You could reduce your rate to 3.0% (variable) if you switched to KBC and they will pay you €2,000 to switch, which should more than meet your legal and valuation costs.
Yes and no here. Not everyone will be in a position to switch regularly, and not everyone would have the time to do so. If you believe there may be an interest rate cut coming then I 100% agree with the above approach.I still think the best approach is to look for AIP from KBC and then push AIB to allow you to move to a lower LTV band. If they won't budge then you can switch to whichever lender is offering the best deal at the time.
Are you 100% comfortable in the valuation? It is a very high jump of 85% in the 4 years - I would have expected it to be closer to 50% jump in that window. This may be the opinion of one estate agent, but are there other similar ones around selling at that price to support it. Bank valuers may be a little more conservative than your current one.We bought in 2012, with a €180k mortgage through AIB on a house costing €210k....... We got the house estimated a few months ago, and it is now worth about €390k.
Correct, the process is very easy if you have not been on a LTV rate previously. You just need to be strategic about your request and if you think you are borderline on a LTV threshold, you should potentially wait or switch to someone else first.They asked had I ever been on an LTV rate and I said no, so the process seems very easy - just get the valuation done and send in a signed letter stating you wish to move.
I had this exact same discussion with BOI when I was with them. It went on for a few weeks/months before they eventually allowed me to reduce my rate. I was SVR going to LTV back in 2015 - LTV was <50% at the time. I did state at the time that online forums were stating it was possible and they basically said they were lying, before retracting this and saying they would look at my case. Then then allowed me to change rates.On foot of this thread, I also asked about moving between LTV bands and they said that is not possible. I said there is evidence online
Personally, everything else being equal, I believe AIB is the best bank to be with when your LTV is <50% as they have committed to pass on interest rate cuts to their customers. Whether you need to go to another bank first, and then switch back to AIB at that stage is debatable depending on the size of your mortgage and/or current interest rate.I asked her to send out the repayments based off the various rates available so I could review and I'll create a separate thread to see if it's worth looking at switching either within AIB or to another lender.
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