Brendan Burgess
Founder
- Messages
- 52,119
Got a letter from UB about the available rates to opt after my 3 yr fixed ends in sept... 2 yr fixed @ 2.2%; Green 4 yr @ 2.25; 4 or 5 years @ 2.35%; Loyalty variable @ 3.1%; variable rate @ 3.5% etcMy 3yr fixed term ends with ulster bank in sept 2021. Called UB customer care regarding a fresh fixed term, they think the switch will take atleast 2years and was advised not to rush for breaking and fixing for a new term before sept... Anyone else in the same boat and tried to re-fix their mortgage with UB?
Hi Brendan,Hey dude
1) What is the balance on the mortgage and the remaining term?
2) What is the LTV?
3) Do you qualify for the Avant mortgage at 1.95%?
If not, then just pick the 4 or 5 year fixed rate.
Brendan
Your fixed rate is up in September. If you started the switch process now, your fixed rate will be up before you switch, so there won't be a break fee. It's not an overnight process.3) yes, but thinking is it even worth to switch bearing 1K switching fee?
sorry, switching fee i meant are the costs associated with new provider... solicitor fee, valuation etcYour fixed rate is up in September. If you started the switch process now, your fixed rate will be up before you switch, so there won't be a break fee. It's not an overnight process.
40k in savings. Should we put a portion more of this into the mortgage. (aware we should keep at least 15K of this as emergency)
Not sure why you want so desperately to be mortgage free by Sept 2023. You need to get the balance right between living your life and planning for the future. If you are using words like "scrimping and saving" then it seems that you have the balance wrong. Live a little.it would be two years of scrimping and saving and not much fun. We plan to travel a little bit so its very unlikely we will be in a position to fully pay off by sept 2023.
Hi Brendan, based on your advice I just started the switching process with AIB to do a split 80% 5 years Fixed Green @ 2.1% and 20% Variable 2.75% for €159K Mortgage over 11 years. However, I see ICS have dropped their rates for 5 year fixed LTV<60% to 1.95% , I don't see any offer from ICS of paying for cashback, there is free banking with AIB just wondering , would I still be better off with AIB with their €2k cashback or is ICS going to be cheaper with ability to overpay up to 20%?Not sure it's worth the hassle.
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Maybe if you qualify for the Green rate.
Or if you have any plans to take out a top-up to extend, then it would be worth switching to AIB.
Brendan
Brendan & Red Onion, OK thank you again for you advice I will stick with AIB 5 years @ 2.1% much appreciated.I think that you should you just fix the lot at 2.1% with AIB.
When you make overpayments, you will face a small break fee each time. But I would guess that the break fee would be a lot less than the extra interest you pay between 2.1% and 2.75%.
If you intend to make regular overpayments, then change the term to 10 years to increase the repayments so that there will be no penalty.
Brendan
Try ICS they match Avant in the 3&5 year fixed rate markets and I don't believe that have the same geographic criteria.I might fix for 5, 10 or longer if possible. But should I just fix with UB ( 5 year 2.35, 10 year 2.8) or is it worth switching?
Thanks
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