NIB mortgage from ECB + .5%

on this NIB mortgage,

i'm a FTB and shortly going to move into my apartment which i bought for 245k in May 05. Recently the final phase of the developement sold for 345k, giving me a LTV of c70% - would I be able to get an NIB mortgage on those terms?
 
I switched my mortgage from the UB in feb to a fixed rate (3.29%) with NIB in feb, when the UB refused to match the rate offered by the NIB. I opened a free bank account which I use just for my mortgage payments each month. There are no fees attached to the account (unless it goes overdrawn). My legal fees cost just above €1000 and at the time the NIB contributed €1000. It looks as if that part of the offer is a bit different now. Obviously with the rate I got I have no complaints about the NIB, and hopefully I'll move to the ECB + 0.5% when my fixed rate ends. One note of caution though as Chippengael said, just keep your eye on your mortgage account with them as we also had some mix-ups on the account. My one worry is that the NIB is being swamped at the moment and I wonder how well they'll cope with the numbers applying for and drawing down mortgages in the next few months. Hope that's some help. I'd go for it based on my experiences so far. More importantly it shows the big banks that we're prepared to shop around these days.
 
Interesting...I bumped into my broker at the Leinster game on Saturday and mentioned I'd had a look at NIB's LTV mortgage.
I contacted the bank directly to get a balance on my mortgage a couple of days ago.
This morning I got a text from the broker telling me the bank had informed him I'd contacted them and could he have first shot at my remortgage.
5 minutes later the bank called me, asked me was everything ok and offered me a better deal when I mentioned NIB.
 
Interesting...I bumped into my broker at the Leinster game on Saturday and mentioned I'd had a look at NIB's LTV mortgage.
I contacted the bank directly to get a balance on my mortgage a couple of days ago.
This morning I got a text from the broker telling me the bank had informed him I'd contacted them and could he have first shot at my remortgage.
5 minutes later the bank called me, asked me was everything ok and offered me a better deal when I mentioned NIB.

Lenders have been doing this for a few years, its not a new practice, however I'd imagine with the increased volume of enquiries regarding switching, lenders are alot more proactive now than before in retaining existing business.

most lenders have a " retention centre " when a customer requests redemption figures the retention centre will contact the customer to try and retain the business, if the business was placed with the lender via a broker the lender will let the broker know the customer is thinking of moving their business.
 
You'd have to wonder some of these banks live in the real world...I said I'd been offered .59% above base rate and no legal fees. They said "we'll give you .95% which is a good deal"
Hmmmmmm, a tough choice
 
Do NIB have a clawback of the legal fees if you move within a certain time, does anyone know?
 
I don't honestly know but given that it seems to be done by their own in-house not quite solicitor people I'd guess no
 
Furthermore, when I open an Easy or EasyPlus account with them they will contribute €100 or €150 respectively towards the cost of the valuation of my property.

The valuation is only paid if you open an Easyplus account, which costs 18.75 per quarter. So the trick is to open this for the first year, then change over to an Easy account.
 
Or just bite the bullet and pay the 150 lides yourself...hardly relevant in the greater scheme of things
 
To reiterate - lenders CAN NOT make a mortgage offer conditional on you taking another financial product from them.

Sarah

www.rea.ie

Hi all,

Have decided to take the plunge from EBS. Following Sarah's comments above(who always gives imho very sensible advice/soundbites), I mentioned it to the NIB mortgage advisor that because I have a freebank account with NIB , I didn't see the need to sign up to one of the new current account packages and that furthermore under the Consumer Credit Act 1995 and quoting Sarah's line above I didn't think they could link to two together (in the nicest possible way of course, just in case I get put back to the end of the queue!!;) )

She was very nice but said that it would need to be opened. So I rang the IFSRA and bizzarely they said that a current account was not deemed a product!

So I'm just going to take the Easy package , and as has been said already, feed the amount for the mortgage into the Easy account.
 
Just back from meeting with NIB mortgage adviser and it looks like they are prepared to do the switch. Bye Bye Ulster Bank.
 
Hi Andy Doof,

With regard to the IIB mortgage, can you tell me what new rate you got and did you have to have a certain LTV ratio? I also have a mortgage with IIB.

Appreciate it.

Also, with regard to the LTV mortgage from NIB, I have received the paperwork for 80% LTV and am also drawing down some equity when changing from Ulster Bank. As outlined here before, equity is only released on building work (via quotations) and I have been informed by the bank manager that invoices are needed afterwards. BUT my solicitor has informed me that there is no mention of invoices required on the loan documentation. So, are they legally required?!
 
We have a BOI tracker at 1.05% above ECB. I wrote to BOI last week, saying that we were considering switching to NIB and asking would they match the NIB rate.

Got a call today to say that the best they would offer would be ECB plus 0.75% for 2 years, going to ECB plus 0.9% from thereon. So they are willing to move, but not enough to match the competition.

Just made an appointment with NIB.

C
 
I spoke to a mortgage advisor in AIB and he said that he does not know of any AIB product comming out to counter the NIB product. But he said he would expect to hear something in the next 3 or 4 weeks, whether that was said just to put me off from switching straight away or not I dont know.

But am applying for NIBs offer and will be making the switch if AIB dont respond with something at least as good as NIBs offer.

Competition is great, and I am surprised NIB have offered this product. I would have thought all the banks had a cosy unspoken arrangement not to do an Aldi on it.
 
Competition is great, and I am surprised NIB have offered this product. I would have thought all the banks had a cosy unspoken arrangement not to do an Aldi on it.
When I spoke with NIB they were really pushing me to use the checking account. I told them I was happy with my BofI checking account and would only be using the NIB account to service the mortgage. They weren't too happy with this but c'est la vie. They claim the would make more money from me if I used the checking account fully. They claim they're not making much from the mortgage product at these rates.
 
I am currently with EBS, but am in the process of selling so I have my appointment tomorrow with NIB. I phoned EBS today to check my balance on existing mortgage and also to see if they were prepared to offer me a good rate to stay with them for new mortgage- hopefully I will qualify for the tracker of ECB+.5 with NIB.

The sales guy from EBS told me he could offer me a great fixed rate of 4.85%. I told him they should really be working on drafting a product similar to the NIB if they want to stay in the mortgage business.
 
I too got in contact with EBS re the NIB product.

We have 9 years left on our mortgage (LTV of around 18%) and a balance of €112K. If you look at the EBS rates on their website their tracker rate for this scenario is the same as their variable rate even though there is virtually no risk for them. The margin they are taking on my mortgage is 1.25% a massive 0.75% above the NIB offering I would be eligible for.

It appears that with EBS the higher the amount you are exposed for the lower the rate you get and therefore you have to assume that the very low risk mortgages are underwriting those that are higher risk to EBS.

When I contacted them (by email) I was told “unfortunately you are not eligible for a tracker rate. I also would like to advise you that regarding NIB's pricing, the market could change in the next few months so it is recommended not to take any decision yet.”

Take no decision???? – I could effectively rollback the last 3 ECB hikes by just switching……
 
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