183,000 @ 3.7% = 6771 current variable rate (EBS)
183,000 @ 3.5% = 6300, saves me €471 (EBS fixed rate)
I've assumed you are the only person on the mortgage.
As I understand it, KBC have a strict upper limit of 68. UB and BOI are 70. However, if you mortgage goes beyond your normal retirement age (65 in your case), you'd need to demonstrate that you can service mortgage from pension or other means for the term.
I'm not aware of a lender allowing a lump sum in underwriting for new business, but they might allow in a restructure for existing customers.
What that means in practice. In your case you'd need to repay 183k over max 11 years to bring you to 70. At 3% that's 1,620 per month, and you'd need to have at least 1,500 left for living expenses to satisfy the bank. If your pension is going to leave you with over 3k per month after tax, it might be worth a phone call to UB or BOI to explore if it's possible.
If you can't switch: Unfortunately EBS rates aren't competitive, but I'd still fix for 1 year in your circumstances, and review in 12 months.
Because you want to overpay, you might consider splitting the mortgage. Leave say 10% at variable rate, and any overpayment will go against that portion.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?