The repayments on €144k with 14 years to go at 4.25% would be €1,100 a month, not €899.
I'm currently repaying 899 per month at 4.5% sorry.
Can I send u DMYour figures just don't add up. Something is wrong.
Presumably you have the repayment correct?
So one of the following must be incorrect:
The balance
The remaining term
The interest rate.
So it's not possible to answer your question with any confidence.
€144,000 @ 4.5% over 21 years would be about €884 per month
If the rate increases to 6.5%, your repayment would rise to €1,050 per month.
Brendan
Do u think I'd get to switch.I dont think that's a split mortgage where there is part at 0%. Just going by the numbers it looks like have been given something that allows monthly underpayments and leave a balance of 45,000 at the end. You are paying interest on 145,000.
ThanksI am not an expert on that... I just ran your figures in a calc and it looked like based on what you said you are being charged interest on the full balance.
Based on what Brendan did above you would have affordability for 145,000 over a longer term and paying around 900. Not sure if you can switch, you would need to approach banks or brokers but posters more knowledgeable than me might be able to help too.
In terms of rates going up, I think you would need to look at the agreement or t&cs you signed. It could increase what you have to pay each month (every .25% increase would be approx €30) or what balance is owed at the end of the mortgage.
I dont think that's a split mortgage where there is part at 0%. Just going by the numbers it looks like have been given something that allows monthly underpayments and leave a balance of 45,000 at the end. You are paying interest on 145,000.
I hadn't thought of that, and it could be something like that. Though ptsb were very generous with split mortgages.
I can't get the numbers to work out on the data given. If it's not a split mortgage, the balance would be a lot more than €145k after 12 years.
User 1981 - you need to talk to a broker who might understand what you have and explain it to you.
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