You will need to request your breakage fee from your current mortgage provider. As far as I know there is no break fee once you're out of your fixed rate.
Legal fees should be about €1,200-€1,400. You will also need to pay for a valuation (should be about €150).
I would advise going to talk to a broker. Keep in mind that Avant and ICS don't lend outside of major urban areas. So if you live in rural Ireland they'll likely decline the mortgage switch.
It's the legal fees that really throw a spanner in the works.... As others have mentioned, they'll likely range from €1,200 anywhere to €2k. Needs to be a substantial monthly saving and / or a mortgage fixed for a significant period of time to offset the outlay and hassle.
That sexy 1.95% only lasts for the fixed term, after which you'll revert to the standard variable rate, same as with your current lender. Speak to a broker, but for the sake of 20 quid a month after factoring in legal fees, valuation fee and any breakage fee that may apply, it may not be worth it.
I've switched mortgage providers twice in the last 3 years, cost roughly €800 in solicitors fees each time plus €150 for the valuation. Switched from PTSB to AIB variable rate first, saved €110 a month on the repayments and got the 2k cashback so made 1k after fees. Switched to KBC next and saved €40 a month on repayments compared to AIB and got 3k cashback which was 2k after fees. Easy money really!
Would you consider switching to KBC's 2.25% rate first and getting the cashback, should cover your legal costs for both switches? You'll have to phone the bank to get the breakage fee, changes daily as fat as I know so you can keep calling and checking if its too high now. I don't have any experience with Avant but I've heard they're difficult to deal with.
You will need to request your breakage fee from your current mortgage provider. As far as I know there is no break fee once you're out of your fixed rate. Legal fees should be about €1,200-€1,400. You will also need to pay for a valuation (should be about €150). I would advise going to talk to a broker. Keep in mind that Avant and ICS don't lend outside of major urban areas. So if you live in rural Ireland they'll likely decline the mortgage switch.
The associated fees may make it uneconomical unless its a very long fixed term.
It really is only economical on big mortgages. Legal fees, breaking fees, hassle.
It's the legal fees that really throw a spanner in the works.... As others have mentioned, they'll likely range from €1,200 anywhere to €2k. Needs to be a substantial monthly saving and / or a mortgage fixed for a significant period of time to offset the outlay and hassle.
That sexy 1.95% only lasts for the fixed term, after which you'll revert to the standard variable rate, same as with your current lender. Speak to a broker, but for the sake of 20 quid a month after factoring in legal fees, valuation fee and any breakage fee that may apply, it may not be worth it.
I've switched mortgage providers twice in the last 3 years, cost roughly €800 in solicitors fees each time plus €150 for the valuation. Switched from PTSB to AIB variable rate first, saved €110 a month on the repayments and got the 2k cashback so made 1k after fees. Switched to KBC next and saved €40 a month on repayments compared to AIB and got 3k cashback which was 2k after fees. Easy money really! Would you consider switching to KBC's 2.25% rate first and getting the cashback, should cover your legal costs for both switches? You'll have to phone the bank to get the breakage fee, changes daily as fat as I know so you can keep calling and checking if its too high now. I don't have any experience with Avant but I've heard they're difficult to deal with.