Hi Gaelgo
Well done. That shows how someone who is organised can do it very simply and quickly.
Hi Galego,I was with BOI before switching to AIB. Fixed rate 2 years at 3.8% ending this April. I could have waited till April and then moved to another 2/3 years fixed rate at 3.1% but wasn't too keen to fix again as I make lump sum payments towards the capital every x months.
Week 1 _ I got all my required docs together, filled in their application form and went to my local AIB branch to hand all this in. They did the ID identification and the verification of address and they posted all the docs to their mortgage department.
Week 2 _ I contacted my previous solicitor who I used when buying the house and got him ready for the switch. They quoted me 850 eur for his work.
Week 3_ AIB phoned me to advise that I was given approval for the requested amount and that more paper work to fill in was on my way. This came in the post fast (2 working days after). I phoned AIB to arrange a valuation (150 eur). House valuation comfortably within the <50% range.
Week 4_ Valuation done and sent to AIB. Meantime I met my solicitor and signed contracts.
Week 5_ By the end of this week the AIB funds transferred the funds to my solicitor who then transferred to BOI to clear this mortgage. Letter received from AIB advising that mortgage had been drawn, first repayment date and interest rate 3.1%
This same day my solicitor paid off the BOI mortgage, 2k was transferred to my BOI current account.
I consider my mortgage small (for Irish standards) so my savings from switching may not be huge but I wanted to have a low variable rate and the lowest BOI was offering me was 3.9% (if I remember well).
Also, very nice to earn 1k from very little effort/work. Nice Christmas gift.
I'm in the same position as you having switched to AIB but haven't received TRS yet. I know on Revenue site it takes up to 8 weeks. Did you receive yours yet or how long did they take to organise it for you?
This was why I asked if it was Ulster. Any dealings I have had with them over the last few years have always been very slow. Even getting a redemption letter for my wife's mortgage took nearly 3 weeks !!When I rang revenue the couple of times to see what the story was they were always waiting on UB. I don't know if that's true or not. Revenue were easy to deal with.
Yes it's just a valuation which costs 150. they are only valid for so long so I had to get a second one which cost another 75, guy was in and out of the house in a minute. Have an idea what you would like the valuation to be so you get the desired LTV rate with the new bank. My solicitor charged 1150 but some people here have got it for under 1000.Is it just a valuation that is required or do you have to get an engineer to certify that the house was built in accordance with planning etc. I am considering switching and am wondering if there are any extra hoops to jump through for a one off house. My previous solicitor has quoted about €2000 for looking after the switch on a €130,000 mortgage which I thought was quite expensive.
Thanks.
Yes it's just a valuation which costs 150. they are only valid for so long so I had to get a second one which cost another 75, guy was in and out of the house in a minute. Have an idea what you would like the valuation to be so you get the desired LTV rate with the new bank. My solicitor charged 1150 but some people here have got it for under 1000.
Hi Manuel
We didn't need to move anything meaning current joint account, house and life insurances remain all with BOI. Actually we priced those last two with AIB and they worked out dearer.
For house insurance. Make sure your policy covers the rebuilt value which the valuation will have. They need to match at least.
For life insurance. Make sure your life insurance matches the loan amount at least.
If the above two are sorted when sending off the docs to aib then there is really zero delay and they claim they can actually switch you in 4 weeks.
Any other questions don't hesitate.
Have a good wkd.
Hi Galego,
Can I ask if you took out a new life insurance policy for the AIB mortgage or did you transfer the interest in your existing policy for the BOI mortgage? If you did transfer an existing policy, was there any issue with that? Same goes for house insurance.
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