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Changing lenders

  • 06-10-2023 8:51pm
    #1
    bewhiched
    Registered Users Posts: 726 ✭✭✭


    Hi

    Just wanted to ask I'm in the process from changing from Pepper 10% rate to a green mortgage with Haven Mortgages.

    We are using a broker how long does the switch usually take please.

    thanks very much .



Comments

  • #2
    vinniem
    Registered Users Posts: 354 ✭✭vinniem


    https://www.boards.ie/discussion/2058317104/changing-lenders

    I switched from KBC to Avant last year, switch took about 3 months



  • #3
    bewhiched
    Registered Users Posts: 726 ✭✭✭bewhiched


    Awww god no way 3 Months!!! That's very long... you'd wonder what the hold up is...

    Thanks for the reply



  • #4
    vinniem
    Registered Users Posts: 354 ✭✭vinniem


    Yeah I know it's ridiculous, even though you have a mortgage and proved you can pay it... Its like applying for a new mortgages as all the checks and paperwork need completing... Be prepared for big solicitor fee also.



  • #5
    Q&A
    Registered Users, Registered Users 2 Posts: 561 ✭✭✭Q&A


    It's not LIKE applying for a new mortgage it IS applying for a new one.

    No lender is simply going to assume the last crowd did a thorough job. They may have missed something or been a lot more risk tolerant than the new one. Likewise you could have demolished half the home since drawing with which would undermine the value of collateral.

    As for long delays, there was a glut of switcher activity in 2022, between Ulster and KBC leaving and interest rates going up, many households were looking to pull the trigger to lock in low rates somewhere new. This obviously stretched lenders capacity and increased switching times.

    I switched from Ulster to Avant, started in late January 2022 and was up and running by early April i.e., just over the three months. It should be said Avant were known for being slow at that time. Still I didn't think it wasn't bad.To put that into context I also switched in 2018. It took about 2.5 months.

    As for legal fees there shouldn't be any surprises here. Your previous solicitor is a good place to start but don't be adverse to shopping around.



  • #6
    vinniem
    Registered Users Posts: 354 ✭✭vinniem


    https://www.boards.ie/discussion/comment/121212370#Comment_121212370

    Yes I agree and I'm aware it's basically applying for a new mortgage, just that they make people believe it's an easy quick process, even the term "switcher" sounds straight forward. As said took me 3 months in 2022 to switch but well worth it!



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  • #7
    bewhiched
    Registered Users Posts: 726 ✭✭✭bewhiched


    Yeah your right think that's what knocked me "switcher" thought it would be super quick....

    Thank you very much folks great help.



  • #8
    bewhiched
    Registered Users Posts: 726 ✭✭✭bewhiched


    That's Perfect thank you for that information much appreciated.



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