Stephanie33
New Member
- Messages
- 5
Hi Brendan,
I currently have the following debt:
Mortgage Term Remaining 18 years
105,000K @4.75 Tracker incl recent increase monthly repayment approx €698 a month.
Warehouse Parked Loan 133,000K @ 0% interest.
The loan is with AIB and I have 39 months left to avail of the 70/30 percent incentive and an additional five years on top of that to avail of the 80/20 incentive.
I have 30 K saved and I am currently also saving 800 euro in this account for the purpose of going off the mortage before the 5 years is up.I expect to have 61,000K saved in the 39 months.
The letter of offer quotes that the bank request you pay any extra payments off the warehoused part.
I would love to trade up in the next 3 to 6 years but it may not happen. At the moment I am unclear if this will be an option. The bank advised the loan is classed as performing when I raised the question of trading up.
Current value of property is 370K.
With the tracker rates the way they are at the moment I have still chosen to stay on this rate.
I was going to hold on until just before the end of the 5 year term to pay off a lump off off warehoused part. Is this the best option.
I am unsure how best to proceed if I hope to trade up but as it may not happen I still want to do what makes best economic sense overall.
I am putting myself in best possible position I can. Have another 20k saved fir car/rainy day fund. Trade up house would cost approx 110K extra.
No other debts.
If the house was being sold does the bank take the incentive into account when clearing the mortgage for a new mortgage or only a saved lumpsum.
Thanking you
I currently have the following debt:
Mortgage Term Remaining 18 years
105,000K @4.75 Tracker incl recent increase monthly repayment approx €698 a month.
Warehouse Parked Loan 133,000K @ 0% interest.
The loan is with AIB and I have 39 months left to avail of the 70/30 percent incentive and an additional five years on top of that to avail of the 80/20 incentive.
I have 30 K saved and I am currently also saving 800 euro in this account for the purpose of going off the mortage before the 5 years is up.I expect to have 61,000K saved in the 39 months.
The letter of offer quotes that the bank request you pay any extra payments off the warehoused part.
I would love to trade up in the next 3 to 6 years but it may not happen. At the moment I am unclear if this will be an option. The bank advised the loan is classed as performing when I raised the question of trading up.
Current value of property is 370K.
With the tracker rates the way they are at the moment I have still chosen to stay on this rate.
I was going to hold on until just before the end of the 5 year term to pay off a lump off off warehoused part. Is this the best option.
I am unsure how best to proceed if I hope to trade up but as it may not happen I still want to do what makes best economic sense overall.
I am putting myself in best possible position I can. Have another 20k saved fir car/rainy day fund. Trade up house would cost approx 110K extra.
No other debts.
If the house was being sold does the bank take the incentive into account when clearing the mortgage for a new mortgage or only a saved lumpsum.
Thanking you