Worth changing from UB 2.95% to NIB 2.79%??

[maximus]

Hi there,

Was wondering if someone could do the following calculation for me....

Have existing mortgage with Ulster Bank...175,000 for 20 years at 3.15% tracker mortgage.

Was offered a reduced mortgage rate from Ulster Bank of 2.95% this morning (non U-first a/c). NIB have subsequently offered me a rate of 2.79%.

How much do I actually save over the life-time of the mortgage by switching to NIB if they pay for €600 of the transfer fees???? Have been told average costs to transfer (i.e. solicitor fees etc) is about €1100- €1300 (all in).

Any replies will be appreciated.

 

[SteelBlue05]

try out the different calculations on http://jeacle.ie/mortgage/ie/

 

[Glenbhoy]

Hi Maximus,

if you don't mind me asking why were you offered the reduced rate. I have a U-first tracker with Ubank at 3.05, presumably my LTV is somewhat higher than yours though!

 

[maximus]

I was offered the reduced rate cos my LTV is 53% i.e below 60%.