Hello, looking for a bit of help on the calculations to consider remortgaging and using this to pay off another small mortgage.
So roll 2 mortgages into 1 mortgage.
I would consider switching too as well to a better mortgage rate.
Longer term i would plan to pay off lump sums too against the mortgage where I can later on.
Need to consider breakage fees & associated costs as well.
Mortgage 1
€43,500 with Pepper.
Ends March 2028 so approx. 7 years left.
Tracker Rate 1.4%
Monthly payment €550
House value approx. €180,000
Mortgage 2
€109,000 with Ulster Bank
7 year fixed 3.29%; 5 years left now; then move to variable rate (3.5% currently)
Ends in 2038
Monthly payment €683
House Value €240,000
So total mortgage debt is €152,500
I would use savings to pay off €7500 and bring it down to €145,000.
to maybe get into LTV of 60%
My thought is to remortgage at €145,000 go for 15 years term.
I would either approach Ulster Bank and see what options they have on rates or else consider moving e.g. to Avant.
Does this make logical sense or am i missing something? thanks for any help or contributions. Cheers for any inputs !
So roll 2 mortgages into 1 mortgage.
I would consider switching too as well to a better mortgage rate.
Longer term i would plan to pay off lump sums too against the mortgage where I can later on.
Need to consider breakage fees & associated costs as well.
Mortgage 1
€43,500 with Pepper.
Ends March 2028 so approx. 7 years left.
Tracker Rate 1.4%
Monthly payment €550
House value approx. €180,000
Mortgage 2
€109,000 with Ulster Bank
7 year fixed 3.29%; 5 years left now; then move to variable rate (3.5% currently)
Ends in 2038
Monthly payment €683
House Value €240,000
So total mortgage debt is €152,500
I would use savings to pay off €7500 and bring it down to €145,000.
to maybe get into LTV of 60%
My thought is to remortgage at €145,000 go for 15 years term.
I would either approach Ulster Bank and see what options they have on rates or else consider moving e.g. to Avant.
Does this make logical sense or am i missing something? thanks for any help or contributions. Cheers for any inputs !