Brendan Burgess
Founder
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It's quite astonishing. I have campaigned a lot to bring down rates and now that the banks have responded, most customers couldn't be bothered picking up the phone and moving to a lower rate.
Can you explain the entire process.I have just done this with KBC. Got the house valued and we have dropped down the LTV ratio. We are saving 144 euro per month from this month. It was very easy.
In some cases you need to get a valuation, but that's the extent of it.It just takes a phone call to get a lower rate or is there more to it than that?
KBC sent some marketing material which included rate change if you had a lower LTV than at the start of the mortgage. I called them and they told me to get a valuation on the house from one of their approved estate agents. There's a list on their website. The estate agent came and did his valuation. A week later we got a call from him to give us the update. Our LTV had dropped below 50%. I called the bank for a quote and we were able to go from 4.25% variable to 3% fixed for three years. There's a simple form to complete which can be downloaded from their site. You select your new rate from this. Fill this in, attach the valuation and post to KBC . There was even a prepaid envelope in the original letter from them. A week or two later someone from the bank called me to confirm I wanted to proceed. I said yes and yesterday the reduced mortgage came out of my account.Can you explain the entire process.
My experience with AIB would lead me to think that your figures for them might be overstating the number able to switch to a lower rate. Anyone who has previously had any LTV rate cannot switch to a lower LTV rate, we, after calling AIB, got a valuation that should have allowed us switch to a <50% rate but were told because we'd previously had <90% rate couldn't switch ever!I have looked at the banks' submissions to the Oireachtas Finance Committee and have estimated the following numbers who could benefit from asking their existing lender for a better rate
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It's quite astonishing. I have campaigned a lot to bring down rates and now that the banks have responded, most customers couldn't be bothered picking up the phone and moving to a lower rate.
Brendan
Is that in your terms and conditions? Could you switch banks?My experience with AIB would lead me to think that your figures for them might be overstating the number able to switch to a lower rate. Anyone who has previously had any LTV rate cannot switch to a lower LTV rate, we, after calling AIB, got a valuation that should have allowed us switch to a <50% rate but were told because we'd previously had <90% rate couldn't switch ever!
My experience with AIB would lead me to think that your figures for them might be overstating the number able to switch to a lower rate.
after calling AIB, got a valuation that should have allowed us switch to a <50% rate but were told because we'd previously had <90% rate couldn't switch ever!
This is good advice as merely lifting the telephone to bank of Ireland asking what the break out costs are got a poster offered lower rates on another thread. If they ask you why you’ve called tell them you’re on the process if switching to EBS. If that during work ask your solicitor to request the deeds. You might then get a phone call from them.Hi Derek
How recent was that? That is their official policy. You should really harass them on this. Tell them you are switching to Bank of Ireland. Get your solicitor to ask for the deeds. It might work.
Brendan
Most customers couldn't be bothered picking up the phone and moving to a lower rate.
You have an example on here if a customer getting a better rate via a phone call. It’s also not the first time on AAM we’ve seen evidence of this.
You will normally have to sign a rate change document. It’s very simple unless things have changed.
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