Should I fix or move mortgage providers

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pinkyBear

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Hi all,
I hope you are well, I hope you can advise me about our mortgage.

Yesterday I recieved from the EBS (our current lender) our mortgage statement, and it details the amount of interest paid last year (€16,000) and for '07 it estimated we would be paying (€18000).

Mr. Bear and I have a mortgage of €379k and are on a tracker of 1% above ECB rates. Late last year we went to a broker about switching and he was unable to help us as Mr. Bear has started a new job and wont be made permanent until April. He also said that NIB would not give us a mortgage based on our salaries (50K and 40K) as we would be borrowing too much...

At the moment, our current mortgage is 37% of net pay. We have no loans or visa card debt but we do have savings... Our LTV is about 62%.

The question is with rates looking likely to increase probably in March, should we fix our mortgage for a year and try to switch to NIB after that. Or should we wait until May and try and switch to NIB...

Many thanks in advance :confused:
 
There are plenty of exisiting posts dealing with the pros and cons of fixing if you do a search. General rule of thumb is that you should only do it if you can't afford rates to go over a certain point.

I am not surprised the broker said NIB wouldn't give you a mortgage. As far as I am aware they don't deal with brokers so there would be no business for him if you went with them. Contact them directly instead of through a broker. You might be surprised.
 
Thanks Sunny, will try that, the broker told me that unlike most banks NIB will only loan out 3 times combined salary, rater than the 40% net that other banks use..
 
pinkyBear said:
Thanks Sunny, will try that, the broker told me that unlike most banks NIB will only loan out 3 times combined salary, rater than the 40% net that other banks use..
Click to expand...

Could be right but no harm in asking them yourself. Only costs the price of a phone call. The worst they can do is say no!
 
Could be right but no harm in asking them yourself.
Click to expand...

Your right, I have rang them several times, but they haven't yet got back to me. I'll just go in to a near by office some time soon. Ta sunny:)
 
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