mortgage switch

Discussion in 'The Switchers' Forum' started by fogfurn, Oct 12, 2017.

  1. fogfurn

    fogfurn Frequent Poster

    Posts:
    60
    hi im not sure if this is the correct place but admin please move if not.
    our mortgae is 67000 with 13years remaining at 4.3% and payments 523 after trs.

    im thinking of reducing our term to 10 years, meaning both of us will still be in our fifties when house is paid for.

    basically im looking for advice, would i get any good deals to switch eventhough we have a small mortgage, is it worth switching, should i just overpay my mortgage amount,

    our mortgage is with ulster bank
     
  2. RedOnion

    RedOnion Frequent Poster

    Posts:
    433
    Hi,

    What's your property value approx?

    Most banks have a minimum mortgage of 40 to 50k, so you'd be able to switch.

    Assuming you've <50% LTV, AIB would be best variable rate at 2.75%. they'll also pay 2k towards legal fees.

    Repayment would drop approx 50 per month ignoring TRS.
     
  3. fogfurn

    fogfurn Frequent Poster

    Posts:
    60
    Hi there i suppose our house is worth 150000 to 200000
     
  4. RedOnion

    RedOnion Frequent Poster

    Posts:
    433
    Perfect, that's puts you into the <50% LTV bracket, so you can avail of the cheapest rates available.
     
  5. RedOnion

    RedOnion Frequent Poster

    Posts:
    433
    Perfect, that's puts you into the <50% LTV bracket, so you can avail of the cheapest rates available.