Deathknell
Registered User
- Messages
- 11
missed 3 due to layoff, repaid
Well done on switching.
When did you miss your repayments? Were they still on your ICB record? Did AIB raise the issue at all?
Brendan
The basics..
Bank of Ireland Mortgage. Variable Rate Customer.
Amount Borrowed€245,000 over 30years. 10 years of repayments (missed 3 due to layoff, repaid) Self Employed
19 Years remaining
Current VR - 4.35%
Monthly repayments - €1150
Switched - To AIB. Got 3.36%
Monthly repayments now €1005
Thats 145*228= €33,060 savings at that rate
You are a mug if you dont switch.
I did a basic spreadsheet showing the reductions if I overpaid - painful on the wallet - but it makes a huge difference at the end.
19 years is a long time. Absolutely no guarantee whatsoever that the status quo regarding those rates will be maintained over the course of the mortgage, or even one year out for that matter. You may not save at all.
19 years is a long time. Absolutely no guarantee whatsoever that the status quo regarding those rates will be maintained over the course of the mortgage, or even one year out for that matter. You may not save at all.
The basics..
....Delighted.
He's saving today. If the rate goes up next month he's still saved €145 (assuming the bank paid the switching costs) .
He can always switch again if his current bank mess him about .
For me the biggest barrier for switching was the unknown . If I ever need to switch again I'll be well prepared . Switching is complicated the first time . The second time I'll know what to expect and what is expected of me . I'm sure Deathknell and every other switched in Ireland is in the same boat .
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