NIB Offset Mortgage

F

first timer

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I am a first timer buying a new house and thinking of going with NIB Offset Mortgage. They told me to get the property valuated, I am just wondering if anybody else has got their mortgage thru NIB and if they have to do the valuation on their own which will cost 130 Euros or so. Is there any way I can avoid this extra cost.

Cheers,
First Timer
 
I have an NIB offset mortgage .....and I had to pay for the valuation fee.

Unlike most other banks which have their own list of valuers NIB didn't which gave me
the power to shop around ( cost ranged from 120 -150 after vat).

In a competitive market though ........ just by asking the bank nicely to waver the fee might just be enough- just ask them if you where to go with their mortgage would they reimburse you the valuation fee (as most other banks do)


I was able at the time to get first active to waver their redemption fee -
but the rate wasn't as good...

Hope - this help-

Welcome into the property world !!

Zardebt ...
 
Zardebt,

How do you find the NIB offset mortgage? Its not tied to the ecb rate sur its not like the first active one. Do you find it good. Does the offset thing save you much or is it too early to say
 
munsterman25 said:
Zardebt,

How do you find the NIB offset mortgage? Its not tied to the ecb rate sur its not like the first active one. Do you find it good. Does the offset thing save you much or is it too early to say
Click to expand...

Hi munsterman25

Yes you are right and a good point to note that the offset mortgage is not tied to the ECB.

However - no meaning to sound rich or anything I have an SSIA and a lot of disposable
income right now - so without having the pay dirt this seemed a good option for me.


I did a calculation and it seem to save me about 15k in interest.


hay and where else can you invest ......

the stock market is so volatile, exchange rates where a good bet ....1.35 to 1.26 hmmmm.........or kerry to win the all Ireland ...

and well if interest rates are on the way up ..... so it might even save me more ...

but since the product is only new its hard to tell but I will keep you posted !!


Zardebt
 
Zardebt

They are my two worries, that its not tied to ECB so your at the banks mercy regarding interest rates and its a new product.

I am weighing this option up against a tracker from AIB or PTSB at 3.10 and 3.14% respectively.

I too would hope to be a ggod saver in the future and have some good 'extra' disposbale income. I suppose the one big thing is the fact that while you can use your savings to offset the interest it is still available to you in emergency whereas with a tracker if you decide to use your savings to pay off some of the capital amount of the mortgage therefor saving you interest the money is gone for good.
 
munsterman25 said:
They are my two worries, that its not tied to ECB so your at the banks mercy regarding interest rates and its a new product.

I am weighing this option up against a tracker from AIB or PTSB at 3.10 and 3.14% respectively.
Click to expand...

Offset is Not Tracker although in the future you may get a combined Tracker Offset mortgage , I'll have one of those so I will :) .

Offset is aimed at those who maybe keep a float of €10000 cash in their accounts , just in case like , but try never to use it .

If you spend most of the month with only €1000 cash on hand forget Offset.
 
I asked NIB about their offset rate and the fact that its not tied into the ECB rate and my worry that they could just be getting your business and could then hike the rate up. The guy did have a point - at the end of the day if they did do that, even though it would be a pain, you could move to another bank who'd pay your legal fees to switch. NIB also have the best tracker rate, if my calculations are right, if you'd 2k in your offset a/c all year, this would make up for the higher rate and anything above the 2k would be a bonus saving. Im gonna go with the offset myself
 
fitzer said:
I asked NIB about their offset rate and the fact that its not tied into the ECB rate and my worry that they could just be getting your business and could then hike the rate up. The guy did have a point - at the end of the day if they did do that, even though it would be a pain, you could move to another bank who'd pay your legal fees to switch. NIB also have the best tracker rate, if my calculations are right, if you'd 2k in your offset a/c all year, this would make up for the higher rate and anything above the 2k would be a bonus saving. Im gonna go with the offset myself
Click to expand...

Nib have cheapest rtacker if your mortggae is less than 60% ltv or less than 200K am I right. Wouldnt be cheapest in all circumstances. over 250K PTSB or ulster with the u first acc is the cheapaest
 
Sorry, yep, depending on your circumstances, heres their list:

ECB Tracker <60% LTV (Minimum 100k loan), 2.8% APR
ECB Tracker >60% &, 80% LTV (minimum 100k loan), 3.0% APR
ECB Tracker 3.3%
Offset Mortgage, Tier 2, 100k-349k, 3.1% APR
Offset Mortgage, Tier 3, 350k+, 3.0% APR
 
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