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how easy to change mortgage lenders?

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  • 14-01-2010 1:40pm
    #1
    johnnyboy4711
    Closed Accounts Posts: 795 ✭✭✭


    HI all,
    with KBC and just came off 3 year fixed(PHEWW!)
    Just wondering what my options are.
    Can I change lenders who offer a better interest rate?
    Whats the charges for such etc.
    thanks in advance
    john


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    You'll have a hard time trying. No bank wishes to take on another banks debt.

    You LTV(Loan to value) will dictate it. If your LTV is 50% or less you could have a chance.


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    #3
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    It would be fairly easy if you had a long term steady income and the LTV was under 75%. If you have had any financial problems in past couple of years it would be very difficult to change. Many brokers do not charge fees or may charge if you apply and do not proceed. You will have to pay for a valuation fee of around €150 and solicitors fees of around €500


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    #4
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    There are some good rates out there - AIB and BOI seem to be good - rates of 2.45% for LTV under 80%
    See Here for best rates
    I think legal fees could be more than €500 though.
    BOI will pay 750 towards legal fees if you switch to them - nothing to lose if you apply. (Go direct not through a broker or you won't get that €750)

    What rate have you got at KBC now?


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    #5
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    for a remortgage solicitors fees should be no more than €500. If they quote more shop around. Some in Kerry with do it for €350-€400 plus vat. It is only for an outright purchase that they charge €1000+


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    #6
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Some banks used to pay all the fees associated with the switch to get people to switch over. Are any still doing this?


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    #7
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    No, banks are no loner covering fee's for switcher mortgage. TBH no banks wants the business. There are no targets for mortgages anymore. So what does that tell you.


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    #8
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    unclebill98 wrote: »
    No, banks are no loner covering fee's for switcher mortgage. TBH no banks wants the business. There are no targets for mortgages anymore. So what does that tell you.

    BOI are still offering up to €750 towards legal fees for switchers (mortgage has to be drawn down by end MArch) according to this


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    #9
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    Yes, that's correct, BOI are still offering a contribution towards legal fees for Switchers. OP, it is possible to switch lenders, but as others have said, it will depend on your LTV. If you are in negative equity however, forget it, you're stuck with KBC for the moment.

    Once you aren't on a fixed rate, there shouldn't be breakage fees to pay to KBC, however if you've rolled onto another fixed rate, then you may have to pay a penalty if you switch.


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