KBC says it's not worth switiching my small mortgage to them

S

staff

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I went on the KBC website to see what difference it would make if I moved my mortgage. I was with ICS and am now with BOI at c. 4.39% I think. Anyway i put in my figures as

€66,000 of mortgage outstanding
10 years left
Monthly repayment of €625
Value of property €180,000

and the website came back with the comment below.

Based on the information you have provided it would appear that you do not stand to make any savings by switching your mortgage to KBC at this time.

I have no idea of how these figures are come by and was just wondering if someone could verify this for me.

Thanks.

Staff
 
If you look at your mortgage statement you'll see how much interest & capital you are paying each month. With a small outstanding sum & only ten years left I'd imagine the interest portion is relatively small. Your saving would be nowhere near what someone with say €250,000 & 20 years left would stand to save.

Also the bank may not see a small mortgage with ten years left as that desirable.
 
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