Switching Mortgage Advice and house valuation?

L

livEwirE

Registered User
Messages
69
Firsty apologies in advance for asking stupid questions. My knowledge of mortgages is limited.

We are a married couple with a mortgage of 270k over 30 years started in December 2004, living in a semi detached 3 bedroom house in Kildare.

Monthy repayment is €1217.36
Balance Remaining - €215,568.90
Current Lender is PTSB at 4.50% SVR.
Original Term Loan - 360 months
Term remaining - 239


I'd like to switch the mortgage provider if possible but don't know where to start? I think 4.50% is a very high rate to be paying right now and I'd like to get a better deal. Am I being unreasonable in thinking this? Is it just a case of contacting the providers and asking them individually what they can offer?

My main problem is I have no real idea of what the current market value is of the house so don't know if it's in negative equity.
We built a single storey extension in 2012 which cost 30k(credit union loan) which should have boosted the value of the house.

What is the best way to calculate the value of your home and should this be done before approaching other providers? We've been looking at similar properties in our area for pricing ideas but its very difficult to estimate the true cost. Should I just contact an estate agent and ask for a valuation? Do they offer this service for free? Is this legally binding and will a mortgage provider accept it?

Any advice is VERY much appreciated!
 
I'm looking at switching to KBC from AIB at the moment, they seem to have the best offer at present, plus if you move your current account you get a further 0.2% discount. I'm luckier than you in that a house in the same estate sold recently and while there will always be differences in houses it has given us a good idea that we'll be below 60%LTV. However, the bank will decide for themselves what the value of your house is so i'm not sure there's any real benefit in getting your own valuation first.
 
Didn't you value the house for LPT? Look up the property price register for houses near you of a similar type that sold recently. Have a look in an estate agent's window. I believe KBC are looking for people like you and will pay something towards legal fees for switching.
 
@ Bronte, I vaguely recall that some providers including KBC were offering a switching service and paying the fee towards this but I have no further details. Can anyone share some info on this please?
 
[broken link removed]

It's all there and that took me a google two seconds.
 
Apart from KBC are there any other providers offering good rates for switching right now?
 
My house is valued at €270k so it looks like KBC will be an option for switching. I'm no financial expert so am wondering is it best to use a mortgage broker to check what the best options are with other providers too so I get the best deal or they just a waste of money?
 
Thanks michaelm but I'm currently with PTSB at 4.5%. Those rates are for new business only :(
 
Missed that fact. If you signal your intent to switch to KBC then perhaps PTSB will allow you to avail of new business rates.
 
Wasn't a switcher but I bank with UB and had all paperwork done to draw down with KBC and they were very quick to match KBC's 80% LTV rate once they realised I was going that way. So now on equivalent of UB's 60% LTV rate (SVR -.50%) which has worked out well with recent reduction. So i'd say to everyone to go that approach first, if youre an attractive customer at least some of them seem to have flexibility to negotiate and its the least hassle for all concerned.
 
I recently emailed AIB and advised that KBC were willing to offer me a lower rate, and that I was intent on moving if they could not offer a more competitive rate..., I purchased in 2012 and was on the >80% LTV rate, they responded and estimated my LTV was now 64% and would move me to the <80% LTV rate of 4.1%(which they did)..... am still considering the move but good to know they are trying to retain business!
 
**I should add that I am aware of the lower Fixed Rates available @ 3.8% but may be selling in the short/medium term....
 
I'm looking at switching to KBC from AIB at the moment, they seem to have the best offer at present, plus if you move your current account you get a further 0.2% discount. I'm luckier than you in that a house in the same estate sold recently and while there will always be differences in houses it has given us a good idea that we'll be below 60%LTV. However, the bank will decide for themselves what the value of your house is so i'm not sure there's any real benefit in getting your own valuation first.



[broken link removed]
 
You must log in or register to reply here.
Back
Top