Switching Mortgages query

E

Emmaf

Registered User
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Our fixed rate with current provider coming to an end. They wrote to us offering options.

Options offered not great, so wondered is switching to another provider still an option in this market? I'm being told that its not possible to move at all! (Current provider stated this. I asked why, as we have no financial difficulties, and they said no banks are taking on new customers unless we are seeking a mortgage as new first time buyer customers).

Question: Do we have to stay with current provider or can we move if another will take us, or are mortgages offered now only to new customers starting out?

Thank you.

Emma
 
They probably meant that in the vein of banks won't take properties in negative equity. Are you in negative equity? Then the answer is likely no you won;t be able to switch.
 
You can always try, I think it is PTSB that are advertising for switchers or did I dream that! Looking for very low loan to value though I think. The others are hard enough get a new mortgage off so I would think switching would be very difficult.
 
I asked something similar a few weeks back and got the following advice ...

"KBC will go up to 80%. Bank of Ireland and ICS will go to 50%. AIB will not take a switcher at all."

While not being in NE it appears only healthy LTV are being considered.
 
Billy Baltic said:
I asked something similar a few weeks back and got the following advice ...

"KBC will go up to 80%. Bank of Ireland and ICS will go to 50%. AIB will not take a switcher at all."

While not being in NE it appears only healthy LTV are being considered.
Click to expand...

If memory serves, that was my reply. :) Since then, as mentioned above, Permanent TSB have entered the running for switcher mortgages.

As tracker mortgages are no longer available, you need to do your sums and think carefully before making a switch. It will probably cost you over €1,000 in legal costs and about €130 for a valuation to switch. You'd need to be sure that you'll make that back in lower repayments and reduced interest. Remember that, just because Lender A may have a better rate than Lender B right now, it may not always be the case.
 
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