Mortgage rate/switch advice please

Discussion in 'Mortgages and buying and selling homes' started by kheed, 4 Jan 2019.

  1. kheed

    kheed Registered User

    I am looking for some advice on whether or not to switch mortgage provider. I bought my house for €150,000 in February 2014. I borrowed 92% over 32 years. So a mortgage of €138,000.
    I am on variable rate with AIB which has dropped twice, maybe 3 times in the 5 years to now to 3.15%. My current capital is roughly 126k and current house value is €245k which means my LTV has dropped to between 50 and 60%
    I contacted AIB about switching to a lower LTV band rate but that is against the terms and conditions of my mortgage to switch rates. I think this is pretty unfair.
    I appreciate that I am very lucky to have bought when I did, but I would still like to get a better deal from banks if it's possible.
    The snag is, when I first got the mortgage both myself and my wife we're employed and jointly assesed for income and repayment capacity. Now I am the sole earner and we have had a child and therefore a lower household income. Will this go against me if I try switching lender for a lower LTV rate? Or will they just look at my repayment history.
    I have never once missed a repayment.
    Any advice is welcome, I'm at a bit of a loss of how to go about it or whether to leave it be.
    What are the best options out there?
  2. RedOnion

    RedOnion Frequent Poster

  3. kheed

    kheed Registered User

    Gross income is roughly 42k
    But from reading the links you sent it looks like AIB have had to change their rules from 17th December last year, and switching rates may be an option for me now. Thank you so much @RedOnion for that. I will get back on to them