Hi,
Bought my house back in 2009 with loan amount of €185,000 over 35 years.
Currently on a variable rate with EBS which is 3.7%.
Outstanding balance is €148,500 with 22 years to go and I think the LTV is less than 60% now.
According to the search I did on bonkers.ie the best rate seems to be 1.95% with either Avant or ICS. It seems I can save around €130 per month.
I have a pension which I am paying the maximum into and a decent amount of savings.
I have been trying different scenarios with dr karls calculator and I'm thinking of overpaying the mortgage every month if possible and maybe pay off some of the balance with a lump sum. For example, if I pay off a lump sum of €10,000 and overpay by €4300 per year I can reduce the term by 9 years and 10 months and save €17,141 in interest. Would this be a good idea or is it better to just pay a bigger lump sum off the balance and pay lower monthly payments? I want to do something sooner rather than later with all the talk of increasing interest rates. Also, should I fix for 5, 7 or 10 years?
Bought my house back in 2009 with loan amount of €185,000 over 35 years.
Currently on a variable rate with EBS which is 3.7%.
Outstanding balance is €148,500 with 22 years to go and I think the LTV is less than 60% now.
According to the search I did on bonkers.ie the best rate seems to be 1.95% with either Avant or ICS. It seems I can save around €130 per month.
I have a pension which I am paying the maximum into and a decent amount of savings.
I have been trying different scenarios with dr karls calculator and I'm thinking of overpaying the mortgage every month if possible and maybe pay off some of the balance with a lump sum. For example, if I pay off a lump sum of €10,000 and overpay by €4300 per year I can reduce the term by 9 years and 10 months and save €17,141 in interest. Would this be a good idea or is it better to just pay a bigger lump sum off the balance and pay lower monthly payments? I want to do something sooner rather than later with all the talk of increasing interest rates. Also, should I fix for 5, 7 or 10 years?