Switch from AIB or not?

S

scott lahive

Registered User
Messages
7
Currently at 3.15% but would qualify for their 2.95% ltv(60-80). Great on variable rates....

Ulster Bank, KBC, PTSB & BOI look like the options to fix if I did switch.

Have 164000 left(27yrs) so not sure which bank I should go for, because it's fine getting an initial low interest rate and then being caught out by a high svr surely doesn't save me much over 5/10 yrs....but yes we are seriously considering the switch to one of the Fixed options now.

Thanks
 
Have you asked AIB for a break fee? Think that would be the first step, to see what your saving would actually be if you switched.
 
There's no break fee for a variable rate.

I wouldn't automatically assume that AIB will always have the best value variable rate. Banks change their policies all the time.
 
Most people are suggesting to fix now for the long-term, best is 2.99% fixed for 10yrs but that gives me no savings on the 2.95% that I can get off of AIB so that would be only savings for the long term. Plan 2 was to go for the ultra low 2.3% for 2yrs or 2.6% 4yrs with UB and fix again after the 2/4yrs(if variable is sky high like now), which may give more savings over the 10yrs(if the UB fixed rate is below 2.99% of course at the 2yr/4yr stage....risk that with the ecb increase,it would be 3.5% plus and I would lose out.
 
163k Balance 27yrs from Dec (<60% LTV) 749.49 repayments

5yr [email protected]%(700.69)....effective saving of 53/mth including 3k cashback after legal fees/valuation. Is it worth all the hassle to save 53 per month???.

OR 10yr [email protected]%(738.95)

Much the same really IF at the 5yr stage I don't switch again for a little cashback and a new 5yr fixed is at 3.35% or below. If it's more than 3.35% at the 5yr stage, I will start losing out.
 
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Hi scott lahive, im.on the same 3.15% rate and am.looking to move to either KBC or Ulster banks 4 year fixed rate of 2.6% but does anyone know if you also have to move youre bank account as well to qualify as i do get free banking with AIB and that would have to be factored in to any move. Ulsters 2 yr 2.3% is obviously attractive but for me that term is too short and youd end up rolling on to an expensive SVR. Another factor for me would have to be the covering of legal costs and any cash back deals for moving. Personally AIB have the lowest variable rates but because of impending ECB rate increases this is no longer attractive and it appears that AIB wont be moving their fixed rates as they only seem to be competing on the variable rates and fixing is the way to go in the next few months. I was offered the 2.95% by AIB as my LTV is between 60 and 80% but we can do better than that. My approx figures are i owe 175k from sept, 14 yrs left from last july and repayments of €1305-€25 MIR.Any suggestions are more than welcome but that 5 yr 2.6% with cashback looks good.
 
why don't you do the multiple switches we are talking about on the other page Double Switch. You could switch to PTSB- BOI - EBS -KBC -AIB and then where ever you want. you could make €11/12000 easily in about 3 months or less.
 
Hi Sean Og, thanks for that advice, sounds very promising indeed so will begin working on that this week.
 
No problem tonymac, follow the discussion over on the "Double switch" thread. Any questions just ask .
 
tonymac said:
Hi scott lahive, im.on the same 3.15% rate and am.looking to move to either KBC or Ulster banks 4 year fixed rate of 2.6% but does anyone know if you also have to move youre bank account as well to qualify as i do get free banking with AIB and that would have to be factored in to any move. Ulsters 2 yr 2.3% is obviously attractive but for me that term is too short and youd end up rolling on to an expensive SVR. Another factor for me would have to be the covering of legal costs and any cash back deals for moving. Personally AIB have the lowest variable rates but because of impending ECB rate increases this is no longer attractive and it appears that AIB wont be moving their fixed rates as they only seem to be competing on the variable rates and fixing is the way to go in the next few months. I was offered the 2.95% by AIB as my LTV is between 60 and 80% but we can do better than that. My approx figures are i owe 175k from sept, 14 yrs left from last july and repayments of €1305-€25 MIR.Any suggestions are more than welcome but that 5 yr 2.6% with cashback looks good.
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For KBC's best rate, you need to have their current account with €2500 being paid into that account monthly.

UB don't require you to have a current account with them for the best rate.
 
We are struggling to even get the legal fees/valuation fee ready and have high debts/loan balances so not every bank may be willing to approve us and some also have a minimum term.
 
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