Best bank to stay with long term? (specific criteria)

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RMGC11

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I might be in a situation where I couldn't easily switch mortgage providers easily in the future - so was wondering - if I were to do one last switch now, what bank should I go to? LTV under 60% and might decide to move out in a few years and rent it out.

The criteria that I have in mind:
  1. How the bank is treating existing customers / if the offer the same rates to new/old customers (will low rates be available without switching?)
  2. History of competitiveness around rates (Has the bank consistently competed on rates in the past? Or do they usually lower rates once a decade, do a huge PR push and then just leave at that level while competitors rates go down?
  3. Low rate options over longer periods
  4. Not needing to switch to BTL rates if letting the property at some point in the future
  5. Ability to overpay the mortgage (I am Ok with break fees on the overpayment lump sum - is that an option with all banks?)

Based on the criteria above, I know Avant has low rates: 1.95% for under 60% LTV for up to 7 years - but there's very little information I assume on how they treat existing customers as well as no track record lowering rates - given their recent arrival.

From the remaining banks, what would be the top options? (Would: 1.AIB, 2.BOI, 3.PTSB be the order? )

Thank you!
 
Reg. Your Avant statement in”how the treat existing customers”.
I am curious what you mean here. If you fix for 7 years, you essentially make a call to say you are happy with the 1.95% for that period, and essentially forget about it.
Can you clarify What “treatment” you are thinking about here, given this seems to be the main concern.
 
OP means what happens after 7 years when they might not be able to switch provider. No way of knowing what Avant rates will be available to you then or how they will compare to their then rates for new customers - unless your contract explicitly covers this.
 
Seven years is a fairly long time, and Avantcard have the best deal on the market, so I would go with them.

While they are new to the market, so it's difficult to get a sense for what they'll be like to deal with, the fact is that you shouldn't have any dealings with them, unless there's a problem. If there is a problem, they'll have to follow CCMA Regulations, just like the other lenders.

None of the other lenders have coverted themselves in glory, when it comes to service, so why put them above a new unknown provider with a better rate?
 
Would you not be best looking for the best rate available rather than how they treat their customers? Weve been with EBS for the last 11 years. We took a gamble and fixed our mortgage for 10 years which didn't pay off for us as the rates fell and we didn't benefit from it. But in relation to the bank I've had very little dealing with them. We just pay every month and have never had a problem. We are currently moving to AIB and plan to stay with them for the remaining term of our mortgage. But we will have it paid off hopefully in the next 8 years. Going to fix it in the summer for the next 5 and see what happens then. But I don't plan on having much dealings with them in relation to the mortgage. Just pay up and look cheery every month as the old saying goes.
 
I take the point around going for the best deal available currently - especially if fixing for a longer period.

At the same time, a lot of posters on this forum advise against going to PTSB if there is a risk of "getting stuck with them" for a longer period of time, due to the difference in rates for new and existing customers.

As in this situation - the key requirement is precisely that - potentially needing to stay with a bank for a longer period of time - just getting the best deal currently mightn't necessarily be the right decision - if there's a risk of paying through the nose for it when that fixed rate expires.

However, from everything I'm reading so far - if Avant does have the best fixed rates now (+ a decent variable rate advertised for afterwards) - that seems like the best option then.

NoRegretsCoyote said:
Many providers require you to tell them.

However if you don't tell them and you keep paying your mortgage there is basically no chance they'll find out.
Click to expand...
And if you do tell them - does that mean you automatically get switched to a BTL rate? Or not necessarily?Wouldn't they also find out anyway when one updates the insurance details (so as to cover renting vs. owner occupiers)?
 
RMGC11 said:
And if you do tell them - does that mean you automatically get switched to a BTL rate? Or not necessarily?Wouldn't they also find out anyway when one updates the insurance details (so as to cover renting vs. owner occupiers)?
Click to expand...
AFAIK banks will switch you if you tell them. I only know one person who's ever done this though:)

Your insurance provider won't tell the mortgage provider. An insurer can't spontaneously share those kind of details with a third party like a mortgage provider
 
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