Actual costs of moving mortgage to NIB.

O

oysterman

Guest
I’ve promised a couple of times recently to post details of the costs involved in moving my mortgage from EBS to NIB.

Here follows the important details from the completion statement I’ve just received from the solicitor (with only identity details changed to protect Mrs. Oyster’s privacy).


COMPLETION STATEMENT
Mr. & Mrs. Oysterman
RE-MORTGAGE:&nbsp &nbsp &nbsp &nbsp “Pearl”, Crustacean Road, Irish Sea.


Taking up title deeds&nbsp &nbsp &nbsp &nbsp 61.00
Vacate EBS mortgage deed&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp 63.71
Outlay&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp 47.00
Solicitors fee&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp 380.00
VAT (21%)&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp 79.80
Mortgage Duty&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp 415.00
Registration Duty&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp 181.00
Searches &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp 150.00&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp
&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp
Total&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp €1,377.51
&nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp
Dermot Deane & Co
21/02/05

When I receive the €600 due to me from NIB (their legal fee payment offer for mortgages transferred to them) and add in the cost of the survey at €100, the net cost to me will be €877.51. On the basis that I’ve gone from EBS’s “Jumbo” tracker rate of ECB +0.99% to NIB’s ECB +0.79%, I calculate that this move will pay out in less than 14 months on my mortgage (do the math and you can work out the size of my mortgage!).

The “Mortgage Duty” of €415 was only payable because our mortgage exceeded some arbitrary threshold like €375,000 (I’m not sure of the exact relevant amount). Had the mortgage been lower than that, the net cost of the move to me would have been of the order of just €460 and the payout much quicker. Nevertheless, I still think it’s a good move.

On the customer service side, I can’t recommend Dermot Deane & Co. highly enough – all of my dealings were with a young solicitor (whom I won’t name) who was simply excellent throughout (I have no connection with the company, having come across it through AAM). NIB were fine (albeit I had to do a bit of chasing around Christmas). EBS held matters up by 5 days because they hadn’t issued a redemption statement.

Overall, it was a surprisingly painless exercise (made all the better by my having saved €350 per annum on house & contents insurance in the process by using 123.ie).
 
Oysterman,

thats great information - cheers for that.

luke
 
Thanks Oysterman - great info - we're hoping to do the same.
 
The “Mortgage Duty” of €415 was only payable because our mortgage exceeded some arbitrary threshold like €375,000 (I’m not sure of the exact relevant amount). Had the mortgage been lower than that, the net cost of the move to me would have been of the order of just €460 and the payout much quicker. Nevertheless, I still think it’s a good move.
Click to expand...

May you be in clover by Christmas.

Q on the €375,000 figure, it may be £300,000 old punts which I make out as €381,000 but no matter.

I always thought the 'stamp' type costs made the move less than worthwhile.

Is the €375,000 figure , below which one should come to really save money, either:

a) The value of the property or
b) The value of the Old Mortgage on it (deregistering) or
c) The value of the New Mortgage registered on it irrespective of a) or b)

I ask because I have a €500k house with what was a €400k mortgage in 2001 but I would remortgage to an NIB 0.85% over base rate tracker if it are worth it , me paying 1% over base now . That remortgage as in example c) above would be €300k or €310k

I am confused as to what one pays in stamps taxes fees to solicitor aaccording to borrowings and according to worth of asset itself.

Thanks very much

Mr T
 
Mr. T,

Sorry for delay in replying.

The short answer is, I'm ashamed to say, that I don't know what the €415 is based on. I think it's on the basis of the new mortgage but I don't know what %. Certain it's not on the basis of the value of the house.

Paying for something that I don't understand the basis of the calculation? Not exactly the living embodiment of a subscriber to this site, am I? For what it's worth (ie. nothing), the solicitor did explain it to me and it did seem fair enough but my mind's a blank now.....

Any solicitors out there who could explain?
 
Up to €254000 is exempt.
From €254000 to 630,000 the rate is 0.1%, but is capped at max of €630 thereafter.
 
Still can't quite figure out the €415 figure. The mortgage is for €390k so at 0.1% that would come out at €390. For €25 I think I'll let it go.....
 
At a guess, could be additional stamp duty on a counterpart mortgage ? But even at that still cant get 415 myself...
 
Now for the difficult bit

haggling wth my solicitor

Thanks all
 
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