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Are Mortgage Interest rates Negotiable

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  • 30-09-2008 7:40pm
    #1
    BillyGoatGruff
    Closed Accounts Posts: 364 ✭✭


    I have two questions.

    1. My mortgage is due for renewal after a two year fixed term period. I have recieved a letter with my next options on it from my bank (permtsb). I had spoken to a mortgage advisor from AIB who would be able to give me a better rate than offered by my bank. The Question ---- Are banks negotiable on their interest rate and if so, how do I go about bargaining my way to a better rate.

    2. Would my current bank nearly be happy to see my mortgage transferred elsewhere considering that my house has probably devalued over the past year.

    Any advice greatly appreciated.


    :confused:


Comments

  • Options
    #2
    BillyGoatGruff
    Closed Accounts Posts: 364 ✭✭BillyGoatGruff


    Anyone? :(


  • Options
    #3
    mathie
    Registered Users Posts: 5,102 ✭✭✭mathie


    1. Yes (I've been in the same boat). Tell them you got an offer from AIB and either they match it or you're off. They matched in my case.

    2. Unless you start defaulting on your mortgage your bank couldn't care less abt the value of your house. Unless you want to negotiate a better rate with a LTV mortgage.

    M


  • Options
    #4
    BillyGoatGruff
    Closed Accounts Posts: 364 ✭✭BillyGoatGruff


    Thanks for reply.

    How did you go about negotiating the better price. Who did you speak to and what information did you have to prove you got a better rate from AIB.


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    #5
    Ginger
    Registered Users Posts: 2,931 ✭✭✭Ginger


    We have three mortgages with the same branch so they gave us a very good deal, but this was at the height of "here you look ok, have a mortgage" times.


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