Keengardener1
Registered User
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- 12
Switching from PTSB Portable Tracker
Very nervous I make wrong choice - Need some advice please !
History
I bought a new house 2017 & due to not having a lot of time to close the deal i availed of the PTSB Portable tracker product I transferred existing tracker mortgage ECB +1.68% to new house with 1% Uplift so new Tracker rate is +2.68%
second mortgage taken for the balance of the mortgage need on a 1 Year Fixed discounted rate 3.2 % and it is now coming to the end of this deal. Moving onto a SV of 3.7%
I want to move from PTSB as my mortgage payments are high @ €1850 and if the ECB tracker rate increases by mortgage will increase upwards and I already am finding it tough each month .
I have large childcare costs and I want to get my payments down and finding that I have no money at the end of the month
Options
Initially I was going switch to BOI for 3 or 5 year fixed and they have offered be 2.8% Fixed with cashback 3% and (2% & 1% after 5 years - €10,710)
Unexpectedly I have also some into some money circa €35 k which I can now use towards finishing the house so now I am wondering if I better to look at other banks offering such as Ulster Bank / KBC who don’t offer cash back but who have lower rates
Current Mortgage as follows 2 Loans with PTSB
Current Value of House - €575,000 / Outstanding Mortgage approx. €357,000
Current Mortgage as follows 2 Loans with PTSB with differing terms
Loan 1
211,000 @ term 19 Years
2.68 % Tracker currently Product is + 2.68 above the ECB rate
Loan 2
145,000 @ 3.7 % SV Rate @ 28 Years
- What other options should I consider ? I have been going direct with BOI but should I now go to KBC / ulster Bank would their offerings be better .
Need advise to get things straight in my head . Thanks
Very nervous I make wrong choice - Need some advice please !
History
I bought a new house 2017 & due to not having a lot of time to close the deal i availed of the PTSB Portable tracker product I transferred existing tracker mortgage ECB +1.68% to new house with 1% Uplift so new Tracker rate is +2.68%
second mortgage taken for the balance of the mortgage need on a 1 Year Fixed discounted rate 3.2 % and it is now coming to the end of this deal. Moving onto a SV of 3.7%
I want to move from PTSB as my mortgage payments are high @ €1850 and if the ECB tracker rate increases by mortgage will increase upwards and I already am finding it tough each month .
I have large childcare costs and I want to get my payments down and finding that I have no money at the end of the month
Options
Initially I was going switch to BOI for 3 or 5 year fixed and they have offered be 2.8% Fixed with cashback 3% and (2% & 1% after 5 years - €10,710)
- (I badly needed the cash bank to finish the work in my house so I thought I only looked at banks offering cashback)
Unexpectedly I have also some into some money circa €35 k which I can now use towards finishing the house so now I am wondering if I better to look at other banks offering such as Ulster Bank / KBC who don’t offer cash back but who have lower rates
- Should put some of the savings I now have to reduce mortgage ?? However I have no other savings and 3 small children so I don’t think good idea .
Current Mortgage as follows 2 Loans with PTSB
Current Value of House - €575,000 / Outstanding Mortgage approx. €357,000
Current Mortgage as follows 2 Loans with PTSB with differing terms
Loan 1
211,000 @ term 19 Years
2.68 % Tracker currently Product is + 2.68 above the ECB rate
Loan 2
145,000 @ 3.7 % SV Rate @ 28 Years
- What other options should I consider ? I have been going direct with BOI but should I now go to KBC / ulster Bank would their offerings be better .
Need advise to get things straight in my head . Thanks