and mortgage is 142000 so we get the ECB Rate + 0.5 %
 
construct_06 said:
so if u switch to NIB and leave them again in say 1 years time, then u owe them nothing...

are there restrictions with their LTV mortgages wherby there is an extremely good rate on offer for year 1, (the ECB rate i think)?
Click to expand...


Exactly...as a previous poster pointed out NIB don't have to apy 1% of the value of your mortgage as a commision to a broker so they are a little more lenient.
The rate is transparent...the deal is the same for the life of the mortgage.
The restrictions are two fold - Obviously you need a low LTV (80% or less) and their income requirements are a bit more onerous.
 
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