Hi All-yet another newbie in need of help.
I'll try to keep this brief as possible-I currently have 3 mortgages and the repayments are killing me. I'm in the process of changing the mortgages through a broker to what looks like IIB bank-the only one who seem's to be interested. I'm paying these on my own-for now!
I have joint ownership with the mother on her house, Value €340k. 2 mortgages of 80k and 80k-at about €156 now. Both with PTSB. 1st is at 4.35% @ €407/month, 2nd is at 4.35% @ €356/month. Paying capital and interest.
Recently I got my own apartment in Dublin, cost €280k, mortgage is €230k. I think the interest rate is similar to the others-not 100% sure. It's costing €807/month on an interest only till Feb 07 with AIB-where it may go up to €1200 ish, depending on the rate changes of course.
IIB are offering to give me a 3 year fixed rate of 4.79% on the 2 mortgages. I was hoping for a decrease in my repayments short term, but it's actually going to cost me an extra €1 than what I'm paying now. Interest only on both.
Is this a good idea- I can't see anyway for me to reduce my repayments-hoping that in 3 years things will have settled for me and my wages will have gone up.I'll hopefully be able to pay the capital on both then.
Any suggestions to reduce my repayments or miracles are very welcome-cheers in advance