Switched from EBS to AIB because EBS would not cut its rates

B

Boyd

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Moved from another thread to highlight the issue

Im one of the EBS people waiting to see what will happen. I would give it about two weeks before starting to look for switch to AIB. Seems odd to me that AIB and Haven would go to same, but EBS not. Either way, I'm adopting a wait and see. Getting all paper work etc is a total pain in the neck, which I want to avoid, if at all possible. If they do follow AIB to same rate, I dont think I'd be be bothered moving, despite gaining about E800 with the E2K switching money from AIB (after solicitor and valuation fees).
Funny how before I got mortgage I would say the opposite, but now that I have it, I really see the inertia factor kicking it. I've moved current accounts, energy suppliers, broadband suppliers, you name it, but mortgage just sounds a pain in the butt to be honest.
 
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Yep but hassle costs also. Getting 6 months paperwork, visiting AIB, visiting solicitor, revisiting home insurance, mortgage protection, getting valuer out, all hassle. Its not worth doing that until its clear that EBS are sticking with their existing rates.

If they are then I will bend down for the E50 quid (switch mortgage). If someone were to bend down for me and hand the E50 to me (EBS rate cut to same level), that would be better.
 
username123 said:
Yep but hassle costs also. Getting 6 months paperwork, visiting AIB, visiting solicitor, revisiting home insurance, mortgage protection, getting valuer out, all hassle. Its not worth doing that until its clear that EBS are sticking with their existing rates.
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Just for the sake of exaggeration with inflated costs:
  • 6 months paperwork - 10 min phonecall - 5Eur phone cost
  • visiting AIB - 4 x 2 hour trips - 10Eur fuel
  • visiting solicitor - 6 x 2 hour trips - 10Eur fuel, 1500Eur fee
  • revisiting home insurance + mortgage protection - 10 min phonecall - 5Eur phone cost
  • getting valuer out - 2 tortuous hours having to sit at home - 200Eur for valuation, 50c for boiling kettle for tea
Benefits:
  • 50-100Eur month less interest
  • 2000-4000Eur move payment/cashback
So to be very clear, it is worth doing. Staying with EBS will cost you more money. Brushing your teeth is a hassle but I'm sure you still do it. Getting up out of bed on a cold morning, peeling potatoes, washing dishes, changing underwear, using car indicators . . . . . . lots of things in life are "hassle" but we do them because we are adults and we know the consequences . . . .
 
Dauhee said:
Even if EBS dropped by 0.55% (which obviously is not going to happen), you still make money by switching
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So it appears your crystal ball is correct :) I will have to bend down to pick up that E50 after all!

I'm only 6 months into mortgage and have checked with AIB who are happy with that. Do you think any other lenders will cut variable rates? Seems nobody is really focusing on variable outside of AIB/Haven. EBS, KBC are over 3%, BOI, PTSB are over 4%!!
 
Switch completed. Moved to AIB at 2.9% variable, took 7 weeks exactly. Happy days!
 
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We were on 50% - 80% LTV rate of 3.5% with EBS, so 0.55% reduction, works out about E80 saving per month.

Haven't received the cashback as yet, to be paid within 6 weeks I believe.....
 
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