30 year v 35 year mortgage

U

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I've just got mortgage approval from First Active for a 92% mortgage for a new apt costing 455K which I will be buying with my skin and blister.

However I'm rightly peeved at the fact that we were offered the loan term of 35 years rather than 30 years...... Considering how little a dent repayments are going to make on the capital in the early, I may as well be renting it!! Plus the diff between mortgage repayments for the 35 yr versus the 30 yr mortgage is only 150 euro a month (not much when split 2 ways).

Anybody have any ideas as to how to go about trying to get the term reduced to 30 years??

I am going to go to other institutions (and let First Active know that) and that might put the skids under them.

What are First Active like.... Would they be regarded as one of the better mortgage providers?
 
take the mortgage, pay the extra 150 a month you think you can afford and you will in effect make a 30 year mortgage out of it in any case.
 
The bank probably approved it on that basis as via your income it appeared to them that you couldnt afford it over the shorter term. Just get your Direct Debit set up for the €150 extra. Unless you feel the whole deal is poor? Is the rate on the mortgage good?
 
The interest rate is pretty average. Thanks for the tips
 
Is First Active the only bank you tried ?

Shopping around is always worth the effort !!

Is your rate fixed , current account ECB tracker or standard variable?


You can only pay extra if the mortgage is not fixed....
 
Unregistered said:
I've just got mortgage approval from First Active for a 92% mortgage for a new apt costing 455K which I will be buying with my skin and blister.
Click to expand...

I was recently in Vancouver. Absolutely brilliant city. However housing is considered very expensive there. But you won't believe your eyes when you see what your 455k apartment money would get in a suburb over there...

(E455k = CDN$727k)

Just shows you how out of kilter things have gone here (well for the moment anyway - these things have a habit of correcting themselves !)

[broken link removed]
 
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