In the spring, Colm Tobin heeded the advice to look for a new fixed-rate mortgage on the expectation that the ECB would start raising rates in July.
Obin, a producer who works mostly in cartoons and children’s comedies, says his fixed-rate mortgage at a pillar bank was due to expire next year and he was keen to negotiate a cheaper fixed-rate rate to make sure he had some reassurance about repayments in the coming years. He chose specialist lender Avant Money, and the broker he found to help him switch agreed with his choice.
“We started collecting the paperwork together with my wife, and the Avant rate was 2 percent at the time, so it would have been a significant saving on the 2.8 percent rate I already had,” he says. “I’m a director of a company, so I had to provide accounts for that and information for various associated bank accounts and for my own and my wife’s bank accounts. The lender would look for additional information.”
But about five months after the couple started switching, he received an email in August telling him Avant had raised its fixed rates and the agent had agreed it was no longer worth switching.
“We were back to square one,” says Tobin. “I went back to my own bank and negotiated a new interest rate with them. It’s gone up to 3 percent, but I’ve fixed it for another five years.”
https://www.independent.ie/business/personal-finance/property-mortgages/switching-was-no-longer-worth-it-after-avant-raised-fixed-rates-41957492.html “Switching was no longer worthwhile after Avant increased fixed rates”