Mortgage advice for LTV below 50%

[bannerman80]

Hello,

Im looking to trade up, new house valued at approx €450000, after I sell my own home I believe I will require mortgage below half of the price of the new house.

I have approval in principle from AIB and will get their variable rate of 2.75 as mortgage required is below 50%

I am unsure now if this variable rate is the best option, it appears to be the best variable rate I can find but not sure if I should go with a fixed rate, I see ulster bank has fixed rates now for 2.3 & 2.6. - I have never dealt with ulster bank before

Thank you for any advice received

 

[RedOnion]

Hasn't been updated for the latest 2 year rate from Ulster, but see the following thread https://www.askaboutmoney.com/threa...e-the-lowest-mortgage-rates-available.205864/

As you've noticed, AIB is cheapest variable, but there are better fixed rates available.
New 2 year at 2.3% is a great rate. UB give cash back as well which you need to factor in.

 

[Brendan Burgess]

Im looking to trade up, new house valued at approx €450000,

I presume that your existing mortgage is not a tracker? If you have a tracker with one of the banks which are still trading, then you will be able to move it to your new home and pay the existing rate + around 1%.

Brendan

 

[bannerman80]

No I am not on a tracker, I am currently on a variable rate of 3.15 with aib, when I bought my current and first home in 2012 the variable rate I was on with aib was around 4.25 %, it has reduced over the five years and I am now on the 3.15%

The 2.75 variable rate from aib sounds appealing for the new home I intend on buying. But I have this fear that in a few years this will have increased.

The aib fixed rates seem to be very high. I will have to consider ulster banks 2.3/2.6 fixed rates