Changing Mortgage Lender

N

ndublinooc

Registered User
Messages
31
Hi,
we are considering changing mortgage providers. Is this something that needs to go through a solicitor?
I contacted the solicitor who advised us on the original house purchase (1 year ago approx) who informed me the cost would be approximately:

Fees 650 + VAT
Postage and misc 100
Land registry 150
Fee to current lender 75

There was no mention of stamp on the mortage which is above 254k, this is also due I think?

Can this be right?

Also, I am informed by our mortgage protection company that our policy precludes any change in mortgage provider. We were not advised of this on agreeing to the policy which was suggested by our lender. Do we have a case against our current lender for misselling?

Any help appreciated.

ndublinooc :confused:
 
Yes, a solicitor is required when you change lender however a number of lenders are offering to pay, or contribute, towards the cost of remortgaging - Ulster Bank, NIB, EBS, IIB Homeloans and Bank of Scotland - although you are correct that there will be stamp duty on a mortgage over €254,000 but this should be your only cost.

"Also, I am informed by our mortgage protection company that our policy precludes any change in mortgage provider. We were not advised of this on agreeing to the policy which was suggested by our lender."

Absolute rubbish! Ask them to confirm that in writing........

Sarah

www.rea.ie
 
Sarah W said:
.........however a number of lenders are offering to pay, or contribute, towards the cost of remortgaging - Ulster Bank, NIB, EBS, IIB Homeloans and Bank of Scotland - .....................

Sarah

www.rea.ie
Click to expand...

Hi Sarah,

Is this still true of BoSI switcher mortgages?

They don't have info regarding legal fees subsidy or valuation fee refunds on their main [broken link removed] section. This info used to be prominantly displayed in the recent past.

However, I did find a reference buried in their [broken link removed] section.

Curious, don't you think? Not a very strong marketing strategy to bury those incentives in a FAQ section :confused:
 
€650 plus VAT plus outlay is pricey - I was quoted €400 plus VAT plus outlay by my (far from cheap) solicitor recently.
 
I think the €1000 towards legal fees only applies if you arrange your mortgage with them directly (as opposed to through a broker).
 
Hel_n said:
I think the €1000 towards legal fees only applies if you arrange your mortgage with them directly (as opposed to through a broker).
Click to expand...

On mortgages over €250,000 REA refund €1000 of the commission within 90 days of completion to mirror the BoS direct offer.

Sarah

www.rea.ie
 
Sarah W said:
On mortgages over €250,000 REA refund €1000 of the commission within 90 days of completion to mirror the BoS direct offer.

Sarah

www.rea.ie
Click to expand...

Is the BoSI fees + valuation refund restricted to mortgages over €250K?

Is it still available, see my previous post?
 
Our switcher costs were €500 + VAT + Outlay. And have to say worth every penny. Fantastic service from our solicitor,we're using the same solicitor for buying & selling this yr. As I said before if you find a really good solicitor spend what you have to, but there is no point in spending a mint on a solicitor who won't return calls or is too busy to deal with you and will probably end up fobbing you off on an assistant because switcher fees of €500 don't make as much as some other fees.
 
"Also, I am informed by our mortgage protection company that our policy precludes any change in mortgage provider. We were not advised of this on agreeing to the policy which was suggested by our lender. Do we have a case against our current lender for misselling?"

This is not correct.....(assuming we do not have all the details)

It may be the case that when you took out the original life policy you did not include the conversion option (ie increase or decrease the term or amount)

If that is the case.... you will need to take out a new policy in order to cover the correct term and loan amount.. It is advisable that only when the new policy has been issued the old one can be cancelled..
 
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