Haven mortgage

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Interest%

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Is it worth swithing to haven 1year fixed at 3.15% to get the 5k cashback then when the year is up roll on to there 4 year green mortgage at 2%.?
 
Surely it depends on the size of your mortgage and if the additional 1.15% in interest for a year plus legal costs plus any other costs is less than €5k?
 
272k 29years.
Balance at year end 2% rate = 265,007
Balance at year end 3.15% rate = 266,166
Difference = 1,159
2% rate monthly payment = 1,030
3.15% rate monthly payment = 1,193
Diference is 163p/m or 1,956 for the year.
So the 3.15% rate cost 1,956 more over the year and you have 1,159 more left on the principal compared to the 2% rate.

Legals 1,500
 
Last edited:
Interest% said:
Is it worth swithing to haven 1year fixed at 3.15% to get the 5k cashback then when the year is up roll on to there 4 year green mortgage at 2%.?
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Spending one year on the 3.15% rate will cost you an extra €272000*(3.15-2.0)/100 = €3,128 in interest, approximately.

So there is no point in going for the 3.15% rate with €5k cashback when you can have the 2.0% rate with €2k cashback.

As many people here have told you before, stop focusing on the monthly repayment. The only thing that matters when it comes to savings is the amount of interest you pay.

If you try any strategy that involves not taking the lowest rate right now, you run the risk that that low rate will no longer be available when you go looking to switch to it in the future.
 
Paul F said:
Spending one year on the 3.15% rate will cost you an extra €272000*(3.15-2.0)/100 = €3,128 in interest, approximately.

So there is no point in going for the 3.15% rate with €5k cashback when you can have the 2.0% rate with €2k cashback.

As many people here have told you before, stop focusing on the monthly repayment. The only thing that matters when it comes to savings is the amount of interest you pay.

If you try any strategy that involves not taking the lowest rate right now, you run the risk that that low rate will no longer be available when you go looking to switch to it in the future.
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Thanks. Waiting on letter of offer from aib should have this week. Everything is done on my end.
Green 2.15% 5 year fixed.
 
And in 5 years time my LTV will be at the 60% mark. I will switch to avant 1.95%rate then provoding there rates stay the same, house prices stay the same and my circumstances stay the same.
 
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