Switching Process Starts Today

pguyo

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I have begun the process of switching mortgages from ICS to Haven through a broker today. The broker said that Haven should be releasing their new rates within a week or 2. I am currently on 3.35% but looking to move to a new LTV <50% with Haven which will hopefully be 2.75% equivalent to AIB. Anyway when I rang ICS yesterday for a balance they asked why I was looking for it and I disclosed to them I was think of moving to AIB 2.75. So they came to me today with an offer of 3.19%. It might be worth peoples time ringing their banks and at least threatening to move. Note we also have a 2nd property in negative equity but not by as much as 12 months ago thank god.
 
I don't see much point in going to Haven. Are they paying you 2% cash back?

Bank of Ireland is still the best deal and they would probably be delighted to get an ICS customer back.

Brendan
 
The broker says Haven will release rates similar to AIB in the next week or two. So 2.75% would save almost €50 per month. 3.19% would save €14 per month. He also said I would be entitled to the 2000 for switching.
 
Good point. With a 50% LTV I don't see much point in going to a broker. You will be sent to a lender which pays him commission unless he is charging you a fee for looking up the Best Buys table?

Bank of Ireland doesn't pay commission to brokers so they are unlikely to be recommended by brokers.

Brendan
 
If the value of the loan is lower, cashback is lower. Maybe the 2k contribution from AIB would be better (or 3k from KBC, but rate bit higher currently)
 
Also got a quote of 1300 incl vat for switching plus the valuation on top of €150 for anybody that is interested. We have to put both names on deeds as it was only in the mrs name previously due to the site being gifted at the time from her parents.
 
Hi pg

Here are the figures for the 80% LTV

https://www.askaboutmoney.com/threads/how-to-go-about-choosing-a-mortgage-best-buys-tables.204583/
upload_2017-9-22_11-24-8.png


Haven is currently 3.1%. This may fall to 2.75% but it might not.

Brendan
 
The broker seems to think that the Central Bank wont allow them to have different rates for too long and his contact in Haven is saying2-3 weeks.
Also Charlie Weston seems to be of that opinion too.
We would be borrowing 160000 over 24 years. We are limited too as KBC and ptsb wont look at us with a negative equity property also. I have not spoken to BOI....yet.
And the broker would be on a commission from Haven so no fee.
Would you be thinking BOI 3 year fixed option?
 
The broker seems to think that the Central Bank wont allow them to have different rates for too long and his contact in Haven is saying2-3 weeks.
Also Charlie Weston seems to be of that opinion too.

What if they are wrong? Go by the published or announced rates.

I have no idea why AIB would announce rate cuts for AIB and delay them for EBS and Haven.

Brendan
 
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