I've suddenly realised that my house is below the 60% LTV ratio that banks use as a cutoff point for different mortgage rates. I've contacted my current lender AIB who are happy to offer their below 60% tracker rate of 2.95% (ECB + 0.95), all I have to do is ask in writing they say. However I'm told by NIB that they offer a tracker of 2.79% (ECB + 0.79) and will pay €600 towards switching costs, which should cover the legal costs I think.
The switch to NIB over AIB will save me about €28 per month, and I'd sooner have in my pocket than AIB's shareholders. AIB mortage dept say they are rigid about the 2.95 rate but will they stick to this if I say I'll move to NIB? Waiting for return phonecalls at the moment.
Mortgage outstanding is about €314,0000, so I think stamp duty of €314 will also apply.
Am I missing anything here or should I just ask NIB for the paperwork and get on with it?
The switch to NIB over AIB will save me about €28 per month, and I'd sooner have in my pocket than AIB's shareholders. AIB mortage dept say they are rigid about the 2.95 rate but will they stick to this if I say I'll move to NIB? Waiting for return phonecalls at the moment.
Mortgage outstanding is about €314,0000, so I think stamp duty of €314 will also apply.
Am I missing anything here or should I just ask NIB for the paperwork and get on with it?