ptsb 3.7% to boi 3.0 3yr fixed, plus cashback - Just Completed

B

bmount

Registered User
Messages
118
ok so this is an fyi and report for the forum that today we just completed a switch. Here are some notes on the experience:

I walked into the boi branch on 5th September to kick it off. It is now 13th December. Thats over 3 months. Most time taken is never usually with the branch advisor but is at the central mortgage ops ticking boxes for CBI and then printing/ posting (with a few mistakes and loan reprints/reissues thrown in)

I found a Switch no less time consuming than moving house (our synchronised house buy and sell we did 3 years ago was 11 weeks).

But it feels good to reduce cost of credit significantly assuming we are not "SVR fleeced " all over again when the 3 year fixed is up.

BOI should have something in the 3.0% range at that point in 2020 to stay with.

2% Cashback is supposed to arrive within 3 weeks of the first repayment.

The last 1% is paid if you stay 5 years.

Lets keep switching out there !
 
Well done.

It's gas being paid 2% up front to get a rate which is 0.7% lower.

I know it took three months. But how much actual time and effort did it take?

Brendan
 
legal fees 1750 plus 150 valuer.

3 years with ptsb, moved house 2014.

actual time and effort ?

ok well it felt in many respects like "kitchen sink" and same effort required as moving house *except* far less legal steps and legal paperwork in the switch process .

As a joint mortgage switch, my wife contracts in financial services so a lot of information had to be provided on that to get it over the line.

If you mention investment property they swarm all over it looking for everything even though it is unrelated.

The single most annoying issue is this requirement about paper hard copies when pdfs and photos of documents were provided by email.

Also at the last minute some quite pedantic request from mortgages central box-ticking to ensure Mortgage Protection is extended 6 months which you cant do without getting a new policy and we were absolutely not interested in setting up a new policy. So my idea was to reduce the Loan Term by 1 year which added a week of time to the process.

(im sure if you run out of MP for just the last 6 months and somebody dies with say an LTV of <1% at that point or less it should not be a worry for the Bank and certainly not for you)

Also if you did any work that for example didnt require planning such as a conservatory, during the previous mortgage, make sure to get the Architects Compliance form done and lodged with your solicitor. As it turned out the new Bank didnt require it but regardless they are important things all homeowners should get done to ensure no issues selling in the future.
Finally, as it makes sense while going through this, we also got approval of 40k extra without drawdown to pay for example attic and other home improvements. We just phone up and provide 1 latest pay slip each or something and the funds can be released.
To get this flexible topup if needed in addition to the base mortgage amount your Valuer needs to fill out a "builders estimate" form in addition to the switching valuation of the house itself. That costed 150.
 
Last edited:
bmount said:
legal fees 1750 plus 150 valuer.

3 years with ptsb, moved house 2014.

actual time and effort ?

ok well it felt in many respects like "kitchen sink" and same effort required as moving house *except* far less legal steps and legal paperwork in the switch process .

As a joint mortgage switch, my wife contracts in financial services so a lot of information had to be provided on that to get it over the line.

If you mention investment property they swarm all over it looking for everything even though it is unrelated.

.
Click to expand...
What info were they looking for on investment if it wasn't being switched??
 
oh a lot
history, form 11s for both of us, bank statements, others i have forgotten. it was annoying add on.

try not telling them if you do have a separate rental property or more. i leaked it accidently.
 
You must log in or register to reply here.
Back
Top