Moving a Tracker Mortgage

M

Manuel 2012

New Member
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5
We have a tracker and all current account banking with UB. We have about 40 months left on mortgage, and also have two loans with UB with about the same length to run. These were home improvement loans.
Our mortgage looks set to move to AIB however with talk of ECB increasing rate, we’re wondering if we should attempt to move the outstanding mortgage balance, plus the two loans, to a fixed rate with a new lender, and over five years. Our thinking is this could help us predict payments for remaining time and also free up cash month to month as this is most expensive period for us with three kids at college.
Should we stick with where we are??and if we move, where to?
 
1) How much is outstanding on the mortgage and on the other loans.
2) what interest rates are you paying on all three loans.
3) What ages are you?
4) You could ask Ulster Bank to consolidate them and extend the term and then fix with Ulster - otherwise you would be facing the hassle and costs of switching.
 
64k mortgage at ECB plus 1.1%; each loan c 16k at 9%. House value 480k. We’re 53 and 56 years old. Is it an option to look for this deal with ulster and let them sell us on?
 
32K @9% with 40 months left is about €3k interest
64K @1% is about is about €1,000 interest.
So €4k in total.

I am not sure that any lender would give you a 5 year loan at mortgage rates for €96k. They might, but I doubt it.
You then have to spend €1,500 on legal fees.

Probably not worth the hassle.

Best bet is to ask Ulster Bank.

But why did you not ask Ulster Bank before? 9% is a very high rate.

Brendan
 
My mistake -rate on loans is actually 6.8% on each one.
Never thought approaching UB would be an option.
Question then is - is it best to leave mortgage as is, is it likely ECB will rise ?
If benefit exists in shifting to fixed rate, then is it best to try to consolidate with UB?
Switching will undoubtedly cost more, in addition to fees and hassle
 
With €64k left, a 1% rise won't hurt you a lot.

But you could fix for two years at 2.2%.

You will face their very high variable rate for the last 16 months, but that won't matter too much as the balance will be down to about €28k.

At this stage, most of your repayments are capital.

Brendan
 
Brendan Burgess said:
With €64k left, a 1% rise won't hurt you a lot.

But you could fix for two years at 2.2%.

You will face their very high variable rate for the last 16 months, but that won't matter too much as the balance will be down to about €28k.

At this stage, most of your repayments are capital.

Brendan
Click to expand...
And consolidating the other two, you think they’d be open?
 
Avant do consolidated debt loan if you look at the website not sure how much you would gain unless the time is less......
 
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