Key Post: National Irish Bank now the cheapest tracker for <

How to determine Loan To Value ratio

THIS POST IS NOW REPEATED - APOLOGIES
NIB have recently (last week) announced a tracker mortgage at 0.79% above ECB rate, available to new and existing customers.

I have an NIB mortgage at 0.99% above ECB.

Mortgage outstanding is €212k, so value of the house needs to be above €354k (which I am sure that it exceeds comfortably).

I want to contact NIB about transferring, however, what are they likely to require of me (to confirm LTV ratio), and how much will whatever that is require? I ask because if I am pre-armed with this knowledge I may be able to negotiate a 'no hassle' switch.

Thanks!
 
Re: How to determine Loan To Value ratio

We don't deal with NIB but in general a valuation by one of their approved valuers would be all that is required. If it's a full valuation, the usual cost is around €130 but if all they need is a "drive-by" valuation the cost would be around €35.

That should be all, but you'd to check with NIB.

Regards,

Liam D Ferguson
www.ferga.com
 
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Just to add a little to this I had a brief chat with NIB regarding this new product.

LTV has to be below 60% as has already been mentioned.

The minimum value they will switch is €45k. They will contribute €600 towards any solictors fees involved also on figures of €45k and over.

You will also as mentioned above have to pay the valuation fee (they couldn't give me a figure but I expect it would be around the €130 figure quoted).

Looks like a good deal. Anyone take them up on it yet?
 
Re: ..

The minimum value they will switch is €45k.
Click to expand...
Hi Machalla - Can you confirm your source for this (i.e. which branch)? NIB are telling me their minimum value for this tracker rate is 100k. They have a 3.25% rate for lower amount trackers, but that is no use to me.

[Note:I'm an existing NIB mortgage customer]
 
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Rainyday,

I was told this by the NIB customer service people (I think they have a scottish based call centre) which I called during lunch.

1 850 600 600

The lad on the phone there told me that below €45k I would miss out on the €600 towards the legal costs. So I can only presume there isn't much of a lower limit. Mind you I would be new business as the mortgage would be transferred from another bank so perhaps thats why. Probably following the usual pattern of Irish banks which punishes loyal customers and reward new ones.

Of course the lad on the phone may just be wrong about it.

I rang my own NIB branch but nobody there has gotten back to me on this yet. If I get anymore info I will post it here.
 
Re: ..

THanks Machalla - I just tried calling that number myself, and they gave me the 100k limit also! Strange....
 
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I presume the local branch would have the definitive say on this but its odd that we are getting two different answers. The LTV in this case would only be about 20% so I don't know if that has any bearing on it.

Also as this would be new business for them perhaps they waive the exemption limits? I will have to see what they say to me at branch level.
 
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I called into NIB today regarding this and it is as rainyday has already said. The tracker applies only to mortgages of €100k or more and is a pure switcher product. You cannot do equity release on this product.

If you are in that target market though it sounds good.
 
Re: ..

Just for information ... I just called the 1850 number. They said they could do an equity release while transfering the mortgage....
 
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They told me something similar over the phone as well but when I asked at the branch it was a completely different story unfortunately.
 
Re: ..

FYI — am in the middle of doing such a switch, with a €45K top-up (for an extension) to an existing balance of €149K (therefore still at <60% LPV, thank fork ) — and my local branch have had no difficulty with it, other than that I need to top up my insurance accordingly, of course...
[see thread]

Dr. M.
 
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