# Mortgage Advice - Please Help!



## John_Jo (15 Jun 2008)

OK Guys, here is my story.

I am 29, married. My wife is 30. We both work and take in about 4500 Euro NET per month. We have no car loans or credit card debt, however we have 2 mortgages.

Mortgage 1 - City Property E 213,000 remaining 35 Year Mortgage (3 years old) In Wifes Name

We have the property about 2 1/2 years but given the climate it has not gone up much in value. Possibly worth E245,000. ECB + 1.3% (5.3% ish P TSB)

Mortgage 2 - Country Property E117,000 remaining on a 25 year mortgage (4 years old) Fixed 4.3% (First Active)but up for renewal shortly. In my name.
This property was built on family land and is 5 bed, dormer, 4 ensuite with sea views. It should be worth anything from 425k to 475k if put on market.

We live, work and operate of of Property 1. Property 2 is for Summer Rental and makes between 5 & 6K per summer.

Combined mortgages are costing us almost 2K per month.

My main question is: 
Is there any way to consolidate the two mortgages together to get a better rate?
Is it possible to remortgage on the more valueable property and buy out the existing mortgage on the city property? Thus getting a better overall single rate and actually owning the city property?

Any advise is welcome. Thanks


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## irishlinks (18 Jun 2008)

*Re: Mortgage Advice - Pleas Help!*

If you pay off the mortgage completely on your main residence by increasing the  loan on the rental house - the Loan to Value ratio ( LTV) would be about 73% . First Active are offering a 5 yr fixed rate of 4.95% on investment properties with LTV below 85% . Total repayments 1759 a month. (term  30 years)
Another option is to increase the loan on the country hosue by 100k and use it to reduce the other loan by 100k. You could then get a 4.5% tracker from NIB on the city house and either a 4.99 tracker from NIB on the rented house or 4.95 fixed from First Active.
Move fast if you don't want to miss these rates - they could rise soon.


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## johnson32 (5 Jul 2008)

*Re: Mortgage Advice - Pleas Help!*

national irish bank are offering 4.59% LTV at the moment


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## irishlinks (5 Jul 2008)

*Re: Mortgage Advice - Pleas Help!*

The rates from NIB vary according to the LTV on the property. You can get a tracker rate as low as ecb plus 0.5% or as "high" as  ecb plus 0.8%  and all values in between.


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