gnf_ireland
Registered User
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Agree that this is very disappointing. It is effectively putting the onus on the customer to switch mortgages in order to get a reasonable deal. I think unless customers actually start to move in real numbers, this practice will not change unless the banks are forced to legally.
However, I do feel there is a major barrier to entry here in the legal costs associated with switching a mortgage, which you do not have in the cases of utilities for example. This is undoubtedly going to stop a large number of people from moving, even if they have the right LTV and income ratios.
I have been quoted ~1500 euro for legal fees to switch a mortgage. The breakdown was 900 + VAT for professional services and 400 euro roughly in outlays. Is this reasonable or is it excessive? My view is it is excessive, and feel it may be driven by KBC's decision to offer 1000 towards legal fees in the past. I believe this has now been removed, but am meeting KBC tomorrow to discuss the switching in any event.
Can anyone advise
(a) whether a 1500 quote is excessive or not and
(b) what a reasonable quote should be for this work
However, I do feel there is a major barrier to entry here in the legal costs associated with switching a mortgage, which you do not have in the cases of utilities for example. This is undoubtedly going to stop a large number of people from moving, even if they have the right LTV and income ratios.
I have been quoted ~1500 euro for legal fees to switch a mortgage. The breakdown was 900 + VAT for professional services and 400 euro roughly in outlays. Is this reasonable or is it excessive? My view is it is excessive, and feel it may be driven by KBC's decision to offer 1000 towards legal fees in the past. I believe this has now been removed, but am meeting KBC tomorrow to discuss the switching in any event.
Can anyone advise
(a) whether a 1500 quote is excessive or not and
(b) what a reasonable quote should be for this work
Brendan - do you feel it would be possible for you to do a deal with a solicitor's practice to support this at a reduced fee based on volume that would assist customers with the move process? It would need to be organised as part of a campaign to force the banks to change their practices, but if it could be done it may be a game changer? Any thoughts here? I am suggesting it as I know you have the contacts and network to support such an initiative where others like myself do not ...So you should simply move to KBC or AIB.