Mortagage rate with First Active now ulsterbank

J

j_unaid

Registered User
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31
Hi ,

I had the mortgage with First active , tracker rate and after .50% reduction its comes up to 4.4% and i had the loan amount 281500 and i paid 1234 for jan.

As ression hit me badly its hard to paying that amount .

I checked with AIB they offering me 3.30% but i have to do the solicitor and all documentation + now i don't have job so i can't give my payslips

Any advice appreciate.
 
I would stay with the tracker if I was you. ECB rates may well come down again in March and the AIB rate may not drop as much as your tracker.
Anyway - I doubt if any new lender will take you on if you are out of work.
 
I would ask FA for a payment holiday for a few months or go interest only while your looking for a job.

Have you checked out the mortgage interest supplment from the government. If your unemployed they will pay a percentage of the interest part of your mortgage - check it out.

Also I have an offset mortgage with FA which is a tracker, and on 3.15% on last interest rate cut. I have had to contact them each time to ask for my mortgage payment to be reduced rather than term. Have you done this?

Good luck.
Caz
 
Thanks , I rang them couple of times and they said there current interest rate is 4.1% and you are not 4.4% because depend on yours circumtance when yours mortgage approved.

On the inital contract its saying.

Mortgage account number xxxxx
Loan Type TPI Roll Off ECBR+2.40% for term 95% LTV Capital and interest
Internet rate €6.65
Loan amount 281520
Interest type Variable
Term 35 year
Monthly Loan repayment €1729


Also on the first page its says on point 10: Effect on the amount of instalment of 1% increase in the first year in interest rate.
 
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It is how long it lasts (in your case 35 years). You could extend this and this would lower the repayments slightly but you would pay more over the life of the mortgage
 
Hello ,

Need advice that is the possible with the banks like i m paying 4.4% with First active and cazmoyo is paying 3.15%. How i get 3.15% please help.
 
j_unaid said:
Hello ,

Need advice that is the possible with the banks like i m paying 4.4% with First active and cazmoyo is paying 3.15%. How i get 3.15% please help.
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cazmayo said:
I have an offset mortgage with FA which is a tracker, and on 3.15%
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I presume you are on a standard variable with First Active same as myself. The First Active tracker is now closed for new business. I'm going to wait a month or two so that I can see how Ulster Bank respond to a further interest rate cut but at the moment I am leaning towards moving my mortgage to AIB who seem to be one of the most proactive lenders out there with a variable rate of 3.25%
 
j_unaid said:
Hello ,

Need advice that is the possible with the banks like i m paying 4.4% with First active and cazmoyo is paying 3.15%. How i get 3.15% please help.
Click to expand...

Contact your bank, you are currently paying ECB + 2.40%. Ask if the rate above ECB could be reduced somewhat.

The tracker rate you are currently is not that attractive.
 
j_unaid said:
I checked with AIB they offering me 3.30% but i have to do the solicitor and all documentation + now i don't have job so i can't give my payslips

Any advice appreciate.
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As I mentioned earlier - it will be impossible to move your mortgage to another lender if you are out of work. Your only option is to negotiate with your current lender about lengthening the term , going interest only for a while. Maybe you could rent out a room. Contact your Socail Welfare Office about help with your mortgage see here
http://www.citizensinformation.ie/c...-welfare-schemes/mortgage_interest_supplement
 
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