Concerning
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I assume legal costs are a factor but if you can save 1% plus per annum, why not vote with feet?.
KBC certainly appear to have relatively strict underwriting criteria, which presumably explains why they can offer the lowest variable rates in the market.
Have you tried any other lenders? For example, Ulster Bank have a fairly decent switcher offering for relatively low LTV borrowers.
Yes - PTSB offered us enough to switch, but right now I'm waiting to see what happens with Noonan's July deadline...
Will PTSB offer these LTV rates to customers already with an SVR in the bank who would switch to a fixed rate for a better rate? We pay 4.5% on our SVR and would qualify for 3.87% on that fixed LTV offering.
Nothing wrong with this, but the process of applying takes time also. You dont need to decide what you are going onto until much closer to the time. With KBC I had 2 months to accept the Letter of Offer, and this was after we got to that stage in the process. There is no harm in commencing the process now and seeing how far you get with the 3 main options - PTSB, Ulster and KBC - all of which offer incentives to move. You can add BOI to the list if you have a decent mortgage and the 1% clawback is financially worthwhile to you over a 2 year payback windowYes - PTSB offered us enough to switch, but right now I'm waiting to see what happens with Noonan's July deadline...
Nothing wrong with this, but the process of applying takes time also. You dont need to decide what you are going onto until much closer to the time. With KBC I had 2 months to accept the Letter of Offer, and this was after we got to that stage in the process. There is no harm in commencing the process now and seeing how far you get with the 3 main options - PTSB, Ulster and KBC - all of which offer incentives to move. You can add BOI to the list if you have a decent mortgage and the 1% clawback is financially worthwhile to you over a 2 year payback window
Could you give us an estimate as to how long the process took from your first contact with KBC to drawdown? Also, did you learn anything from the process that you would do differently if you were to refinance now? Finally, did you arrange everything yourself or did you go through a broker?
I will set up a different post on it over the next few days and include a blog type thing of what happened at each step along the way.
The Sunday Business Post reports today that, based on recently published IBF data, mortgage switches quadrupled in the first three months of 2015 compared to the similar period in 2014. However, the amounts involved are tiny - only €41 million out of the near €1 billion in mortgages drawn down in the quarter were switcher mortgages.
So is it true to say that the two main reasons are (a) arrears/bad credit rating locking a borrower to their current lender and (b) mortgage too small or too little left on term to bother?A big reason for not switching omitted from the first post, is that many mortgages are just too small and have only a few years left
€40K with UB: [broken link removed](Not sure what the minimum mortgage is to qualify for the contribution towards legal fees from KBC and Ulster.)
So is it true to say that the two main reasons are (a) arrears/bad credit rating locking a borrower to their current lender and (b) mortgage too small or too little left on term to bother?
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