Our 3 Year Fixed with PTSB is up late June 2024. We got it at 2.5%. Monthly payment of €1,880. Overall term was 32 years.
We bought mid 2021 for €621,000 at put down 20%, so original mortgage balance was €496k. When the 36 month fixed term ends the principle will be c. €465k. Our house is likely worth c. €700k going by others in the area so we would be at around 66/67% LTV if that's the case.
From looking at the market, the following seem to be our options:
- Best rate: Green rate 3.65% with Haven / BOI. 4 years fixed.
Pros: Best rate on the market atm. No need for valuation.
Cons: No overpayment, longer 4 year fixed period.
- Most flexible: 3 year Fixed with Avant at 3.9% (or 3.85% if we go to under 60% LTV).
Pros: Ability to overpay balance by 10% each year. Shorter term of 3 years
Cons: Slightly higher rate
Option 1 - Roll €465k balance over to new 4 year term with Haven/BOI and monthly payments of €2,167. Exit 4 year window with principle around €440k.
Option 2 - Pay c. €50k off balance and refix €415k with Haven/BOI, reducing monthly to €1,934. Exit 4 year window
Option 3 - Roll €465k balance into the Avant 3.9% 3 year and monthly is €2,223. Overpay an option.
Option 4 - Pay c. €50k off balance and refix €415k with Avant, reducing monthly to €1,981. Overpay 10% (c€40k) each year and potentially exit 3 years with balance at c.€300k.
My gut is going with option 4. It's aggressive but short term pain for long term gain. Keen to get your thoughts.
Some points to note:
Me and my fiance are both in tech which has been volatile recently. High risk high reward. Keen to refix now in case we decide to move in the coming months.
Both salaries in recent years have ranged from 120k each to 180k, but combined has been c. 250k for several years now.
We both have shares that we can sell to contribute to overpayment.
We're also looking to start a family.
We've both been maxing pensions for a few years. Both of us around 140k. Both likely to be around 200k each in 12-15 months all going well with AVC one-off max.
We could in theory sell company shares every 6 months to overpay Avant without it taking too much of a dent on or lifestyle.
Thoughts on options?
Would you be more inclined to focus on the lower Fixed Rate option?
Would you recommend going aggressive on getting the principle down if we have the bandwidth to do so?
We bought mid 2021 for €621,000 at put down 20%, so original mortgage balance was €496k. When the 36 month fixed term ends the principle will be c. €465k. Our house is likely worth c. €700k going by others in the area so we would be at around 66/67% LTV if that's the case.
From looking at the market, the following seem to be our options:
- Best rate: Green rate 3.65% with Haven / BOI. 4 years fixed.
Pros: Best rate on the market atm. No need for valuation.
Cons: No overpayment, longer 4 year fixed period.
- Most flexible: 3 year Fixed with Avant at 3.9% (or 3.85% if we go to under 60% LTV).
Pros: Ability to overpay balance by 10% each year. Shorter term of 3 years
Cons: Slightly higher rate
Option 1 - Roll €465k balance over to new 4 year term with Haven/BOI and monthly payments of €2,167. Exit 4 year window with principle around €440k.
Option 2 - Pay c. €50k off balance and refix €415k with Haven/BOI, reducing monthly to €1,934. Exit 4 year window
Option 3 - Roll €465k balance into the Avant 3.9% 3 year and monthly is €2,223. Overpay an option.
Option 4 - Pay c. €50k off balance and refix €415k with Avant, reducing monthly to €1,981. Overpay 10% (c€40k) each year and potentially exit 3 years with balance at c.€300k.
My gut is going with option 4. It's aggressive but short term pain for long term gain. Keen to get your thoughts.
Some points to note:
Me and my fiance are both in tech which has been volatile recently. High risk high reward. Keen to refix now in case we decide to move in the coming months.
Both salaries in recent years have ranged from 120k each to 180k, but combined has been c. 250k for several years now.
We both have shares that we can sell to contribute to overpayment.
We're also looking to start a family.
We've both been maxing pensions for a few years. Both of us around 140k. Both likely to be around 200k each in 12-15 months all going well with AVC one-off max.
We could in theory sell company shares every 6 months to overpay Avant without it taking too much of a dent on or lifestyle.
Thoughts on options?
Would you be more inclined to focus on the lower Fixed Rate option?
Would you recommend going aggressive on getting the principle down if we have the bandwidth to do so?
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