Great Post and thank you Brendan for all the information you are providing to us.
Existing tracker margin - 1.05% + ECB
Amount outstanding on your mortgage - Approx €113200
Remaining term - 10 Years 10 Months
Lender - UB moving to AIB possibly
Value of your home - Unsure but on a good day possibly €350K
Might you trade up or overpay your mortgage - Probably not but if circumstances allow would overpay
Do you face any barriers to switching - e.g. an impaired credit record, a mortgage with a warehoused portion due to a restructuring, reduced income since you took out your mortgage. - No
What rates are you considering fixing at - As low as possible over 10 Y 2.4%
Does your house have a high BER rating which might qualify it for a lower rate - It might squeak in
I've done some very rough calculations myself, but not being familiar with financial calculations, I am unsure if I have them right. None of what I have posted here should be considered financial advice
Currently making monthly repayments of €928 with an increase of 50 base points I think this will jump to €952 in September. I have assumed that interest rates will continue to rise by 25 base points each quarter until it reaches a max of 4.8% i.e. 1.05% + ECB rate of 3.75%.
If this is the case my monthly repayments will jump to €1086 and I'd pay a cumulative interest of €23,444 over the next 10 Y 10 M
If I fixed today at that best available rate of 2.4% with Avant my monthly repayment would be €998 and I'd pay a cumulative interest of€28,106 correction €15540
Can you confirm if I am in the correct ballpark here?
If so, anyone on a Tracker with 1/1.5% + ECB rate and ten years remaining would possibly be best keeping it if they can absorb the monthly repayments.
If the interest rate only reaches 3.05% (1.05+ ECB rate) over the next 2 years, monthly repayments would be approximately €1020. Similarly, at an interest rate of 3.55%, monthly repayments would be approximately €1040. Note this assumes a 25 base point increase each quarter.
Existing tracker margin - 1.05% + ECB
Amount outstanding on your mortgage - Approx €113200
Remaining term - 10 Years 10 Months
Lender - UB moving to AIB possibly
Value of your home - Unsure but on a good day possibly €350K
Might you trade up or overpay your mortgage - Probably not but if circumstances allow would overpay
Do you face any barriers to switching - e.g. an impaired credit record, a mortgage with a warehoused portion due to a restructuring, reduced income since you took out your mortgage. - No
What rates are you considering fixing at - As low as possible over 10 Y 2.4%
Does your house have a high BER rating which might qualify it for a lower rate - It might squeak in
I've done some very rough calculations myself, but not being familiar with financial calculations, I am unsure if I have them right. None of what I have posted here should be considered financial advice
Currently making monthly repayments of €928 with an increase of 50 base points I think this will jump to €952 in September. I have assumed that interest rates will continue to rise by 25 base points each quarter until it reaches a max of 4.8% i.e. 1.05% + ECB rate of 3.75%.
If this is the case my monthly repayments will jump to €1086 and I'd pay a cumulative interest of €23,444 over the next 10 Y 10 M
If I fixed today at that best available rate of 2.4% with Avant my monthly repayment would be €998 and I'd pay a cumulative interest of
Can you confirm if I am in the correct ballpark here?
If so, anyone on a Tracker with 1/1.5% + ECB rate and ten years remaining would possibly be best keeping it if they can absorb the monthly repayments.
If the interest rate only reaches 3.05% (1.05+ ECB rate) over the next 2 years, monthly repayments would be approximately €1020. Similarly, at an interest rate of 3.55%, monthly repayments would be approximately €1040. Note this assumes a 25 base point increase each quarter.
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