Hi Brendan, could you review my details below and suggest what you would do in my circumstances.
My mortgage is with Ulster Bank but it's an old First Active offset mortgage, my savings is used to calculate the interest paid. Currently have 70k in savings.
1) Existing tracker margin. (This is set in your mortgage contract. ECB + 1.15% - current rate I'm paying is 3.15%
2) If you have an additional mortgage on the same property, what is the rate? No
3) Amount outstanding on your mortgage €94k
4) Remaining term 19 1/2 years
5) Lender Ulster Bank - previously First Active - It's an offset mortgage
6) Value of your home €170k
7) Might you trade up or overpay your mortgage? Potentially could overpay on mortgage
8) Do you face any barriers to switching? E.g., an impaired credit record, a mortgage with a warehoused portion due to a restructuring, reduced income since you took out your mortgage, you are now renting out the property. No
9) What rates are you considering fixing at? Open to all options - switching to Fixed with UB or switching to new bank
10) Does your house have a high BER rating Possibly, house fully renovated 5 years ago, need to get certified
My mortgage is with Ulster Bank but it's an old First Active offset mortgage, my savings is used to calculate the interest paid. Currently have 70k in savings.
1) Existing tracker margin. (This is set in your mortgage contract. ECB + 1.15% - current rate I'm paying is 3.15%
2) If you have an additional mortgage on the same property, what is the rate? No
3) Amount outstanding on your mortgage €94k
4) Remaining term 19 1/2 years
5) Lender Ulster Bank - previously First Active - It's an offset mortgage
6) Value of your home €170k
7) Might you trade up or overpay your mortgage? Potentially could overpay on mortgage
8) Do you face any barriers to switching? E.g., an impaired credit record, a mortgage with a warehoused portion due to a restructuring, reduced income since you took out your mortgage, you are now renting out the property. No
9) What rates are you considering fixing at? Open to all options - switching to Fixed with UB or switching to new bank
10) Does your house have a high BER rating Possibly, house fully renovated 5 years ago, need to get certified