Hi,
Thanks to all the great advice on here, we are looking to switch mortgage.
We are just about to complete a 2 year fixed rate (3.8%) period with current mortgage from BOI so am shopping around.
EBS is listed as best buy due to the 2% cashback - the variable rate of 3.5 also would mean reduced monthly repayment.
However the caveat in our case is that we have over 23 years remaining on current mortgage and as I am nearly 46, EBS will not give us a switcher mortgage of more than 19 years.
So instead of reducing monthly repayments, these will increase by around €200. That plus the extra stress-testing they do looks like it will be a non-runner for us in terms of proving additional regular savings.
They mentioned that AIB also have this same policy.
KBC on the other hand do not seem to have this restriction so it looks like we'll be switching there instead...
Thanks to all the great advice on here, we are looking to switch mortgage.
We are just about to complete a 2 year fixed rate (3.8%) period with current mortgage from BOI so am shopping around.
EBS is listed as best buy due to the 2% cashback - the variable rate of 3.5 also would mean reduced monthly repayment.
However the caveat in our case is that we have over 23 years remaining on current mortgage and as I am nearly 46, EBS will not give us a switcher mortgage of more than 19 years.
So instead of reducing monthly repayments, these will increase by around €200. That plus the extra stress-testing they do looks like it will be a non-runner for us in terms of proving additional regular savings.
They mentioned that AIB also have this same policy.
KBC on the other hand do not seem to have this restriction so it looks like we'll be switching there instead...