Hi folks,
I am in the process of switching mortgage from UB to Avant.
House Value €395k
Loan amount required from Avant €157k
Currently repaying €920/month with UB though I have been overpaying this by €500/month for the past 8 months (€1,420)
I have received Acceptance In Principle from Avant based on a 15yr term @1.95% for loan of €157k.
However, I queried our broker as I would prefer to do a fixed 7year rate and pay the mortgage off in that time. The broker has come back with the following:
"In order to reduce to 7 years the bank would need to see your monthly mortgage repayments along with an additional savings of 1,000 a month for 6 months. I have just had another look at your statements and cannot see a build of savings at that level over the last 6 months."
Is the above correct, as in I cannot change to 7years fixed even though I have savings of approx €20k and have been overpaying mortgage by €500/month?
I am in the process of switching mortgage from UB to Avant.
House Value €395k
Loan amount required from Avant €157k
Currently repaying €920/month with UB though I have been overpaying this by €500/month for the past 8 months (€1,420)
I have received Acceptance In Principle from Avant based on a 15yr term @1.95% for loan of €157k.
However, I queried our broker as I would prefer to do a fixed 7year rate and pay the mortgage off in that time. The broker has come back with the following:
"In order to reduce to 7 years the bank would need to see your monthly mortgage repayments along with an additional savings of 1,000 a month for 6 months. I have just had another look at your statements and cannot see a build of savings at that level over the last 6 months."
Is the above correct, as in I cannot change to 7years fixed even though I have savings of approx €20k and have been overpaying mortgage by €500/month?