Wow,that's brilliant. I just went into the ccpc site and it's showing that I'll save €109.10 per month, dropping from €1093 to €983.90.....why is their figure different?
Wow,that's brilliant. I just went into the ccpc site and it's showing that I'll save €109.10 per month, dropping from €1093 to €983.90.....why is their figure different?Correct.
Have a look at the results of this calculator, using both your current mortgage and the Haven mortgage.Wow,that's brilliant. I just went into the ccpc site and it's showing that I'll save €109.10 per month, dropping from €1093 to €983.90.....why is their figure different?
Thanks. Still should save nearly €130 per month which is still great. The cashback should cover solicitor fees, break fee,valuation etc.Have a look at the results of this calculator, using both your current mortgage and the Haven mortgage.
I didn't say that your monthly mortgage payment would drop by €2,631/12 per month – I said that you would save approximately €2,631 in interest per year (€219.25 per month). That approximation is accurate over the next few years but it becomes less accurate the more the balance decreases.
The correct aspect to focus on is the amount of interest saved – the calculator shows that 3.25% versus 2.0% results in a saving of about €36,000 over the remainder of the mortgage.
It is a no brainer.Thanks. Still should save nearly €130 per month which is still great. The cashback should cover solicitor fees, break fee,valuation etc.
Seems like a no brainer to me.....or am I missing something?
Thanks for your help. Definitely making a few phone calls tomorrow and get the ball rolling.It is a no brainer.
The only question is who to switch to. As a reminder, if you go with Haven, you'll be better off to the tune of €1,600 in four years' time (versus Avant). But Avant lets you fix for up to 7 years, so by going with Avant you'll have a longer period of the security of a 1.95% rate. Nobody knows where interest rates will be in four years.
That is potentially a big roadblock to switching. I don't know if lenders come looking for up-to-date payslips closer to the drawdown date. Maybe someone else here knows.Thanks for your help. Definitely making a few phone calls tomorrow and get the ball rolling.
One more thing that you might be able to advise me on. My wife is finishing up in her full time job this week. She's starting a new part time job( due to family circumstances) in 2 weeks. Obviously,this new job is a lower salary that what she is currently on......so should we get all paperwork together ASAP based on her current salary and send it in....or will they look for more payslips before drawdown in a few month's? How long do switchers take?
Thanks,will look into it.That is potentially a big roadblock to switching. I don't know if lenders come looking for up-to-date payslips closer to the drawdown date. Maybe someone else here knows.
If they do, there are two issues:
- Your mortgage balance must be less than 3.5 times your new joint salary
- Your wife will be on probation. Most lenders won't lend to you until this period (usually six months) is over.
You'll have to ask them.Thanks,will look into it.
Plus,there might be one other issue. I'm 47,went with PTSB for mortgage as they go up to 70 years of age.....Do Haven go to 70? Or is it 65? Won't save as much per month if that's the case...
Finally- does having loans go against switching mortgage? I've 2 loan's and she has one.........think this whole switching thing could be a pipe dream!!You'll have to ask them.
Remember, if you take out a shorter mortgage, you will have a higher monthly repayment but you will pay less in interest over its lifetime. And interest – not the monthly repayment – is the only thing that matters when calculating at the savings. But you can't ignore the monthly repayment completely because if it's too high you'll be financially stretched.
Probably. A lender will obviously always look at your overall financial circumstances, and in particular other loans outstanding, when assessing an application for credit.Finally- does having loans go against switching mortgage?
Ah, forgot that key bit! 2.8% 5 yr fixed Jul-18 -> Jul-23@Lex994 What is your current interest rate?
Your break fee should be around €2,300 (but call BOI and get it from them).Ah, forgot that key bit! 2.8% 5 yr fixed Jul-18 -> Jul-23
thanks.
I don't know how long Avant's Approval in Principle lasts for. With AIB I think it's 6 months.If they start the process now and obtain Approval in Principle in a few months time, how long is this approval for? And will it be at the same rate?