NIB Off Set Mortgage

[badgambler]

Thinking of changing to this.

I have a FA Current Account Mortgage, €114,000 outstanding. I need to raise this to €165,000 for and extension, current value of house is €340,000 before extension.

I have adequate life cover but it runs out 2 years before the revised term of the mortgage. This was the same case when we remortgaged to move house.

Just been told that FA "did the Manager a favour" on that occasion re the life insurance and they are not prepared to facilitate same now. They want us to write a new 22 year life insurance policy to cover the full amount of the original loan value for the entirity of the loan.

Does anyone have this mortgage currently or had any experience of dealing with NIB...

 

[Havana]

We switched to an NIB offset from First Active- and while the product is good we have had a fairly difficult time with the bank. Saying that it may just have been the branch and the fact that NIB were being taken over at the same time. It has been difficult for us to seperate the product from the shambles of the bank.

In saying that I do think its better than the FA one as with FA you can only offset one account afaik, whereas with NIB you can off set numerous Current and savings accounts (we have 3 CA and 2 SA- though they must all be in the same names). We have saved a couple of hundred euros so far- not massive amounts but it all adds up, especially as the savings increase.

 

[badgambler]

FA conceded (what a surprise) so looks like we're staying there for the moment, but never say never.

The few hundres add up, I showed my example on the CAMv Tracker thread and it definitely stacks up.