I have €134,000 remaining on my mortgage, with 26yrs remaining. Monthly repayments are €630 currently - with AIB on a SVR (discontinued) of 3.4%. I think my LVR would be somewhere in the region of 65 - 70% given a recent sale of a nearby similar property, but obviously would need a valuation.
BoI are offering 2% cashback and 3% fixed for 3yrs. With this rate I think I would be saving in the region of €30 a month and on the fixed rate they also allow you to overpay up to 10% or €65, so i could continue to pay at my current repayment level as well.
One thing I have always liked about AIB is that they treat new and old customers the same in terms of new rates etc. However I guess after the three years were up, I could switch again as hopefully I'll continue to be a good place with the LVR.
Another thing is at some stage I would possibly look at a top up loan so I could do some renovations (new kitchen, knock out a wall, redo bathroom etc). I'd like it if that was within three yrs from now, but it may not be. If this does happen within the three yrs, is it possible on a fixed rate or not?
Finally, if I switch, does my mortgage protection just move over, or do I need new quotes etc?
Have I got my calculations correct and does it make sense for me to look at switching?
BoI are offering 2% cashback and 3% fixed for 3yrs. With this rate I think I would be saving in the region of €30 a month and on the fixed rate they also allow you to overpay up to 10% or €65, so i could continue to pay at my current repayment level as well.
One thing I have always liked about AIB is that they treat new and old customers the same in terms of new rates etc. However I guess after the three years were up, I could switch again as hopefully I'll continue to be a good place with the LVR.
Another thing is at some stage I would possibly look at a top up loan so I could do some renovations (new kitchen, knock out a wall, redo bathroom etc). I'd like it if that was within three yrs from now, but it may not be. If this does happen within the three yrs, is it possible on a fixed rate or not?
Finally, if I switch, does my mortgage protection just move over, or do I need new quotes etc?
Have I got my calculations correct and does it make sense for me to look at switching?