Switching from PTSB

househunter1

Frequent Poster
Messages
44
Hi,

We have a 30 yr mortgage with PTSB (1.5 yrs into it), balance of mortgage is €203k, currently on a 3 yr fixed rate of 3.4%. House value approx €320k, so LTV of 63%
Contacted PTSB and they have advised there is currently no breakout charge to leave the fixed rate.
However we have taken a CU loan since securing our mortgage (approx 18k) so would this scupper our chances of securing a switch or would we still be considered as we have a good LTV on the property?

Thanks!
 

househunter1

Frequent Poster
Messages
44
Thank you.

I am considering going variable (4.20%) with BofI first as we have the 12 mths required with our current bank to get the 2% CB and then switch to KBC for their 3k CB and maybe 2 yr fixed rate of 2.75% (60-80% LTV), however my main concern is the variable BofI rate being higher than our current rate with PTSB and that we would get stuck there and unable to move.

Any advise/suggestions regarding this?

Has anyone any negative experience of switching, doing the first switch and then not being able to go onto the next, being stuck with an unfavorable rate?
 

Coldwarrior

Frequent Poster
Messages
140
If you fix with BOI @ 2.9% for 1 year and you break out mid way through to switch again your break out cost is likely to be negligible or 0. Even if you went variable with the intention of switching to KBC quickly and couldn't switch for whatever reason, you could fix with BOI at that stage for 1 or 2 years at 2.9% or 3 years @ 3%, all below your current interest rate.
 

Dauhee

Frequent Poster
Messages
110
you can fix at any time while on variable. UB currently have best rates - not the worst to be stuck with
 

househunter1

Frequent Poster
Messages
44
Thank you for the information regarding the rates and fixing...

Any thoughts on refinancing our mortgage to clear our loan of €18k with the CU? We are paying approx €370 per month on this loan, rate is 7.9%

Would we need to refinance with our current bank PTSB for this or could we refinance with a switch?

Thank you!
 

Coldwarrior

Frequent Poster
Messages
140
Thank you for the information regarding the rates and fixing...

Any thoughts on refinancing our mortgage to clear our loan of €18k with the CU? We are paying approx €370 per month on this loan, rate is 7.9%

Would we need to refinance with our current bank PTSB for this or could we refinance with a switch?

Thank you!
You can refinance it with the switch, assuming you still meet the bank's underwriting criteria by including this 18k (which you likely will)
 

househunter1

Frequent Poster
Messages
44
That would be a good option for us if we could refinance the CU loan with the switch.
Is the switching process the exact same as getting the mortgage in the first place?

Aside from the CU loan, we have a Credit card with 2k on it and we haven't the same strict savings record in the last year and a half as we would have had prior to applying for our mortgage.
Will the credit card and lack of savings record be an issue or are the switching mortgages a bit "easier" to get around when there is equity in the property? Just want to know if we will be wasting our time even trying to switch!
 
Top