Ring them up and ask. They will tell you over the phone.Thanks.....does anyone know if I would have to pay a break fee if switching to another of their fixed rates while still on a fixed rate? If I said I was going to switch banks,would they be prepared to waive the break fee if I signed up to a longer fixed rate?
Are you able to list the various dates (month and year) when you first fixed and re-fixed? It seems surprising that you never had to pay a break fee (though it's not impossible).I’m with EBS and have been fixed for most of the last ten years, anytime there is a rate change, I ask to redux at the lower rate and they always give it to me and no breakage fee
Not without going through all my old paperwork, but from memory I have changed at least 4 times.Are you able to list the various dates (month and year) when you first fixed and re-fixed? It seems surprising that you never had to pay a break fee (though it's not impossible).
I got a quote from PTSB in May
Sorry,I should have clarified,I'm currently with PTSB paying 3.25. A switch to a new lender may take up to 3 months(and it seems they wont take my wifes income into consideration as shes still on 6 months probation). So by time I could switch, rates potentially will have jumped by 1%. So even the cheapest fixed at 2% will be 3% in a few months time. Therefore,would my quickest and best strategy be to lock in today with PTSB 5 year green fixed at 2.8%. And will that rate stay or will it jump after todays annoucement by .25% or even .5%?You should not switch to PTSB. They have special high rates for existing customers, so when you come off your introductory deal, you will be exploited.
Brendan
I got a quote from PTSB in May and the best rate they were offering is a 5 year Green rate at 2.8% with no break fee. I know thats now out of date but if I ring today and ask again,will that rate be locked in before todays ECB rate hike announcement?
@toby2111 There is no way (with most lenders) to lock in a given interest rate. But you probably don't have to worry too much because PTSB have said that they may absorb the first round of ECB rate increases, i.e., not pass them on to customers.Therefore,would my quickest and best strategy be to lock in today with PTSB 5 year green fixed at 2.8%. And will that rate stay or will it jump after todays annoucement by .25% or even .5%?
I think the cost and hassle of switching with a balance of 208k is probably not worth it. The difference between a 2.4% and 2.8% rate is about €38 a month and as you said, it can (and is) taking about 3 months to switch.Thanks Paul. I just want to try get the best possible rate ASAP. So that's why I'm thinking to jump on the 5 year green rate at 2.8%(we have B3 ber).
If i still go with a switch,would banks just look at my income alone (70k)? Would that be enough to secure a mortgage of 208000?..that's what's left over 22 years.
Possibly – lenders also base their decision on your overall finances (outgoings, etc.). You'd have to approach them.If i still go with a switch,would banks just look at my income alone (70k)? Would that be enough to secure a mortgage of 208000?..that's what's left over 22 years.
@toby2111 is eligible for AIB's 2.15% 5-year green rate, or Haven's 2.0% 4-year green rate, which both offer €2,000 cashback. The rates might be higher than they are now in 3 months, but I doubt they will be 2.8%.I think the cost and hassle of switching with a balance of 208k is probably not worth it. The difference between a 2.4% and 2.8% rate is about €38 a month and as you said, it can (and is) taking about 3 months to switch.
Agreed.See if you can haggle the "new business rate" of 2.35% by saying you have commenced switching process to avant but doing a final check if ptsb could give the new business rate. - Probably won't work, but costs nothing to try
Estimated value 370,000Possibly – lenders also base their decision on your overall finances (outgoings, etc.). You'd have to approach them.
@toby2111 is eligible for AIB's 2.15% 5-year green rate, or Haven's 2.0% 4-year green rate, which both offer €2,000 cashback. The rates might be higher than they are now in 3 months, but I doubt they will be 2.8%.
What is your estimated property value?
@peemac Sure there is hassle in switching but if @toby2111 doesn't do it now they will probably want to do it in 5 years' time when they face PTSB's existing-customer rates.
Agreed.
We don't know how much of the ECB rate hikes Haven and AIB will pass on to their customers – or how quickly. Their rates might be 1% higher in September than they are now but they might not be.Today's hike is 0.5 and there's talk of another 0.5 hike in September. So would AIB and Haven rate not also be 1% more expensive by the time I was to switch?
The best laid plans... There are various reasons why you might not be able to switch in 5 years' time – basically anything that causes your financial situation to deteriorate in the meantime, and some of the reasons listed here.I had certainly planned to switch away from PTSB but if I have to go with them for a further 5 years then so be it. I'll switch when that term is up.
Would a phone call to the mortgage team be the best way to haggle?Or should I arrange a meeting in my local branch? I somehow doubt that the advisers at the end of the phone have any wriggle room when it comes to haggling....See if you can haggle the "new business rate" of 2.35% by saying you have commenced switching process to avant but doing a final check if ptsb could give the new business rate. - Probably won't work, but costs nothing to try
Branch may be the best option. I'd go in looking for the break fee or information on how the switching process works and whether you need to do anything such as give them notification (play the innocent "I know nothing" type)Would a phone call to the mortgage team be the best way to haggle?Or should I arrange a meeting in my local branch? I somehow doubt that the advisers at the end of the phone have any wriggle room when it comes to haggling....
I earn a little more than that and they were willing to give me 255k over 20 years, so probably.Thanks Paul. I just want to try get the best possible rate ASAP. So that's why I'm thinking to jump on the 5 year green rate at 2.8%(we have B3 ber).
If i still go with a switch,would banks just look at my income alone (70k)? Would that be enough to secure a mortgage of 208000?..that's what's left over 22 years.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?