I'm in the position of having to decide vs 3 mortgage options for a first-time buyer at a 5 yr fixed rate.
I'm getting the following offers, for >90% LTV:
PTSB: 2.85% with a 2% cashback, and 2% monthly discounts on payments. Follow-up rate: 3.9%. Option to make lump sump payments is a grey area.
Avant: 2.5% with no cashback. Follow-up Rate 2.75%. Option to make up to 10% overpayments in a year with no fee.
AIB Green Rate: 2.25%, no cashback, 3.15% follow-up rate No possibility of making lump sump payments without a fee.
I'm the process of analysing which option might be the best. I plan on selling the property at some point, so I don't think the 30 yrs will be fulfilled.
Should we be analyzing the options as if we won't change mortgages? What would you advise our apprioach be? The cashback is attractive, however, the rate in PTSB is much higher, which makes me weary about it, as for 5 years, you would be paying more interest.
Thanks for your suggestions, insights, and ideas!
I'm getting the following offers, for >90% LTV:
PTSB: 2.85% with a 2% cashback, and 2% monthly discounts on payments. Follow-up rate: 3.9%. Option to make lump sump payments is a grey area.
Avant: 2.5% with no cashback. Follow-up Rate 2.75%. Option to make up to 10% overpayments in a year with no fee.
AIB Green Rate: 2.25%, no cashback, 3.15% follow-up rate No possibility of making lump sump payments without a fee.
I'm the process of analysing which option might be the best. I plan on selling the property at some point, so I don't think the 30 yrs will be fulfilled.
Should we be analyzing the options as if we won't change mortgages? What would you advise our apprioach be? The cashback is attractive, however, the rate in PTSB is much higher, which makes me weary about it, as for 5 years, you would be paying more interest.
Thanks for your suggestions, insights, and ideas!