advice re mortgage switch or not

[cctvstar]

I have a 14 year old mortgage with the bank who recently increased its mortgage interest rates, I don't want to name them as am new and don't want to get booted out of forum.

There is 11 years left on this loan, my mortgage is roughly 88k with a quick sale value on my home of at least 200k - repayments now have gone to €713 per month and I am annoyed.

I don't know if I am a good prospect for another company but would love some advice on the best way to go ahead shopping around.

My apologies for how basic this might seem to many but I am actually quite challenged when it comes to figures, interest rates etc and will probably need a lie down after this.

Many thanks.

 

[househunter!]

hi cctvstar .
on loan to value alone you are in a good position
banks look at 1 loan to value so 88k v 200k
multiples of your gross annual income
and net disposable income . thats what u have left after the mortgage and loans etc are paid . but not bills
they will also look at short term debt levels and your track record for repayments .
id need a lot more info to tell u if ur a good prospect .
aib have confirmed that they will no longer be switching mortgages . the best thing is to contact a few banks and make appointments to see the mortgage advisor ,
boi& ebs and pos kbc (iib) are still switching.
best of luck .

 

[cctvstar]

thanks for that househunter, I will head off into the sunset now and seek better deal will let you know -cheers !

 

[salvidor]

I have a 14 year old mortgage with the bank who recently increased its mortgage interest rates ... and I am annoyed

Is this the reason you are cinsidering switching?

Bear in mind that other banks will most likely increase their standard variable rate, regardless of ECB rate changes, factor this in when considering alternative variable rates.