NIB mortgage from ECB + .5%

mell61

Frequent Poster
Messages
360
we're just at the final stages of moving our mortgage and PTSB refused to provide the NIB with the current value of the mortgage, they would only go via the solicitors. PTS advised solicitors that there is a very large interest sum which PTSB say is outstanding, equeal to approx 3 x months of interest payments. NIB have advised me that the sum is a lot higher than they normally see for outstanding interest (normally just 1 x months interest).
PTSB wont' give me the figures over the phone, will only post out to me, so I've 5 days to wait and see what that says! (I recall in the past we did get that info by phone with another mortgage provider, so strange that PTSB can't give it to us).
Anyone else had any issues with moving from PTSB?
 

minion

Frequent Poster
Messages
504
I have been at the final stages of moving my mortgage to NIB for the past 3 months now. The whole sad process has just gone into its 7th months since i have spoken to the NIB mortgage advisor.

So far everyone but my dog has been blamed on the slowness.

The only time i have actually spoken to someone was my first appointment in November. They never, ever return phone calls. The sometimes return an email, after sending the email about 5 times, with even less info than they gave months ago.

I'm about to pull the plug now, as they are just taking the michael at this stage. There are only so many times (11) that you can take hearing, 'Its with the solicitor, it will only be one more week). I think they just keep forwarding the same email to me.

They are a joke.

When i started out on this long NIB road they told me it would take about a month in total and they would help me every step of the way.

A colleague applied to a different branch about a week after i did and he is about to pull the plug now too, so its not isolated.
 

MrKeane

Frequent Poster
Messages
257
I am going through the process switching to Ulsterbank from EBS and its going ok, I am just waiting on the mortgage insurance ploicy in the post and it should be sorted, the total time is about 2 months I think and would have been faster if I sorted the insurance bit quicker.
 

A-Z Safety

Registered User
Messages
24
my experience reflects Trimman's

We began process in January assured everything would take 3 weeks ( we had all the documentation with us the first meeting) after this for 6 weeks they kept coming back with additional things they needed, after this PTSB delayed the whole process a further 8 weeks by giving outdated amounts for outstanding mortgage details.

finally this is all through, we have our NIB account (current account you must use to pay the mortgage each month) but have been waiitng 4 weeks for them to set us up with this account online so have no idea of the activity on it.

they ARE a joke but im hoping it will be worth it, we have reduced our term by 7 years for roughly the same monthly payments..
 

staunton

Frequent Poster
Messages
58
I just completed my switch from Ulster bank to NIB and it went relatively smoothly, taking about 6-8 weeks from my first meeting ( brought the forms with me and was waiting a week for valuer to get form back to me).
Switched my life assurance to them as well thinking it might give the guy dealing with my application an extra incentive ( commision ) to speed up my application.
Found them extremely reponsive by email, never rang them though after the effort it took to get a switcher pack sent out.
In my experience it is better to call directly to the branch and get an email address from whoever your dealing with along with the switcher forms.
Well worth any hassle though saved me 5 years of paying back my mortgage!!!!
 

marksa

Frequent Poster
Messages
362
my experience reflects Trimman's


they ARE a joke but im hoping it will be worth it, we have reduced our term by 7 years for roughly the same monthly payments..
there seems to be a bit of a common thread here - pain in the proverbials to get it set up, but then is it not worth it if you can knock 5-7 years off your mortgage!! I think the hassles usually stem from
  1. the "losing" bank taking its sweet time hoping people will chicken out of the move
  2. volume of business into NIB
Patience will be rewarded!
 

mell61

Frequent Poster
Messages
360
Well we've finally drawn down our mortgage yesterday - PTSB spent the last 6 weeks issueing incorrect redemption figures, and when challenged wouldn't give us a breakdown of where they got the figures from! I can't blame NIB because I was also trying to get this information, and for some reason PTSB don't seem to really know how to handle customers! But its taking 4 years off our mortgage, so worth the blood sweat and tears!
 

Buzzmolloy

Frequent Poster
Messages
59
Brendan

Could you show me how the margin of .59% is calculated on this product assuming an ltv of 80%

thanks

Buzz



National Irish Bank Transforms Mortgage Pricing in Ireland
·.


Typically today, lenders offer standard variable rate mortgages at an interest rate which equates to a margin of up to 1.35% over ECB. National Irish Bank’s unique tiered pricing model offers a margin ranging from 0.50% to 0.59% depending upon an individual householder’s LTV. This makes the new LTV Mortgage pricing model the most competitive and most innovative in the Irish market today.

The pricing structure is available on mortgages up to 80% LTV and works as follows:

·A margin of 0.50% is applied to the first portion of the loan up to 50% LTV
·A margin of 0.60% is applied to the next portion of the loan up to 60% LTV
·A margin of 0.80% is applied to the final portion of the loan up to 80% LTV
 

LDFerguson

Frequent Poster
Messages
4,071
Let's assume that the loan is €800,000 and 80% LTV, i.e. the property is worth €1,000,000.

First €500,000 is at 0.5% over ECB.
Next €100,000 is at 0.6%.
Final €200,000 is at 0.8%.

(€500,000 x 0.5%) + (€100,000 x 0.6%) + (€200,000 x 0.8%) = 0.5875% on €800,000, rounded up to 0.59%.

Liam D. Ferguson
 
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