Is The New NIB "LTV" Good for me ???

[Mixednuts]

Hi,
My mortgage is currently with PTSB see below...

229,000 currently @ 3.99 % 2yr fixed (18 months remain) . 25yr term (22 remaining)

I read up on the new mortgage product (LTV) that NIB currently are offering.I have estimated that my LTV is currently 48.89 % due to my property value increasing almost 40% in 3yrs .
Can any of you money wizz kids advise on any of the following questions please?

*Would a change of mortgage provider make sense ?
*Will I wait to see what the response to NIB from other instituations will be before changing (ie) mortgage price war ?
*Do NIB cover all charges for change over ?
*Are there any hidden concerns I should know about ?

All Advice Welcome.

L.

 

[Kevin Brod]

Nope , If I were you, I'd stay where you are with the 2 year fixed of 3.99%. That’s a good rate considering the ECB will move again in Dec and more then likely again a few months into the New Year.

By Dec the best NIB rate you could have would be 4%.

Also if you break out of that fixed rate you'll be charged a penalty. Wait till your fixed rate is up and then see how the market is and who's offering what at that stage.

There will be loads of competing offers available soon from the other lending institutions.

 

[Mixednuts]

Thanks Kev..That makes good sense , was thinking along the lines of waiting to see what PTSB and all other borrowers do now that NIB have given the market the kick up the This post will be deleted if not edited to remove bad language it needed .....I hope we see some well needed changes soon ...long live competition !!!!