Hi,
I'm looking for some advice and hope you guys can help me.
My home has a market value of €200,000 and I have €125,000 outstanding on my mortgage. I have no other loans or borrowings and have €3000 on deposit in a "rainy day" fund and a further €4000 in shares.
The mortgage is a variable rate and is currently at 4.1% with BOI. Looking at the Best Buys that seems a bit high and I'd like to move .
I'd like to know :
1) Are the rates in the Best Buys list introductory rates. Will they increase after a year?
2) My Salary is €25k p.a. . Would I have difficulty in transferring the mortgage as the mortgage would be 5 times my salary? I have held it for 3 years and have had no repayment problems to date.
Thanks in advance for any comments or suggestions.