End of fixed rate mortgage repayments

Brego888

I'm about a year ahead of myself but my 5 year fixed rate repayments finish with AIB next September. I'm aware that it should automatically roll over to the their variable rate.

My question is are there significant fees to changing mortgage supplier once a fixed term period ends? As in move to a different bank.

I ask this as we plan to move to a bigger house hopefully in 2 years time. And if switching fees are significant we might be better off staying with the variable at AIB for a year as we'll need to be applying for a new mortgage in 2 years time anyway.

Michael D Not Higgins

You will need a solicitor again to change banks for the mortgage, you'll also need to do the valuation again. You'll probably pay 1-2 thousand to switch so you'd need to make sure you can actually save more than that in the long run.

I thought AIB were one of the lowest currently so I wouldn't see many options that switching would make sense.

Flatzie_poo

Some banks will cover legal fees for a switch. Best to price/ask around to a few of them.

http://www.bonkers.ie/blog/mortgages/aib-to-cut-variable-mortgage-rates-and-introduce-switching-incentive/