Firstly, this forum is great, such a wealth of valuable information. Thanks all!
I've been lurking for a while gathering info about fixing with KBC. My specifics are below.
I'm currently on a variable LTV60-80 of 3.66% with KBC. I'm considering fixing with KBC for either 5 years at 3.05%, or perhaps 10 years at 2.99% both LTV60-80.
However, I have a decent sum of ~10k which I'm considering overpaying before I fix. I've worked out that with this 10k overpayment plus another few months standard repayments bringing me to up to May, I'll be very close, if not over the line for the next LTV bracket 50-60. It's all making sense really but I've a few things I need clarity on.
*From reading here and elsewhere it seems that if I fix for 10years I can break and the penalty fee will be low, if anything. Is this correct? 10years is a long time, anything could happen, so having an unpenalised option to change or switch would be great.
*Also, with regard to overpaying. If I overpay 10k soon in one lump sum I plan to ask the bank to use it to reduce the future repayments. It's my understanding that KBC will hold that 10k for the term of the mortgage, and I can request it back at any time. Is this correct? And if so will my repayments then simply return to their previous levels? I don't intend to withdraw it but it's good to know it's there.
*Finally, I'm considering waiting until May or June to fix, so I can get into the next LTV bracket. I'm risking the fixed rates going up in the mean time. From my own reading and basic knowledge this seems unlikely, but a possibility in the second half of 2018. So anyone with a crystal ball out there who can offer advice on when KBC fixed rates may be inclined to move upwards?
Is there any other tips or things I should consider or be cautious of? Any advice appreciated.
I've been lurking for a while gathering info about fixing with KBC. My specifics are below.
I'm currently on a variable LTV60-80 of 3.66% with KBC. I'm considering fixing with KBC for either 5 years at 3.05%, or perhaps 10 years at 2.99% both LTV60-80.
However, I have a decent sum of ~10k which I'm considering overpaying before I fix. I've worked out that with this 10k overpayment plus another few months standard repayments bringing me to up to May, I'll be very close, if not over the line for the next LTV bracket 50-60. It's all making sense really but I've a few things I need clarity on.
*From reading here and elsewhere it seems that if I fix for 10years I can break and the penalty fee will be low, if anything. Is this correct? 10years is a long time, anything could happen, so having an unpenalised option to change or switch would be great.
*Also, with regard to overpaying. If I overpay 10k soon in one lump sum I plan to ask the bank to use it to reduce the future repayments. It's my understanding that KBC will hold that 10k for the term of the mortgage, and I can request it back at any time. Is this correct? And if so will my repayments then simply return to their previous levels? I don't intend to withdraw it but it's good to know it's there.
*Finally, I'm considering waiting until May or June to fix, so I can get into the next LTV bracket. I'm risking the fixed rates going up in the mean time. From my own reading and basic knowledge this seems unlikely, but a possibility in the second half of 2018. So anyone with a crystal ball out there who can offer advice on when KBC fixed rates may be inclined to move upwards?
Is there any other tips or things I should consider or be cautious of? Any advice appreciated.