Many thanks, but I’m struggling to see how when it’s institutional deposit rate for 5 years minus institutional deposit rate for 4 years, both of which are negative, and with the 5 year number less negative than the 4 year number, how that can be positive.
That's pretty much it with a worked example above by meYou are looking at two different points in time. And market rates change all the time.
X=interbank rate for the given term when you fixed
Y=interbank rate for remainder of term today.
^^^^^^^^^^I have no professional expertise and anyone more knowledgeable please correct me^^^^^
Thanks everyone - new here but found this site really useful before I called my broker today. Here are my details:
260,000 left on the mortgage for 25 more years at 80% LTV. House is in Kildare town. Paying 1206 per month to BOI at rate of 2.8% - fixed rate about to finish. Broker told me it was a no brainer to switch. No fee to broker and about 1000 legal cost. But then I get a Avant money 3 or 5 year fixed at 2.20% or a 7 year at 2.40%. My repayments drop to 1128 per month (-78 every month) or a saving of 45,000 over the life of my mortgage.
Broker also says Avant Money will do Kildare no problem. And says they have a 1% overpayment amount - but it is on the original mortgage - so for me that is up to 2,600 every year without a penalty. Should be loads for me.
What do you think - seems a good deal to me. Spend 1000 now and save 45,000 over time. The 1000 is repaid in the savings of the first year. Broker says it takes about 2 or 3 months and they do the work for me.
Any advice before I press the yes button on this? I am thinking the 5 year rate is best for me.
I have an AIB Variable mortgage (D13 Apt nr Clongriffin Dart) at 3.15 % over 30 years, 14 years into that period now and would reasonably guess have a LTV just over 50%.
Some interesting and informative threads there. I have an AIB Variable mortgage (D13 Apt nr Clongriffin Dart) at 3.15 % over 30 years, 14 years into that period now and would reasonably guess have a LTV just over 50%. Am wondering if the Avant move is the start of a 'mortgage rate' war and will lenders like AIB respond in kind and will that be exacerbated by Covid, ECB decisions , particularly from the new year on. I probably just want a steer as regards the wisdom of possibly switching now or holding off for 6 months to see what happens....
You might try Park Financial?Has anyone found a broker who doesn’t charge a fee??
My experience with AIB was that they wouldn't entertain a switch to a lower LTV if your first rate with them was also based on LTV. My first rate was <80% i think so they wouldn't let me switch to a <50%Well if you are at 50% LTV, you should be looking at getting a lower variable rate with AIB
The Less than 50% rate is 2.75%
Brendan
My experience with AIB was that they wouldn't entertain a switch to a lower LTV if your first rate with them was also based on LTV. My first rate was <80% i think so they wouldn't let me switch to a <50%
My mortgage is with Aib, they allowed me to switch to a better rate once the ltv had improved. Website stated i needed a new valuation completed but they didn't request oneMy experience with AIB was that they wouldn't entertain a switch to a lower LTV if your first rate with them was also based on LTV. My first rate was <80% i think so they wouldn't let me switch to a <50%
My experience with AIB was that they wouldn't entertain a switch to a lower LTV if your first rate with them was also based on LTV. My first rate was <80% i think so they wouldn't let me switch to a <50%
They won't negotiate. Could you slip the valuer a few quid?I just got my place valued to try and avail of the 2.35% AIB rate for the <50% LTV. Unfortunately my LTV is coming in at 52%. Should I just move my mortgage to Avant and avail of their <60% rate or try and negotiate with AIB? Would they even be open to negotiation?
I spoke to the valuer and he put the price at the absolute max that he could which is the 52%They won't negotiate. Could you slip the valuer a few quid?
My mortgage balance is €194,110 so I would need to pay a lump sum of about €10,000 to get it down to <50%. I think switching to Avant might be my best option alright as the 10k would put a significant dent in my savings.Can you pay a lump sum off the mortgage to reduce it to 50
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