Am I paying too much on my Mortgage repayments?

[TwoWheels]

Hi All,
A very simple question that comes from friends surprise when I tell them how much my monthly repayments are on a mortgage that is similar to theirs.

Outstanding amount - €293K
Rate - 5.99% Variable
Term - 30 Years (26 Remaining)
Bank - IIB

Current Monthly Repayment - €1,818 (Interest €1466 + Principal €352)

Others who have similar amounts, around the 300k mark seem to think I am paying way over the odds here,
Any opinions?
Many thanks.
TW

 

[Dreamerb]

You're not. Fill in those amounts on Karl Jeacle's mortgage calculator
http://www.jeacle.ie/mortgage/
and you'll get a payment of €1855, a little over your current payment (probably attributable to minor differences in calculation / term remaining).

Your friends could be (a) on better rates, or (b) on longer terms, or (c) innumerate, or (d) just trying to annoy you.

There's probably better out there than 5.99% at the moment - have a look in the financial best buys section.

 

[rh-keith]

are you receiving mortage relief?

You varibale rate is high also. AIB variable is 5% (5.1 APR)

 

[NorfBank]

The 5.99% may not include the recent ECB rate cut so you could be on a rate of 5.49% but as the previous poster said this is still higher than AIB.