how to change to from standard variable rate mortgage to tracker rate?

H

hannah33

Guest
I am currently on standard variable for the last 4 years and I want to change to tracker rate. AIB bank is telling me I need to get an up to date valuation report to prove my balance is less thean 60% to get the lower rate tracker variable. Is this correct? Even though I know the value of by house has increased by 50%.
 
Just because you know that valuer of the house the lender needs a formal valuation for their file. AIB don't have a panel of valuers so you can get any local auctioneer or valuer to prepare a report (costs about €100) which you send into the babk with a request for the lower rate.

Sarah

www.rea.ie
 
I am with AIB Finance and Leasing and I recently applied for the lower tracker. At first they told me I needed to get a valuation done. I did nothing about it at the time as I was getting work done on the house and I wanted to get the valuation done afterwards.

As the rates kept rising I rang again as part of a total review of my mortgage (increasing repayments, once off lump sum payment, going on lower tracker and possible switch to another lender etc.). I told them I reviewing my mortgage situation and wanted info. I told them I was holding off doing the valuation as I was doing some home improvements and the place was a bit of mess at the moment. They said not to worry about the valuation that they would accept a print out from myhome.ie of a similar house in the area as proof of valuation. I printed it down and sent it off and I am now on the lower LTV tracker.

Ask if they will accept it as proof. If their sister company is accepting it then they might too. It can't hurt to ask and it might save you €100+.
 
Thanks for replys. Instead of dealing with my branch I called directly to AIB Home Mortgage and they had no poblem giving me the lower LTV rate and my branch should of given it. ( think I was only 2000 euro away from qualifying for the lower LTV )
 
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