Firsty apologies in advance for asking stupid questions. My knowledge of mortgages is limited.
We are a married couple with a mortgage of 270k over 30 years started in December 2004, living in a semi detached 3 bedroom house in Kildare.
Monthy repayment is €1217.36
Balance Remaining - €215,568.90
Current Lender is PTSB at 4.50% SVR.
Original Term Loan - 360 months
Term remaining - 239
I'd like to switch the mortgage provider if possible but don't know where to start? I think 4.50% is a very high rate to be paying right now and I'd like to get a better deal. Am I being unreasonable in thinking this? Is it just a case of contacting the providers and asking them individually what they can offer?
My main problem is I have no real idea of what the current market value is of the house so don't know if it's in negative equity.
We built a single storey extension in 2012 which cost 30k(credit union loan) which should have boosted the value of the house.
What is the best way to calculate the value of your home and should this be done before approaching other providers? We've been looking at similar properties in our area for pricing ideas but its very difficult to estimate the true cost. Should I just contact an estate agent and ask for a valuation? Do they offer this service for free? Is this legally binding and will a mortgage provider accept it?
Any advice is VERY much appreciated!
We are a married couple with a mortgage of 270k over 30 years started in December 2004, living in a semi detached 3 bedroom house in Kildare.
Monthy repayment is €1217.36
Balance Remaining - €215,568.90
Current Lender is PTSB at 4.50% SVR.
Original Term Loan - 360 months
Term remaining - 239
I'd like to switch the mortgage provider if possible but don't know where to start? I think 4.50% is a very high rate to be paying right now and I'd like to get a better deal. Am I being unreasonable in thinking this? Is it just a case of contacting the providers and asking them individually what they can offer?
My main problem is I have no real idea of what the current market value is of the house so don't know if it's in negative equity.
We built a single storey extension in 2012 which cost 30k(credit union loan) which should have boosted the value of the house.
What is the best way to calculate the value of your home and should this be done before approaching other providers? We've been looking at similar properties in our area for pricing ideas but its very difficult to estimate the true cost. Should I just contact an estate agent and ask for a valuation? Do they offer this service for free? Is this legally binding and will a mortgage provider accept it?
Any advice is VERY much appreciated!