Futurelookin
Registered User
- Messages
- 88
Thanks Paid,I fixed with EBS for 1 year. Today is the first day on the new rate with a saving of €38.08 per month.
No choice, I'm afraid. I have a split mortgage - see my original post.You will make more savings if you move to BOI
I fixed with EBS for 1 year. Today is the first day on the new rate with a saving of €38.08 per month.
I'm just hedging my bets. Like yourself I cannot switch so the only way to save I is to fix.
I don't want to be locked into a 2 or 3 year fixed rate only for there to be increased competition in a year's time after Michael McGrath's bill passes (and banks compete on rates not cashback offers) or some German bank or Irish Credit Unions enters the market.
I could be wrong of course.....
This is fantastic to see a real case of someone in negative equity being able to switch to the fixed rate. I thought it was possible in theory since they removed the LTV bands in their latest rate changes, so great to see a real case.We just fixed for 1 year today. Down from 3.7% to 3.15%. The property is in negative equity of about 10-15k and depending on which auctioneer values it we could be at break even now. Hoping in 12 months-18months to be in a position to sell as being a landlord is a pain in the ..... even with good tenants.
Think im probably like a lot of people out there: overpaid for a house in 2007 with a 30 year term currently on the 3.7% rate with EBS. I have put a massive effort into reducing my personal debt over the last 3 years, I've been overpaying by €100 per month and saving every penny I can and using annual bonus made a lump sum payment of €10k last 2 years (no foreign holidays or avocado toast for me). There' lots of talk about switching to fixed rates (3.15%) but I feel I'm making good progress as is. My goal is reduce down the overall term and get this monkey off my back sooner rather than later. I do see how reducing down monthly payments could be seen as attractive, but I'm looking at the linger game. I'll plan on doing this again in 2018 and as long as i have extra cash unless someone tells me I'm crazy
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