Almost can clear mortgage will I get a break?

R

robd55

Registered User
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Hi All,

This may seem like a silly question that I probably know the answer to i.e. No but you never know. Here is the scenario:

Mortgage 140k srv 4.55% PTSB

Cash in hand approx 115k

5 Years of 30 in mortgage

Can I do a deal with the PTSB on the balance i.e. reduced rates or heaven forbid discount to clear remainder. Would like to know if people got something out of similar position. Will the bank deal. Apologies if this was answered before.

Thanks
 
The banks are not even doing deals for people on tracker mortgages, so it's unlikely that they will reduce the amount outstanding when they are getting such a high SVR from you.

There doesn't seem to be any lower rates for low loan to value mortgages.

But it makes sense for you to pay down your mortgage as you are getting an effective rate of 4.55% on your savings and there is no risk.

Brendan
 
You are a performing borrower so why would they do a deal. What is your loan to value ratio. Would you get a lower mortgage rate with another bank? You should definitely reduce your mortgage term. 30 year mortgages are way too long.
 
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