Should I switch or stay with Ulster?

E

Eoghan

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Mortgage left 58000 at 2.3% with 17.6 years left. My fixed rate is up in September. Should I break now and lock in Ulster Bank rate of 2.2 before they leave or switch to Avant, AIB for 3-5 years?AIB switcher fee if 2000 looks tempting.
 
Eoghan said:
Mortgage left 58000
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On a practical level, I'm not sure how many lenders would be falling over themselves to lend a 58k mortgage. I think the minimum is generally 50k, but anecdotally I've heard some lenders say 75k in practice.

It might be worth switching it to AIB and benefit from free banking if you can. Going anywhere else you're talking about a euro or 2 savings per month because of the low balance.
 
RedOnion said:
On a practical level, I'm not sure how many lenders would be falling over themselves to lend a 58k mortgage. I think the minimum is generally 50k, but anecdotally I've heard some lenders say 75k in practice.

It might be worth switching it to AIB and benefit from free banking if you can. Going anywhere else you're talking about a euro or 2 savings per month because of the low balance.
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I switched a 66k mortgage to AIB in January 2019, no issues with the loan amount.
 
Eoghan said:
Mortgage left 58000 at 2.3% with 17.6 years left.
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Hi Eoghan

With a mortgage balance of €58k, do you expect to have it for 17.6 years?

Sure, AIB will pay the switching costs, but will the rate not be higher? 2.35% vs. 2.2%?

OK 0.15% will be only €87 more in the first year and that will wipe out the savings from free banking.

I don't think I would go to the hassle of switching to get free banking.

Brendan
 
Brendan Burgess said:
Hi Eoghan

With a mortgage balance of €58k, do you expect to have it for 17.6 years?

Sure, AIB will pay the switching costs, but will the rate not be higher? 2.35% vs. 2.2%?

OK 0.15% will be only €87 more in the first year and that will wipe out the savings from free banking.

I don't think I would go to the hassle of switching to get free banking.

Brendan
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Hi Brendan. I plan on reducing the term with every overpayment from now on. I'll probably reduce the years in writing to the bank too with time. I thought AIB had a 4 year fixed of 2.2 as well as a green 4 year fixed of 2.1, is that correct? My Ber is only c1 so might have to get the insulation upgraded (which I had planned to do) to get to the b3 needed for green deal.
 
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