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Jack Charlton
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Points: 9820 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Shedite Quote  Post ReplyReply Direct Link To This Post Posted: 16 Jul 2018 at 11:30am
Originally posted by Fitzinho Fitzinho wrote:

Has anyone switched mortgages just to get the cashback?
A friend said her brother has switched twice and got back 8k twice in cashback offers.
I would have thought there would be something in place to prevent that or are we all just to lazy / didn't think of it?
There was plenty of stories of it online and in papers alright. The CBI have said the banks can't claim the money back, so it's theoretically possible if anyone wants to do it. Some banks now stipulate that you get 1% back now, and 1% back in 3 years time to get around it. Also, there's only so many banks, so if you pis them all off it may come back to bite you.

The CBI are trying to shut down the cashback offers at the moment so if anyone's thinking of doing it, get a move on
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Liam Brady
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Can you switch if you're in the middle of a fixed rate term? Or are you stuck with that bank until you move back to variable rate?
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Robbie Keane
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ooh Thomas, how could you do this to me!

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Usually you're stuck... at least, there's a hefty early repayment fee.
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Robbie Keane
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Originally posted by Lenny82 Lenny82 wrote:

Can you switch if you're in the middle of a fixed rate term? Or are you stuck with that bank until you move back to variable rate?

Think you need to pay what they would have made in interest over the fixed term in order to get out
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Kevin Kilbane
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Points: 479 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Fitzinho Quote  Post ReplyReply Direct Link To This Post Posted: 18 Jul 2018 at 8:44am
We moved to a lower rate with our same bank, we 'broke' our original 3 year 3.65% fixed rate about 18 months into it to move to a 3 year 3.00% rate.
It cost us €100 in break fee but we were saving more than that per month or it knocked over 4 years off our term. 

Looking to do the same again with all of these new 2.x% mortgages which the lot of them are releasing at the moment.
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The NEW angrier Freewheeler

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Points: 26322 		Post Options Post Options   Thanks (0) Thanks(0)   Quote MayoMark Quote  Post ReplyReply Direct Link To This Post Posted: 12 Oct 2018 at 2:27pm
Had the house revalued and managed to bring the LTV down to below 80%. Delighted. Retained the same payments and took 5 months off the lifetime of the mortgage! Mental difference.

Went from 3.15% to 2.95%.

Hopefully no change in rates anytime soon!
They finally did it man... They killed my f**kin' car...
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Jack Charlton
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An Post and the Credit Unions talking about entering the Mortgage market next year. An Post talking about offering 1% less than the competition. I'll be having a look at that. 
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Paul McGrath
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Originally posted by MayoMark MayoMark wrote:

Had the house revalued and managed to bring the LTV down to below 80%. Delighted. Retained the same payments and took 5 months off the lifetime of the mortgage! Mental difference.

Went from 3.15% to 2.95%.

Hopefully no change in rates anytime soon!
How much did the valuation cost? Out of interest. 
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The NEW angrier Freewheeler

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Nothing for me but most banks have a panel of valuers. The standard fee is €150 for nearly all of them with the odd exception 

Credit Unions are already giving mortgages but nothing too big and not on a massive scale. An Post coming into the market would be interesting and if it happens, would add solid competition. Our mortgage rates are still fairly criminal by European standards!
They finally did it man... They killed my f**kin' car...
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Jack Charlton
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Originally posted by MayoMark MayoMark wrote:

Nothing for me but most banks have a panel of valuers. The standard fee is €150 for nearly all of them with the odd exception 

Credit Unions are already giving mortgages but nothing too big and not on a massive scale. An Post coming into the market would be interesting and if it happens, would add solid competition. Our mortgage rates are still fairly criminal by European standards!

I’ve noticed the UK rates are so are much lower. 

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Originally posted by Zinedine Kilbane 110 Zinedine Kilbane 110 wrote:

Originally posted by MayoMark MayoMark wrote:

Nothing for me but most banks have a panel of valuers. The standard fee is €150 for nearly all of them with the odd exception 

Credit Unions are already giving mortgages but nothing too big and not on a massive scale. An Post coming into the market would be interesting and if it happens, would add solid competition. Our mortgage rates are still fairly criminal by European standards!

I’ve noticed the UK rates are so are much lower. 
 
Ours is 2.45% and we only had 10% deposit. We could have got around 2 but that was with online only lenders and the mrs wasn't happy not having a branch.
 
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Jack Charlton
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Irish mortgage rates are so high compared to the EU average for a couple of reasons. Firstly, Irish mortgages are a lot riskier than the EU average. The last figures I saw were from a few months ago and outlined the percentage of 'Non Performing' mortgages in certain EU countries - Spain was at 4.5%, France were at 3%, Germany 1% or so and Ireland was way up at 11%. Secondly, it tends to be a lot more difficult for a bank to repossess a house here compared to the rest of the EU. So the combination of riskier mortgages and the difficulty/cost associated for the bank in recouping an asset once the milk has turned sour has driven interest rates up. It's also what has put off a lot of foreign lenders from entering the Irish market.
 
I'd be a bit sceptical of An Post claiming they are going to enter the Irish mortgage market with rates as much as 1% lower. As far as I know they are still looking for a partner to help finance the proposition so there's plenty up in the air still.
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Liam Brady
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Originally posted by 9fingers 9fingers wrote:

Originally posted by MayoMark MayoMark wrote:

Had the house revalued and managed to bring the LTV down to below 80%. Delighted. Retained the same payments and took 5 months off the lifetime of the mortgage! Mental difference.

Went from 3.15% to 2.95%.

Hopefully no change in rates anytime soon!
How much did the valuation cost? Out of interest. 


I did mine last year. Changed bank and fixed for 10years at 2.95%

kept the payments the same and have taken about 3 years off it.

Valuation cost €150. Got a cash reward for changing bank that covered the legal fees and a bit left for us too.
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Robbie Keane
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That's all very good to know. Got approval in principle this week and should hopefully have over a 20% deposit. Still a pain in the hole trying to afford anything as a single person but it's good to see how much better the rates are once you are under 80% LTV.
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Ray Houghton
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Points: 4694 		Post Options Post Options   Thanks (0) Thanks(0)   Quote darmack Quote  Post ReplyReply Direct Link To This Post Posted: 12 Oct 2018 at 4:26pm
Originally posted by MayoMark MayoMark wrote:

Had the house revalued and managed to bring the LTV down to below 80%. Delighted. Retained the same payments and took 5 months off the lifetime of the mortgage! Mental difference.

Went from 3.15% to 2.95%.

Hopefully no change in rates anytime soon!

Who is the mortgage with?

Friend of mine got word back today from Haven that they don't have a LTV rate for existing customers so can't do anything for them.
The dark side.. And the light
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I'm with AIB. Aren't Haven part of AIB? 

It's a nice boost alright but there's always a chance rates will go up. I don't want to fix because I like the flexibility. Ideally want the mortgage gone by the time I'm 40  
They finally did it man... They killed my f**kin' car...
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Jack Charlton
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Originally posted by Fitzinho Fitzinho wrote:

We moved to a lower rate with our same bank, we 'broke' our original 3 year 3.65% fixed rate about 18 months into it to move to a 3 year 3.00% rate.
It cost us €100 in break fee but we were saving more than that per month or it knocked over 4 years off our term. 

Looking to do the same again with all of these new 2.x% mortgages which the lot of them are releasing at the moment.

Which bank are you with?? Do hey just charge that breakage fee as standard ??
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Kevin Kilbane
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Originally posted by ShayGivensBum ShayGivensBum wrote:

Originally posted by Fitzinho Fitzinho wrote:

We moved to a lower rate with our same bank, we 'broke' our original 3 year 3.65% fixed rate about 18 months into it to move to a 3 year 3.00% rate.
It cost us €100 in break fee but we were saving more than that per month or it knocked over 4 years off our term. 

Looking to do the same again with all of these new 2.x% mortgages which the lot of them are releasing at the moment.

Which bank are you with?? Do hey just charge that breakage fee as standard ??

BOI

Breakage fee I presume is just because we were in the middle of a 3 year fixed rate. They wouldn’t charge it if we were in a variable rate. Same as breaking a phone contract really
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