Switching Mortgages

[Boomdocker]

I switched mortgages a couple of years ago to a new provider with a new product. It has turned out to be a bit of a disaster (because the provider in question is useless) so I am now going to switch again, much and all as I don't want to.
The last switch cost me 1000 euro, and i'll be darned if I'm going to waste that money again. I want a simple variable rate mortgage, so my question is simply this - are there any providers out there giving a free 'switching' service?

 

[biggerry]

Ulster Bank provide a switching service where they pay your legal fees ([broken link removed]). You have to use one of their solicitors though. If you move to another mortgage provider within 5 years, you have to pay them €1000.

 

[ftb2]

Bank of Scotland and IIB are two of the most competitive when it comes to switcher mortgages - it might be worth checking them out.

I'm switching as well and its between the two above at the moment. And the way I see the 1,000 euro legal fees debacle...in three or four years, if I decide to switch again, 1,000 euro will not be of the same value so won't seem as much of an ordeal if I do have to pay back fees.

IIB are the only lenders to allow you to pay off capital and then recoup the payments as a loan whenever you need it. So if you pay 15K off capital, IIB will be in a position to lend you up to 15K, should you need any of it back at any stage.

 

[landlord]

I switched a few mortgages over to the NIB last week. Investment properties at 3.29% fixed for 2 years and my home on a tracker at 0.79 above ECB which is currently 2.5 + 0.79 = 3.29%. Personally I am not quite sure why someone would go for a variable rate when the tracker is always less (please correct me if I am wrong, but the variable rate usually follows the same trend as the ECB rate just with a delayed reaction.) Anyway 3.29% is very competetive and NIB will pay E 1,000 per mortgage if you fix and E 600 if you go for a tracker or variable. By the way biggerry i switched from the Ulster bank after only being with them for 2 years and didnt have to pay back the money they gave me to pay the solicitor for switching, so this penalty for switching withing five years must be a new thing??

 

[biggerry]

Hi landlord, I switched to UB just over 3 years ago and it's part of the loan conditions. Based on what you said it looks like you used your own solicitor and they gave you €1K towards this. In my case, I had to use one of their solicitors so I assume they paid the solicitor directly.

 

[Guest107]

so this penalty for switching withing five years must be a new thing??

It cannot be applied retroactively and must be in the T&Cs of your mortgage when you took it our originally. If UB say anything then demand they show you the clause in the mortgage contract you signed which allows them to add penalties. They may be quoting from the standard contract they issue today " Oh sorry that was the wrong one" . Your solicitor may have kept a copy .

Even then , 0.79% over base is a damn good rate and may cover the penalty charge too over a year or two.