I have recently discovered that I can not switch my mortgage from PTSB to either AIB or BOI in order to avail of cheaper interest rates.
Currently paying 5.25% when I could get 2.9% with BOI.
However both BOI and AIB have a Credit POlicy whereby the LTV can not greater than 90% and 92%.
Our LTV is 125%. Property worth 180k and mortgage balance of 225k.
The banks will not consider the individual applications.
Mortgage repayments are 1k per month and we're actually paying 1260e for the last two years since we took out the mortgage.
On top of that we have been able to save 500e per month towards our wedding.
OH has a car loan with repayments of 400e per month finishing in Mar 2011 and I have a small loan of 110e per month.
Surely after the taxpayer is bailing out banks that banks should in turn be assessing individual cases rather than sticking to a credit policy.
IF the BOI came back to us and said in the morning, right we will take on the mortgage, we would get a cheaper rate and would save roughly another 200e per month. Thats 2400 per year.
I would understand is we where always behind on our repayments etc but we're not.
I think this is a matter that needs to be looked at.
Currently paying 5.25% when I could get 2.9% with BOI.
However both BOI and AIB have a Credit POlicy whereby the LTV can not greater than 90% and 92%.
Our LTV is 125%. Property worth 180k and mortgage balance of 225k.
The banks will not consider the individual applications.
Mortgage repayments are 1k per month and we're actually paying 1260e for the last two years since we took out the mortgage.
On top of that we have been able to save 500e per month towards our wedding.
OH has a car loan with repayments of 400e per month finishing in Mar 2011 and I have a small loan of 110e per month.
Surely after the taxpayer is bailing out banks that banks should in turn be assessing individual cases rather than sticking to a credit policy.
IF the BOI came back to us and said in the morning, right we will take on the mortgage, we would get a cheaper rate and would save roughly another 200e per month. Thats 2400 per year.
I would understand is we where always behind on our repayments etc but we're not.
I think this is a matter that needs to be looked at.