Hi,
We are currently with EBS and will be coming up to the end of a 1 yr fixed rate with them at 31st August. I rang them today and they told me that they will be sending me out a letter stating that I can go again with another 1 yr fixed rate at 4.6% - We were fixed at 3.3%. This means that our Mortgage repayment is going up by €167 per month. However, we also took out a home improvments loan a few months ago and this is costing us €120.00 per month. We will have 2 children in a creche from september and this will cost us €860 per month. So basically heres the way we stand
EBS - New mortage repayment (less tax relief + home insurance, life & payment protection) + €120 (house improvment loan) = €1392.16
Bank of Scotland (pay off the €120 loan) new repayment = €1180.00 (also including house insurance, life & payment protection-
Therefor there is a saving of €212. per month.
Now with 2 children in a creche part time I really could do with this extra €212. per month iykwim.
I have a solicitor who will look after this for us at a very reasonable price as he is a friend..
So, do you think it is worth while to switch bearing in mind that we will now be going onto a variable rate with bank of scotland whereas the other price with ebs will be fixed for 1 year...
any advice would be much appreciated.
Thanks,
We are currently with EBS and will be coming up to the end of a 1 yr fixed rate with them at 31st August. I rang them today and they told me that they will be sending me out a letter stating that I can go again with another 1 yr fixed rate at 4.6% - We were fixed at 3.3%. This means that our Mortgage repayment is going up by €167 per month. However, we also took out a home improvments loan a few months ago and this is costing us €120.00 per month. We will have 2 children in a creche from september and this will cost us €860 per month. So basically heres the way we stand
EBS - New mortage repayment (less tax relief + home insurance, life & payment protection) + €120 (house improvment loan) = €1392.16
Bank of Scotland (pay off the €120 loan) new repayment = €1180.00 (also including house insurance, life & payment protection-
Therefor there is a saving of €212. per month.
Now with 2 children in a creche part time I really could do with this extra €212. per month iykwim.
I have a solicitor who will look after this for us at a very reasonable price as he is a friend..
So, do you think it is worth while to switch bearing in mind that we will now be going onto a variable rate with bank of scotland whereas the other price with ebs will be fixed for 1 year...
any advice would be much appreciated.
Thanks,