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  1. M

    AIB Fixed Rate Mortgage - now allows €5,000 early repayment annually

    This is the correct way to do it - improves your free cash flow if needed and the term is reduced anyway at the end.
  2. M

    Bank closed my mortgage account with no communication with me

    Hope you get better and thanks a lot for the update! :) :)
  3. M

    Overpayment / re-fix flexibility of AIB's green 5yr fixed rate (and some other rates)

    Never completed any form when I do my monthly overpayments. You can ask them for the early repayment charge and you will receive a letter after a week or so but with your rate and the current AIB rates there won’t be any penalty charge. In case of doubt just transfer a small amount for testing...
  4. M

    Overpayment / re-fix flexibility of AIB's green 5yr fixed rate (and some other rates)

    No you reduce the minimum mandatory repayment - which in my opinion is even better as it improves your cashflow. I am increasing my overpayment by what it was reduced the month before. Also check out...
  5. M

    Overpayment / re-fix flexibility of AIB's green 5yr fixed rate (and some other rates)

    Yes even on a fixed rate - since I draw down the mortgage some years ago I make every month an overpayment (which I also increase monthly), never filled out any form - letter with confirmation and recalculation arrives within one to two weeks.
  6. M

    Overpayment / re-fix flexibility of AIB's green 5yr fixed rate (and some other rates)

    I came up with something like 54 Euro in saving interest ? (at your mortgage rate of 2.15) Perhaps someone else also wants to check this
  7. M

    Overpayment / re-fix flexibility of AIB's green 5yr fixed rate (and some other rates)

    Because interest is calculated on a daily basis you save more money by making overpayments when you can do instead of waiting and doing lump sums
  8. M

    Overpayment / re-fix flexibility of AIB's green 5yr fixed rate (and some other rates)

    You can just make a transfer. Do a test transfer of 100 if in doubt.
  9. M

    Key Post Mortgage Rates tables for all lenders

    not finding that simplification useful as it is not accurate for example for AIB e.g. AIB 3 year <=50% is 4.55%, also all Variable rates for all lenders are missing and rates for one year and two year fix are missing as well one has take the variable rate definitely into consideration if one...
  10. M

    30 v 35 year mortgage

    Personally I would go with the longest term possible but start overpaying from day one whenever / whatever is possible. Leads to smaller mandatory monthly repayments and gives more fexibility in regards to cash flow. On taking the advantage of investments - thats imho only valid for investing...
  11. M

    Looking for some advice on my UK savings account (currently living in Ireland)

    You are most likely non-domiciled (unless you plan to stay in Ireland forever) - if you bring the money to Ireland you will need to pay tax on the interest you earned in the UK. Investing in Ireland is not worth it in my opinion due to taxation (unless you pay into a pension or you buy a house)...
  12. M

    To clear balance mortgage or fix rate for remaining term

    I would spent 24k on the mortgage - and then just pay off the remaining 1k over the remaining 4.5 years so that you still can avail of the free banking and the bank stores the deeds for you during that period. You can defacto already stop the mortgage life insurance now
  13. M

    AIB Rate Change - Qs on Effective Date

    Effective rate for the change of fixed rates was 30th of June So if you want to refix it for 3 years your rate will be 3 Year LTV Fixed <=50% 4.55% The effective rate for the change in their variable rate is in August.
  14. M

    Why mortgage interest relief should not be reintroduced

    Because the interest rates are raised to curb consumption and although I have a mortgage I would still have to finance any "relief" with my taxes in the end. Historically the interest rates are still low. Still didn't see any reason for mortgage interest relief.
  15. M

    Why mortgage interest relief should not be reintroduced

    If people are in arrears they hardly get evicted in Ireland. If one continues to pay at best of one’s capability I would say that chance to be evicted is very very minimal. And it’s not that a repossessed house would mean that it is not becoming again part of the property or rental market. The...
  16. M

    Why mortgage interest relief should not be reintroduced

    Almost everyone has / had the opportunity to fix their rate and if on a tracker they benefited nicely for many years from very low rates. The current rates are not high if one looks at it from a historical perspective and as others have pointed out the government should not subsidise the...
  17. M

    How to get a a mortgage on low income

    OP is struggling to find something to rent already. Personally I would rush to increase my earnings to increase the chances to find something to rent and then to buy.
  18. M

    AIB overpayment reduce repayment amount

    No and the reason why was explained to you here https://www.askaboutmoney.com/threads/overpayment-re-fix-flexibility-of-aibs-green-5yr-fixed-rate-and-some-other-rates.222401/post-1808976
  19. M

    Should you take out as small a mortgage as possible?

    Also depends on the house value etc If you pay 20% deposit the overall interest rate is usually smaller and also the monthly repayments are smaller. Any alternative investment would need to break even the interest rate you pay after tax. E.g. if you pay 4% interest you should have 4% percentage...
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