If you decide to go this route (re-fix now with BOI but continue process of switching to AIB), there are a couple of risks:My question is should I re-fix with BOI as a hedge against AIB raising their rates prior to the switch happening or will I likely face a breakage fee if all still goes ahead as planned?
Thanks Paul, I will likely have some solicitor costs now as they will have started work on it, I've no broker fees as I went direct.If you decide to go this route (re-fix now with BOI but continue process of switching to AIB), there are a couple of risks:
But AIB's 2.15% rate is a lot lower than BOI's best rate, so it's possible that it will still make sense to switch even if AIB increase their rates.
- You might become liable for brokers' and/or solicitors' fees if you abandon the switch (which you might want to do if rates increase too much). Check with your broker and/or solicitor if you would be liable for fees in such a situation.
- As you realised, if you re-fix with BOI now there might be a break fee when you finally leave BOI. If you do fix with BOI, you could post periodically in the switcher thread during the switching process and ask for an updated estimate of your break fee (or contact BOI to get the break fee quote). You could abandon the switch to AIB if the break fee is getting too high.
thats super. can i ask how long the deeds took to arrive? Our solicitor had requested from UB back the end of August and still no sign of themJust got word today that AIB have issued funds to my solicitor, I'm over the moon to have secured the 2.15% but its been a long frustrating process, almost as stressful as when we first purchased the house.
I said I'd come back and give an update for anyone thinking of or in the process of switching to AIB.
First submitted the online application on 17th July and funds Issued 13th October so just shy of 3 months. I was on the ball and anything that was asked for was provided either same day or the next. AIB seem to take 3/4 days to review anything uploaded so this can really drag out if you make a mistake and upload the wrong thing or are missing anything.
A couple of tips:
Request copies of salary certs (on the AIB template) as soon as possible as HR departments can be slow to provide these.
Ensure you provide a copy of marriage cert to the branch if using ID in maiden name, lost 2 weeks here due to pure incompetence of nobody in the direct mortgage team being able to explain why the ID wasn't accepted (even though I'd uploaded a copy of marriage cert with all my documents when I first applied) and no communication back from the branch.
Engage your solicitor early if you are very confident of approval as they can have a head start on requesting the deeds from your exisiting lender, this is a very slow process at the minute as there is a huge increase in switchers. It took around 3 weeks for this and party to blame on my solicitor as they didn't initially send the fee to BOI.
Took around 3 nearly 4 weeks and that was with me calling and chasing BOI during this time. BOI advised they could see my solicitor had requested them but didn't include the release fee initially which was going to further delay things. The person I spoke to said they would see what they can do but there were 100's of requests in front of me, I think they took pity on me and pushed it to the front of the queue . I found I had to be very proactive to help the process move alongthats super. can i ask how long the deeds took to arrive? Our solicitor had requested from UB back the end of August and still no sign of them
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