treesandtelly
Registered User
- Messages
- 9
The 2.25% rate will be honoured by Ulster Bank or whoever takes over their loan book (if that happens within two years). What is impossible to know is what rates Ulster Bank or whoever takes over their loan book will be offering in two years' time.My question is- would this 2.25% rate be honoured over the two years with UB leaving the mortgage?
No, the break fee will be the same regardless of whether you are switching to a different rate with UB or switching to a different lender. But if you are switching to a different lender you will have to pay a solicitor (usually €1,000 to €1,500) and a valuation fee (about €150). On the plus side, the new lender may have a cashback offer.On a separate note, if I were to switch mortgage to another lender, I am guessing that the fee would be much higher than the breakage fee to switch rate with UB above (€115?). Of course I would have to price this with UB but Id love to know if this is generally substantially higher or not.
It really depends on the circumstances. e.g. if he's a qualified acountant earning 80k+, it won't matter that he's on a temporary contract.I am guessing that KBC probably wouldn't let us switch on account of this?
Thank you! Unfortunately, that's not the case. He's earning around 42k. The contract is running until next December. I'm presuming that would be very offputting for KBC?It really depends on the circumstances. e.g. if he's a qualified acountant earning 80k+, it won't matter that he's on a temporary contract.
Thank you. Hoping they'll give me a call soon!It all depends on the circumstances. I'm not close to KBC's underwriting criteria, but I know some banks are open once the contract is for at least 12 months, and you've a history of employment. It's helps that you've a relatively low mortgage balance.
A call from one of their mortgage advisers will give you a good steer.
Don't be put off by that call! If KBC will accept you, it is well worth your while switching. That is because they give €3,000 cashback to switchers and have a 2.3% rate (for both the 2-year and 3-year fixed rate).Hi, just an update. I rang KBC. The person I spoke to had quite poor diction and was difficult to make out, but KBC offered me a 17 year mortgage despite my current UB mortgage being 14 years 9 months? Didn't make much sense to me so I won't be going forward with KBC.
I was thinking about this, and it's quite possible that when they worked it out, this was the minimum term where the repayments met their affordability criteria.As for the 17 year term, I don't understand why they said that.
Do you mean that you think KBC were willing to lend to treesandtelly even if their partner only has temporary work (provided the term is extended to 17 years)?I was thinking about this, and it's quiet possible that when they worked it out, this was the minimum term where the repayments met their affordability criteria.
Yes I think that was it Paul!Do you mean that you think KBC were willing to lend to treesandtelly even if their partner only has temporary work (provided the term is extended to 17 years)?
but KBC offered me a 17 year mortgage despite my current UB mortgage being 14 years 9 months? Didn't make much sense to me so I won't be going forward with KBC.
KBC allow you to make very large overpayments without penalty (10% of the outstanding mortgage balance over the fixed term, which is €11,900 over 2 or 3 years in your case). That is more than enough to allow you to "top up" your monthly payments and in that way reduce the term from 17 years to 14 years 9 months (or shorter if you have spare cash).but KBC offered me a 17 year mortgage despite my current UB mortgage being 14 years 9 months? Didn't make much sense to me so I won't be going forward with KBC.
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