I was previously with UB and overpaid my mortgage on a fixed rate, I was allowed overpay by 10%, so can't see how you could overpay by €650 a month unless you went for a shorter termHi All,
I was notified today from the Ulster Bank that my application to switch my mortgage from AIB to Ulster bank has been approved.
The main reason i wanted to switch is for the low fixed rate of 2.35% (over 5 years) and also the ability to overpay by 10% when in a fixed mortgage. This will allow me to clear earlier.
Below is my current status
Outstanding mortgage = €151,000
LTV = 35%
Year's outstanding = 18.6 years
Current interest with AIB = 2.75%
Current monthly = €858
new Mortgage with ulster
Outstanding mortgage =€151,000
LTV = 35%
Years outstanding = 18 years
Interest rate (fixed for 5 years) 2.35%
New Monthly = €860
Plan to over pay €650 per month - this will reduce the term by 8yr and 8 months
Married two children - single income of €100K per year
No Loans
35K in the Credit union
30K in the current account (Madness i know)
Pension set up 12%
Kids college fund set up vis Zurich ( Prisma + index 100) = €700 per month
I want to build an extension in 3 years as well so may need a top up of 80K
My question is - is this to risky for me to leave AIB - Should i stay or go? i don't think anyone else is offering this low fixed rate and also allowing you to overpay?
Any advise would be much appreciated
With UB you can overpay by 10% of the outstanding balance each year, not 10% of the repayment amount, before triggering a break fee.I was previously with UB and overpaid my mortgage on a fixed rate, I was allowed overpay by 10%, so can't see how you could overpay by €650 a month unless you went for a shorter term
Any thoughts on the risk to move to ulster bank? the ease of overpayment with them appears to be easier
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