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switching banks,how much?

  • 30-05-2008 10:22pm
    #1
    markos79
    Closed Accounts Posts: 303 ✭✭


    hello all,
    im looking to change from my current bank ,does anyone know how much this costs or if any bank do it for free?

    i also see alot of people talking about what type of mortgage/rates they want could someone explain this for me too.

    thanks


Comments

  • #2
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    It should not cost you anything apart from time.

    Can you elaborate a little on your second question?


  • #3
    markos79
    Closed Accounts Posts: 303 ✭✭markos79


    (tracker, fixed, variable etc) im a bit lost when it comes to this stuff


  • #4
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    A tracker rate moves in line with a predetermined parameter. This is usually the ECB's main lending rate. For example, the ECB's rate is 3%, you take out a tracker mortgage whereupon the arrangement is whatever the ECB rate is your lending charges you a set amount on top of that, say .75%.

    This means that as long as the ECB rate is 3%, you will be charged 3.75%. If the ECB rate moves to 5%, tha rate you get is 5.75%.

    The same applies if rates go down.

    Some of the tracker rate have penalties for paying off early.

    A fixed rate is where the bank will charge you an interest rate, which will never change, even if the ECB rate were to plummet. Fixed rates are usually taken out over a set number of years and as the term comes to a close your lender will usually make you an offer of a new fixed rate or you can let the mortgage lapse into a variable rate.

    You will find there are, in nearly all cases, charges if you want to change your mortgage or pay off early during the term of the fixed rate.

    A variable rate is exactly that, the lender can change the rate at any time, for any reason and only needs to write to you to inform you that they are doing so.

    There are rarely charges for paying off a variable rate early or switching the mortgage to another lender.


  • #5
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    markos79 wrote: »
    (tracker, fixed, variable etc) im a bit lost when it comes to this stuff
    I don't know what a tracker mortgage is.

    Sorry :(


    Try http://www.itsyourmoney.ie/ for some more info though :)


  • #6
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    random wrote: »
    I don't know what a tracker mortgage is.

    Never gets old does it :-)


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  • #7
    markos79
    Closed Accounts Posts: 303 ✭✭markos79


    thanks kaiser for the info.


    i do know what a tracker mortgage is now!!!!!:D:D


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