Current KBC customer offer under 50% LTV

Frank

Registered User
Messages
1,828
Been in the house 5 years

Owe 155 at a rate of 4.25%

The house sill easily be valued above 310 so good for less than 50%

Looks like the best rate is variable 3.1 or up to 3 years fixed at 3.15%

I would imagine it should be easier to do this without moving bank for the mortgage.

Am I missing something here?

Should save about 90 ish a month.

I know I could get slightly better rates with other banks but the moving within KBC is tempting.

Any advice please.
 
Should be able to move rates within KBC easily. Do you have a current account there?

The only downside of KBC is you have to ask fir rate reductions each time they announce them. Variable rate reductions are automatic with other lenders.

There's nothing to prevent you changing rate now, and then trying to switch lender when you get your paperwork in order. Best rates here: https://www.askaboutmoney.com/threa...e-the-lowest-mortgage-rates-available.205864/
 
Would need to get the house valued with a KBC approved estate agent for a few bob to prove the LTV.

Should be no legal expense though I would have thought.

Will look at it properly in the new year.
 
Will look at it properly in the new year.
@Frank

I know this is a busy time of the year but you really shouldn't be paying a mortgage rate of 4.25% with an LTV of less than 50%.

€90 per month might not sound like a fortune but that's more than €1,000 over a full year - tax free.

You really shouldn't be leaving that kind of money on the table.
 
@Frank with KBC the process is quite simple. You arrange for a valuer (on their list below) to value your property. You have to pay them for this and should be around 127-130 euro. Then you fill in the linked form and post it to KBC, with your selection choice for rate -fixed or variable.

[broken link removed]

https://www.kbc.ie/our-products/mortgages/existing-customers/valuers

It takes about 2 weeks to process it (roughly)

Without knowing the term of your mortgage, you stand to roughly save 90 euro a month (1080 a year) tax free by going through the process. If you also elect to have your current account with KBC - even if the money is just bouncing through your account, you would save around 100 euro a month - 1200 a year.

You really shouldn't be leaving that kind of money on the table.
Absolutely agree here. There is no reason you should be giving KBC between 1080-1200 euro a year in extra interest at this stage.


I know this is a busy time of the year but you really shouldn't be paying a mortgage rate of 4.25% with an LTV of less than 50%.
On a totally separate note, it is your lack of movement here that rewards KBC for not automatically applying cuts to variable rate customers. While we can discuss the philosophy around the practice, if enough customers switched/applied for the interest rate cuts immediately, it would turn the balance on KBC and make it more cost beneficial to apply cuts automatically. So in my view, you doing something here not only helps your pocket, but may help other customers in the future also.

I have to admit, I do find it a bit disheartening on behalf of all the people who push for lower mortgage rates that those who can avail of them don't do so. The sad news here is the KBC offer came into effect on 1st December 2016, so you have already given KBC a present of 1170 euro more than you had to in this period. I don't know anyone that would not like an extra 1000 euro at Christmas time...
 
Point taken gnf will get onto this next week

My bad that I was not watching this closer.
 
Going to get on this today

1 more question go with KBC at just over 3% or go to AIB for 2.75% with the hassle of getting this done ?

Or do KBC first then go to AIB?
 
In a very straight forward case with no issues, where you already have your paperwork in order, expect switching lender to take 3 months. It'll take a few hours to get a valuation and start saving money straight away with KBC while you're doing the switch.
Ask both banks for a list of approved valuers, pick one that both use, and see if you can do a deal to save money on getting both valuations (each bank has their own form to complete).
 
Back
Top