Topic: Mortgages 19 Sep 2017
Author: Neil Cubley
Tags: Switching

Switching the mortgage

 

Bank of Ireland Mortgage Switching

When Wes and Val’s third child was born, their home in Ballymun no longer met the needs of their growing family and they started looking round for a bigger house. Eventually, they found a three-bedroom semi-d in Glasnevin they liked and arranged a mortgage with another lender to buy it.

A lot of potential but a lot of work

Their new place had great potential but it also needed a great deal of work. “When we bought the house people thought we were crazy,” admits Wes but the couple could see beyond the existing structure and décor to how the house could look if they renovated.

Another reason that they were attracted to it was because it had a 100 foot back garden which meant they could put in an extension. So that’s what they did. The couple and their three children lived in their new home while it was being renovated and extended, moving from room to room as the work progressed.

Choosing to switch to Bank of Ireland

A couple of years later, when everything was finally completed, they were delighted with the results but decided they wanted to switch their mortgage to a different lender. They chose to switch to Bank of Ireland. “I’ve always found Bank of Ireland, particularly my own branch in Finglas, very accommodating and very helpful.”

The couple didn’t have to go into the branch during working hours to apply for their new mortgage. “The guy we were dealing with came out to the house in the evening when it suited us. He was out the house at least three times. Once he even came out at nine o’clock at night, when we had the kids in bed.”

Bank of Ireland Mortgage Switching

Cashback paid for furniture and the solicitor’s fees

They felt everything was explained really well which gave them the confidence to move forward with Bank of Ireland. And because they had sunk every penny of their savings into the renovation and extension the cashback they got when they switched came in handy right away. The big extension was empty of furniture. “So we bought a sofa from DFS and a 49-inch, flat screen, smart TV.” The cashback also paid the solicitor’s fees for the new mortgage.

Bank of Ireland Mortgage Switching

Reducing the mortgage term by switching

The cashback came through quicker than the couple were expecting. Wes remembers logging in online one morning,” I wasn’t checking for the cashback particularly, I was going to pay a bill and there was a nice surprise waiting for me.”

The couple were also able to use switching as an opportunity to reduce the term of their mortgage. “By switching and keeping the same monthly payments we were able to knock three years off our mortgage term because we were on a higher interest rate with our previous mortgage lender,” says Wes.

Find out more

Wes and Val received a small gratuity for their time. Picture credit: Neil Cubley.
Topic: Mortgages 19 Sep 2017
Author: Neil Cubley
Tags: Switching

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