Mortgage switch with same lender - legal fees?

awec

If you are switching mortgage but staying with the same lender, do you still need to engage a solicitor and therefore pay the ~€1500 in legal fees (seems to be the going rate these days)?

Thinking of breaking and re-fixing with the same bank, but the viability of this will depend on whether or not we'd need to pay legal fees.

raxy

You shouldn't need a solicitor for that. Depending on the bank & if you are changing LTV bands you may need a valuation but that should be it.

No solicitor required, just a form to be filled in with the bank. You're not switching either, just breaking and refixing.

jellybear

Recently refixed with PTSB and there was no fee. Best to check with your bank.

Geuze

Changing rate with same lender = no legals, no solicitor, no legal fees.

Bleating Lamb

Apologies for hijacking this thread but we have our Mortgage with AIB and have not looked at changing rates (lazy on our part)……in 3 or 4 years.Intend to get the house valued and get a fixed rate for at least 5 years.

Couple of quick questions-

1. When getting house valued by an auctioneer do they also do a BER rating for it or do you have to employ a separate person to do that?……roughly speaking how much does a valuation cost ?
2. I know it’s like asking how long is a piece of string but roughly speaking are interest rates unlikely to be changed by ECB before August or September?

Thanks for any replies.

kippy

https://www.boards.ie/discussion/comment/119082264#Comment_119082264

You "generally" need someone to value the house that is on the mortgage lenders list of valuers. One cost me about €150 in Galway 6 years ago, not sure what it is now - could be far higher if it's been hit by inflation the same way everything else had. A BER assessor is generally a different person - and I've seen costs range from 200 to 400 but you could get cheaper - again not sure.

Hard to know with rates but it is looking like that time of year before they start increasing.

No legal fees etc (generally) when switching rates or types of mortgage with the same bank.

raxy

If just switching mortgage you won't need a BER unless you are looking for a green rate.

I seen an article suggesting July for an ECB increase but mortgage providers may not wait. ICS and Avant already increased their rates so others may follow suit.

Ginger83

https://www.boards.ie/discussion/comment/119069401#Comment_119069401

Are their fixed rates good?

jellybear

https://www.boards.ie/discussion/comment/119082607#Comment_119082607

We've fixed at 2.85% for 5 years under their new green mortgage rate.

ETA- There are better rates with other banks out there for sure, but for various reasons, we're staying with PTSB.

Ginger83

https://www.boards.ie/discussion/comment/119082873#Comment_119082873

Not sure what that is but thanks.

I have a variable rate with them. LTV probably around 30%

jellybear

https://www.boards.ie/discussion/comment/119082908#Comment_119082908

This is the info on the Green Mortgage. It's based on your home's BER rating so might not be applicable to you 🙂 We were fixed, 2 years remaining but were able to refix at a lower rate for 5 years with no charge.

https://www.permanenttsb.ie/about-us/notices/2022/april/permanent-tsb-launches-new-green-mortgage-with-reduced-rates-for-both-new-and-existing-home-loan-customers/

Ginger83

https://www.boards.ie/discussion/comment/119082978#Comment_119082978

Thanks i had a read but think it's only for figures above €250k. I'm circa €75k

jellybear

https://www.boards.ie/discussion/comment/119083033#Comment_119083033

Ours is definitely less than 250k so maybe give them a ring to see if you're eligible 🙂

Did this exact thing with Ulster Bank two months ago. Had 2 years fixed left at 2.6% with a total of 28years left.

Switch to a 5years fixed at 2.2%, with a total of 26 years.

Basically cost me a phone call. Went through what I wanted to do. They sent me a form to fill out, and included a signed letter saying I wanted to change the length of the mortgage.

No fees, no solicitor involvement. Switch was completed within days

manniot2

I rang BOI today with a few queries on re-fixing. I have 1 year left on my fixed term. They told me that to re-fix for another 5 years would mean I had to paying a breakage fee. I didnt think that would be applicable and nobody has mentioned this above. Anybody encountered same?

BronsonTB

https://www.boards.ie/discussion/comment/119085962#Comment_119085962

Whole other thread on breakage fee - https://www.boards.ie/discussion/2057970174/mortgage-low-fee-for-breaking-fixed-rate

https://www.boards.ie/discussion/comment/119085962#Comment_119085962

From my experience, the person who you speak to on the phone, wont know the breakage fee cost.

With Ulster Bank at least, they need to post you out a letter containing the cost. For me, the cost was €0.00

It's worth asking them to confirm the fee. It could well be much less than the savings you'd make by switching to a new rate