Hi,
We are currently considering switching our mortgage from IIB to Ulster Bank as recommended by our mortgage broker.
We have 27 years left on a 30 year mortgage which is now at about €188,000. We were on a fixed rate for the first 3 years and last month the fixed term ended.
We are currently paying €1,075 monthly on the variable rate. Don't know what the actual rate is as they haven't informed us. Just gave us further fixed rate options and that was it.
One of the options we are looking at is to change to a 3 yr fixed rate with Ulster Bank for about €1060 monthly but taking 2 years of the mortgage reducing it to 25 years. Ulster bank also pay the costs of switching.
We are not sure of the value of our house as it was a self-build but we think it should be at least €350,000/€400,000.
Our worries/questions are -
1. Should we be fixing at all !?
2. Given that we are borrowing a small-ish amount compared to most these days and the potential value of the property, would the LTV tracker rates be of more benefit to us ?
3. Are there other lenders apart from Ulster Bank that pay the costs of switching?
We've been trying to check out all the rates etc but totally confused with different rates/options shown etc. and don't want to rely entirely on the mortgage broker.
I'm sure it's not that difficult but would appreciate some advice from people who seem to have a much better head for this stuff than us!!!
We are currently considering switching our mortgage from IIB to Ulster Bank as recommended by our mortgage broker.
We have 27 years left on a 30 year mortgage which is now at about €188,000. We were on a fixed rate for the first 3 years and last month the fixed term ended.
We are currently paying €1,075 monthly on the variable rate. Don't know what the actual rate is as they haven't informed us. Just gave us further fixed rate options and that was it.
One of the options we are looking at is to change to a 3 yr fixed rate with Ulster Bank for about €1060 monthly but taking 2 years of the mortgage reducing it to 25 years. Ulster bank also pay the costs of switching.
We are not sure of the value of our house as it was a self-build but we think it should be at least €350,000/€400,000.
Our worries/questions are -
1. Should we be fixing at all !?
2. Given that we are borrowing a small-ish amount compared to most these days and the potential value of the property, would the LTV tracker rates be of more benefit to us ?
3. Are there other lenders apart from Ulster Bank that pay the costs of switching?
We've been trying to check out all the rates etc but totally confused with different rates/options shown etc. and don't want to rely entirely on the mortgage broker.
I'm sure it's not that difficult but would appreciate some advice from people who seem to have a much better head for this stuff than us!!!