We traded up 2 years ago. At present our mortgage is broken into 2 parts - circa 166k at a rate of 2.25% which is the amount that was outstanding on our old home which was on a tracker rate. We are with BOI so get to keep this rate for another 3 years.
We also have circa 58k on a standard variable rate of 4.5% which we are going to fix at 3% for 3 years. This will bring us up to the period where both mortgages will merge. We hope to shop around and switch then to a better rate as hopefully will have a better LTV.
My question is this, we now want to overpay by €100 per month. which portion should we overpay? When we fix the €58k can we overpay on that?
We also have circa 58k on a standard variable rate of 4.5% which we are going to fix at 3% for 3 years. This will bring us up to the period where both mortgages will merge. We hope to shop around and switch then to a better rate as hopefully will have a better LTV.
My question is this, we now want to overpay by €100 per month. which portion should we overpay? When we fix the €58k can we overpay on that?