Hey There,
I currently have an investment mortgage which is currently being repaid (interest only) at 3.08%. This is due to rise after 12 months to the standard APR which for me will be in 6 months. The question I have is:
This is an inital rate offered by the bank - can I therefore switch my mortgage after 12 months to a different financial institution and avail of their own initial rate for investment? This sounds way too easy to do so I assume the legal fees involved would wipe out any gains. I would expect to pay 6K more next year if I start on the standard rate of interest so is it worth my while or even possible?
Any advice would be great
Cheers!
I currently have an investment mortgage which is currently being repaid (interest only) at 3.08%. This is due to rise after 12 months to the standard APR which for me will be in 6 months. The question I have is:
This is an inital rate offered by the bank - can I therefore switch my mortgage after 12 months to a different financial institution and avail of their own initial rate for investment? This sounds way too easy to do so I assume the legal fees involved would wipe out any gains. I would expect to pay 6K more next year if I start on the standard rate of interest so is it worth my while or even possible?
Any advice would be great
Cheers!