Mortgage Term/Switch

D

Duff123

Registered User
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Hi,
Currently devising a plan to make a switch from Pepper to AIB(previously with PTSB split mortgage) however I am 45 and my husband is 52. We currently have a mortgage term of 20 years left (based on my age) but AIB basing term on husband's age (15 years) would this be the case with all banks does anyone know or what are my options? (it will make a huge difference in affordability and leave us unable to leave Pepper who's interest rate is 4.3% atm for anyone coming out of fixed rate they had with PTSB) thank you.
 
Hi Duff

I don't know the answer to your question.

But do you have a split mortgage at the moment? If so, what percentage of the loan is warehoused?

If not, when did you exit the split? I am surprised that AIB is giving you a mortgage if you had a split recently.

Brendan
 
Hi Brendan,
Thanks for reply. Sorry for confusion they have not approved us yet but advised us what to do to consider us....
If could prove we could make up difference. (split to full)
 
Last edited:
Duff
Can you give the figures here. They are very important. A lot of people make big mistakes in this area.

1) Amount of warehouse
2) Amount of active mortgage
3) Total mortgage: = 1) + 2)
4) What rate do you expect from ptsb?

Are you under any pressure from Pepper to move anything from the warehouse?
 
Hi Duff123,

If I understand your post correctly, you are just trying to switch away from Pepper. The previous mortgage you mentioned as
being "split" I take it meant you were referring to a part fixed/part variable arrangement.

It is quite common for lenders to base the proposed term of a new application on the age of the oldest applicant.

I can't recall exactly when, but I have heard of exceptions to this.

One way that you may get around this is if you can show that the case is approvable based on your income alone.

If you can illustrate that there is no reliance on your partner's income then this will help your case.

Best of luck!



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