I took my mortgage out 1 year ago for my self build 1st home and I am living in it now -
Mortgage was for €120,000 for 30 years with AIB (expires 21/12/2034)
It is a tracker mortgage and the rate is 3.75%
There is mortgage interest relief paid automatically into my bank account monthly @ €66.66 (€66.66*12 = €799.92 so 20% of my single persons allowances of €4000) which I assume wil be rising this year since the allowance has risen.
With another 2 or 3 expected interest rises to come this year would I be recommended to fix my mortgage for a few years?
I have an aib tracker mortgage.€100,000 <60% My rate is 4.45%. Are you sure your not paying that.
The mortgage interest relief only affects people with large mortgages save over 300,000.
27 years seems like a very long time to be paying your mortgage.If you are in a position to pay extra you could save alot of money and really shorten the years left of your mortgage. Iam overpaying at the moment.
I hope to go from 21 years to 10 years left.