NIB mortgage from ECB + .5%

Moneypit

Frequent Poster
Messages
166
Just on this, I got different info, I was in a branch yesterday and they said the legal fees offer applies regardless of the account you set up. It would be a bit crap if this only applied when you open an account that has maintenace fees.
Exactly what I was informed too. I was also under no pressure to accept a lasercard or have my wages lodged directly into their Easy account, thankfully.
 

Sarsfield

Frequent Poster
Messages
200
If you want to reassign your existing mortgage protection policy, you need to use your own solicitor. (I am surprised at this - not sure if its really true).
Sounds odd. Why would you need a solicitor to re-assign a mortgage protection policy in the first place? I never involved a solicitor when sorting out (and subsequently replacing) my policy.

Anyway, had the valuer in yesterday (valuation to be collected on Monday) and appointment at the bank booked for next week.
 

Helen

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Messages
234
Has anyone gone for the Easy Plus option and been forced to take a laser card/mastercard and cheque book?
This is what they are telling me, however I do not want any of these. I'll have to go through the hassle of cancelling them afterwards.
 
A

alancash

Guest
For those that have switched to NIB or maybe those in the process... How long (roughly) does it take from inital contact with NIB to having the mortgage switched over to them? Are we talking months or a few weeks usually?
 

Helen

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Messages
234
I met them 1 month ago and have just got the loan offer now, I expect it will take at least another month for solicitors to carry out their tasks and for the mortgage to move over.
 

rory

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Messages
62
Has anyone gone for the Easy Plus option and been forced to take a laser card/mastercard and cheque book?
Not sure why you choose the Easy Plus if you don't want the bells and whistles. Why don't you for the free Easy account?
 

Squonk

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Messages
791
Not sure why you choose the Easy Plus if you don't want the bells and whistles. Why don't you for the free Easy account?
I presume becasuse the valuation gets paid for if you sign up for the easy-plus account. Note that I was forced to take the laser card even with just the easy account.
 

serotoninsid

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Messages
1,760
I presume becasuse the valuation gets paid for if you sign up for the easy-plus account. Note that I was forced to take the laser card even with just the easy account.
How long would you have to hold the easy-plus without having to refund the valuation charge?:p
 

snowdrop

Frequent Poster
Messages
120
Hi All

Thought I'd fill you in ref NIB and PTSB. I made an appointment for NIB next week. At current ecb rates I would save E 70 per month moving my E 240K mortgage which is currently 4.35% with PTSB over the same term (18 years) and LTV less than 50%.

However I also have an interest only investment mortgage with ptsb also at 4.35% which i couldn't move to NIB.

I contacted PTSB customer retention dept and without much ado was offered ecb + .9% on both mortgages. I will now save E 91 per month between the two - almost E 1100.00 per annum or E 20K in interest. Not bad for one phone call . . . :)
 

MandaC

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Messages
1,784
I was in signing contracts with my Solicitor today and she brought it to my attention that there was a Security Fee of €80 on the letter of offer from NIB.

Has anyone else had this on theirs and what exactly is it? I am going to ring to find out, but any info. I have before that would be great.
 

Squonk

Frequent Poster
Messages
791
Stamp Duty of 0.1% is payable on the mortgage deed once the amount of the mortgage is over 254k. Property value is irrelevant.
On a 350k mortgage, stamp of 0.1% is due, whether or not this is covered by NIB I do not know but mortgage deed stamp duty of E350 must be paid by someone.
Mortgage deed stamp duty is capped at E630.

Post crossed.
Following yesterday's budget, if I read this right, this stamp duty is now abolished !!

Stamp Duty on Mortgage Deeds
Mortgage deeds, as with many legal documents, are liable to stamp duty (this is a separate stamp duty from that which is applied to the conveyance of property). Primary mortgages are currently exempt up to the value of €254,000, and those at higher values are subject to stamp duty of 0.1% subject to a maximum duty of €630 whether in respect of residential or non-residential property. The duty currently applied to collateral or additional mortgages is generally a €12.50 fixed duty and in the case of equitable mortgages and transfers of mortgages, generally 0.05%, subject to a maximum of €630. The stamp duty head of charge for mortgages is being abolished for mortgage deeds executed on or after 7 December 2006.
 

Moneypit

Frequent Poster
Messages
166
I was in signing contracts with my Solicitor today and she brought it to my attention that there was a Security Fee of €80 on the letter of offer from NIB.

Has anyone else had this on theirs and what exactly is it? I am going to ring to find out, but any info. I have before that would be great.
MandaC, I noticed this on my loan pack too, meant to ask the Solicitor about it, if you get any more info about it please post. Thanks.
 

bambino

Frequent Poster
Messages
154
the security fee should have been explained upfront...it is the fee charged at the very end of your mortgage (called a vacate fee) €65 is for releasing the mortgage on your deeds and €15 for releasing the mortgage (also called assignment) on your life policy. this was fully explained to me prior to taking my mortgage.
 

Moneypit

Frequent Poster
Messages
166
Thanks for that Bambino. The Solicitor did mention a €65 charge to me before for what, if I can recall properly, you say there. It was included in the outlays of her bill, I had thought that this €80 was on top of that again. Does anyone know if the new mortgage stamp duty exemption lowers or indeed removes those additional costs i.e. €65 and €15 or has it nothing to do with at all?
Thanks.
 

NorfBank

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Messages
2,103
Mortgage Deed Stamp duty exemption abolished the 0.1% stamp duty on mortgage deed and nothing else.
 

serotoninsid

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Messages
1,760
the security fee should have been explained upfront...it is the fee charged at the very end of your mortgage (called a vacate fee) €65 is for releasing the mortgage on your deeds and €15 for releasing the mortgage (also called assignment) on your life policy. this was fully explained to me prior to taking my mortgage.
No chance of this being covered under 'legal fees' then?
 

niallo34

Frequent Poster
Messages
79
Any downsides to NIB LTV Tracker

I'm currently with PTSB - I owe €195k on a €208k Mortgage - over 30 years, have 27 years left.

Current LTV ration for mortgage to house is about 55%-60%

I'm paying 4.35% variable at the moment .

The NIB offer seems too good to be true. I rang TSB and they said they couldnt match NIB and that I had to pay all the costs myself, plus move my current acc to NIB (I currently get my salary paid into PTSB acc) - NIB tell me that all charges are paid and that whilst I have to setup a Current account with them, I dont have to move my salary payments into it.

Has anyone had any bad experiences moving to NIB? Do they really pay all charges? Do you simply pay for the valuation yourself?

Thanks..
 
G

Guest111

Guest
Re: Any downsides to NIB LTV Tracker

I'm currently with PTSB - I owe €195k on a €208k Mortgage - over 30 years, have 27 years left.

Current LTV ration for mortgage to house is about 55%-60%

I'm paying 4.35% variable at the moment .

The NIB offer seems too good to be true. I rang TSB and they said they couldnt match NIB and that I had to pay all the costs myself, plus move my current acc to NIB (I currently get my salary paid into PTSB acc) - NIB tell me that all charges are paid and that whilst I have to setup a Current account with them, I dont have to move my salary payments into it.

Has anyone had any bad experiences moving to NIB? Do they really pay all charges? Do you simply pay for the valuation yourself?

Thanks..
Just finishing the move now...has all gone pretty smoothly. TSB are spoofing you. You do have to open a current account but only for the mortgage to be paid from. If you choose that Easy package (no fees current account) they pay your legals. Also stamp duty on remortgages has been abolished in the last week so that's a 300 odd Euro saving on average. You pay the valuation (100-130 Euro) but it's more than worth it.
A good product
 

serotoninsid

Frequent Poster
Messages
1,760
Was just onto the loan officer at NIB. My completed app. went in over 1 month ago and he seems to be still sitting on it!

Anyways, he said that if I went with First America (their solicitors), there would still be some charges. This was not my understanding. Originally, I was told that all legal fees would be covered. He said that 'Land Registry Stamping' would have to be covered by me (he reckons this would amount to €200 approx.). He couldnt confirm if there were any other fees.

Is anyone aware of this? What would land registry stamping cost? What other costs would I have to pay? Is there a possibility that he's steering me to my own solicitor for a reason? ie. maybe using First America is problematic?
 
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