mortgage switch from ptsb to ub - would you do it?

Discussion in 'The Switchers' Forum' started by deranne, 12 Feb 2019.

  1. deranne

    deranne Registered User

    Posts:
    23
    Hi, story so far

    Original mortgage for €130k in 2002 for 25 years.
    We are down to our last 9 years with a prepay of €5,600 in credit.
    Balance left is €49000. at 4.5%, €702pm dd.

    Just see googled calculators for switching to 3.7% variable in UB
    For 9 years term left it comes back at €419 pm if we pay €10k deposit.

    Even if we didn't do the deposit and stayed with PTSB, switching to their fixed term 2yrs it will go to 3.7%.

    Now this is all gobblygook to me but it sounds too good to be true. We have lost our business and need a bit of breathing space for monthly repayments. If we switch that will give us a whole lot of freedom for monthly expenses.

    Is there a lot of hassle in switching?
     
  2. RedOnion

    RedOnion Frequent Poster

    Posts:
    2,681
    Switch to their fixed rates, and see where that leaves you. 2.3% for 2 years, or 2.6% for 4.

    No. Si long as your financial history is ok.
    UB might have a minimum balance for switching though?
    I know AIB minimum is 25k
     
  3. deranne

    deranne Registered User

    Posts:
    23
    Financial history is very good. Never missed payments. No outstanding debts, excessive spending etc.... but here is the big but

    We are on social welfare as of this week. If we got this switched I could defo manage the new payments, I am a genius at making ends meet and some more but on paper I am sure UB will say no.
     
  4. RedOnion

    RedOnion Frequent Poster

    Posts:
    2,681
    Ah, you won't be able to switch lender.
    So, you should switch to PTSB fixed rate immediately. I think there is a 100 euro charge to do so.
    You could get them to use the overpayment as well and reschedule the remaining balance to reduce your monthly cash flow.
     
    DeeKie and deranne like this.