Thoughts on switching plan

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xwing2018

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Lender: BOI
Value of property: €400,000
Mortgage balance outstanding: 357,000 (87% LTV)
Date of fixing: March 2018
Period fixed for: 3 years
Fixed rate: 3%
Term left: 2 years 4 months
Quoted Break Fee: €1686


My current repayment is €1517 and am paying the additional 10% each month and from what I've read elsewhere on here the best rate that BOI will offer me is 2.8% to break and re-fix so that makes up my mind to switch provider given the quoted break fee.

I'm thinking of moving to EBS to avail of the 2% cash back offer which leaves me with
(€7140 minus break & legal fees) and taking either 1 year fixed @3% or variable at 3.7%.

By April 2019 I should have €30k saved and available to put against the balance thus dropping the LTV% below 80% (assuming no crash in property values in the short term).

Plan then is move the balance of €320k either to UB @2.3% fixed 2 year or @2.6% 4 year picking up €1500 minus legal OR alternatively switch current account and avail of the KBC 2.6% 5 year loyalty fixed rate for <80%LTV plus the €3000 less costs.

Solid plan or am I missing something? Should leave me potentially up 6/7k and lower interest repayments going forward with a predictable payment out to 2024.
 
Sounds good to me, I'm near the end of doing something similar, about to do the final switch to UB. One thing you could consider is also switching to PTSB to collect their cashback also? They've also just dropped their rates so even if you don't want the extra switch they may make more sense than EBS.

Also do a deal with your solicitor upfront for reduced legal fees since you're giving them so much (easy) work in a short space of time.
 
Yes Coldwarrior is correct, Check out my posts on the Double switch posts for more details on what to do and how to do it.
 
Thanks for the replies, I didn't consider PTSB due to the information here saying you needed to be with your current lender for 24months.

I'll start getting the paperwork ready and call BOI for the breakage fees a couple more times to see what the average figure is.
 
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