NIB mortgage from ECB + .5%

I kicked the process off in Nov with NIB when this was first launched and told it would be all wrapped up by Xmas. Its now March and still no sign of closure to the issue. Customer service is brutal, no-one calls you back, you'll get the wrong/no documentation, etc etc: you'll need to drive this hard yourself. Is it worth it? Probably, in the long term. Pain is quickly forgotten.
 
we started our switch in November and only got it all sorted this month.

They just seem to be *very* slow so no point in stressing about it.

See if you can get your advisors email address. I found it was a nice n easy way to ask questions, sort out docs etc.

Anyway, the mortgage is now 30 euro a month cheaper and 5 years shorter so it's well and truly worth the hassle.
 
I have a rough figure of 300 - 350K will suffice in the house build.
If I take out 350K and say I have 50K left over - will I be able to pay it off
mortgae amount and reduce debt?
 
We started the switch mid Dec and it has concluded Mar 7. There was a poor returning your call service. We saved about 150 euro on the new mortgage protection policy through La Brokers.We got the valuation done through estate agent we bought hse from originally and they didn't charge for same as did not necessitate a call out.The legal side of things all went ok using their solicitor. It was handy that we did not get caught for the mortgage stamp duty that was abolished in budget.So overall we saved money through discount above and now save with the better LTV of 0.5 % plus ECB.I had to set up standing order to pay money into Easy a/c to service mortgage.They said they would write each time there is a change in interest rate so one would have to adjust standing order which should be free now with transaction free banking etc.No prressure to take other current accounts or cards etc.There was a lot of form filling involved but only one visit to NIB for meeting and one visit to their legal team.
 
Whew, just back from the Solicitors after signing a raft of documents for NIB.

We started the process in Nov. of last year as well, and are just now concluding it. It is a mortgage shift from FA Current A/c.

Definitely lots of hassle, but you just have to be patient and ride it out. We were lucky in that we are switching, so there was no hurry, I'd hate to think how stressed I'd be if I was buying, and this was needed to close.

We are moving all our current account to NIB as our current account (facililty a/c) with FA doesn't have a cheque book, so we have to have an account with TSB to maintain a cheque facility. So we will be going down from 2 accounts/laser cards to 1 account servicing all our needs. We are keeping the credit card seperate as we have just paid the travel insurance through it (Visa Gold Card), so we were able to refuse the credit card part of the NIB account. As soon as the travel insurance expires we may move that credit card to NIB as well for simplicity.

We will be saving on on the mortgage, by over 100 a month, together with the yearly savings on govt. card charges.

So we are getting the cost of a meal out each month... definitely worth the hassle (which hopefully is almost over).

I must just make sure to change all the direct debits/salary ect. out of the FA account as iirc it shuts down as soon as you have the mortgage cleared.
 
I've just started the process with NIB, and contacting my current mortgage company Permanent TSB, they've sent my details across to their 'retention' department.
I'm wondering if anyone has had decent rates offered by PTSB not to move?

They are contacting me tomorrow to discuss, but NIB are offering ECB + 0.51%.
 
I'll bet they ring back and offer to cut 0.25% off their current rate, it seems to be their policy. Try push them for more and let us know how you get on.
 
Like everyone eles I found NIB's service level appalling. But just continue to monitor their calculations after the account eventually gets up and running.
I have had to constantly inform them of errors - and keep on at them to get a resolution.
It has been a lot of work - but it is cheaper.
 
PTSB got back to me to offer me... nada / nothing / nix
They've said that the ECB + 1.1% is their very best offer, but they are currently re-evaluating their products and may have something in 6-8 weeks, that may be less expensive, but until it launched they (the retention dept) don't have any details.
I asked if they would look at offerin a years free household insurance / life insurance, calendar / pen... anything.... No, but I could call Irish Life to see if they could offer me some free insurance (?).
It was nice to get the follow up, but it really felt like a wasted effort - they couldn't offer anything at this point, and don't know anything about their new products yet to say whether or not its worth sticking around!

NIB ECB + 0.51% is looking better and better.
 
Had our first appointment with NIB today about the LTV mortgage. Brought all the paperwork and filled out all the forms. Then the advisor proceeded to tell me how I'd have to sign up to their current account and that it would have to be active.

When I queried them about this they said that simply feeding the mortgage wouldn't classify the account as "active" and while I wouldn't have to move my salary to their current account I would have to take out their laser card and have activity shown on the account.

Now this second bit is news to me, I know they push you into opening up a current account with them becaus the financial regulator doesn't see it as a product (ffs!) but the rest was a surprise to say the least!

When I wouldn't budge the advisor said she will speak to one of the managers to see what they can do and get them to call me back. From what I can read on this forum I doubt I'll ever get that call.

Can they force you into taking their laser card? And making transactions on the account other than the mortgage payments to keep it active in their opinion?
 
My Loan Agreement shows an APR of 4.11%/interest rate of 4.03%.
this interest rate would be ECB + ??? (whats the current ecb rate? Theres been that many of them, i'm no longer sure).
 
Get to sign my Loan Agreement today with NIB in front of a solicitor , I found a wierd charge in the documents that the solicitor couldn't explain .
The charge is :
"Effect on amount of instalment of 1% increase in the first year in interest rate" Euro 80.52
"This is the amount by which the instalement repayment will increase in the event of a 1% increase at the start of this first year in the interst rate on which the above calculations are based "

Can anyone shed some light on this statement ? Is this a comon leagal/financila term in loan agreement ?
 
since the introduction of the Consumer Credit Act, all lenders are now obliged to list the effect of a 1% rise in interest rates based on their offer at the time and show the monetary amount applicable in the individual case

DeirdreL

www.rea.ie
 
ECB is 3.75%
If the ECB rate is 3.75%, how does an interest rate of 4.03% appear on the Loan Agreement? (Even if it was all the capital sum was due to fall under ECB+0.5% - which it doesnt, this doesnt add up??)
@hakouna: what rate was on your Loan Agreement today?
 
If the ECB rate is 3.75%, how does an interest rate of 4.03% appear on the Loan Agreement? (Even if it was all the capital sum was due to fall under ECB+0.5% - which it doesnt, this doesnt add up??)
@hakouna: what rate was on your Loan Agreement today?

Because NIB don't apply the ECB rate change immediately...it's the month after your repayment goes up. Plus, the loan offer was probably pre-ECB rise?
 
ok, thanks for that clarification guys- that makes sense now - as not all of the capital sum qualified for the ecb+0.5% rate - so slightly over - which makes sense.
 
We switched from PTSB to NIB only problem with the cash transfer to PTSB this took ages app. 3 months with NIB blaming PTSB (who wants to lose business), all done now hope to save some cash now we reckon the difference will be about Euro 60-80 per month.

Only cost was for house evaluation to determine mortgage rate, Rang around the cheapest was remax for us.
 
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