Best Mortgage Option

A

Aimee

Registered User
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151
... in the opinion of AAM members??

Remortgage for €290,000, house value €350,000, term 34 years. Present mortgage and previous mortgages have been annuity, variable rate, discounted for first year...

Other than variable or fixed, all others options confuse me e.g. tracker, LTV etc etc.

Any advice to lead me in the right direction would be great :) I know that nobody can say for sure what the best option is, but just your own experiences or advice would be great, might as well get the best deal possible rather than take what the building societies offer!
 
Your LTV (loan to value) ratio is just over 80%.
If you could get this to 80% either through borrowing less or getting your valuation marginally inflated then you could get an NIB LTV mortgage which is the cheapest around. Essentially tracker mortgages track the ECB base rate with a set percentage added.
 
Aimee said:
I know that nobody can say for sure what the best option is
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Actually it's quite likely that in the long run the best (i.e. that which minimises overall interest costs) is the lowest margin tracker rate that matches your needs at any point in time. Check the mortgage rate tables in the newspapers (e.g. Irish Times tomorrow) and see who is offering the best tracker rate for your situation (i.e. c. 83% LTV).

Post crossed with KalEl's.
 
Aimee said:
Remortgage for €290,000, house value €350,000, term 34 years. Present mortgage and previous mortgages have been annuity, variable rate, discounted for first year...
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You mean on this property or previous properties? Who are you with at the moment and what are the details (rate)?
might as well get the best deal possible rather than take what the building societies offer!
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There are only two building societies left (INBS and EBS) and neither is likely to offer the best value for money so you are probably going to be better off with another lender.
 
KalEl said:
Your LTV (loan to value) ratio is just over 80%.
If you could get this to 80% either through borrowing less or getting your valuation marginally inflated then you could get an NIB LTV mortgage which is the cheapest around. Essentially tracker mortgages track the ECB base rate with a set percentage added.
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On NIBs website their tracker rate quoted for LTVs in the 60% - 80% category is 4.74%. Ulster Bank and First Active have a rate of 4.5% if, as KalEL said the OP can get the LTV down to 80%, if not their rate is 4.65% - still cheaper. They also pay legal fees on switcher mortgages and offer €1,000 cash. However, First Active may be restricting this to clients who take up an Offset Mortgage where an interest rate of 4.9% applies. It's all still a bit vague at this point.
 
Hel_n said:
On NIBs website their tracker rate quoted for LTVs in the 60% - 80% category is 4.74%. Ulster Bank and First Active have a rate of 4.5% if, as KalEL said the OP can get the LTV down to 80%, if not their rate is 4.65% - still cheaper. They also pay legal fees on switcher mortgages and offer €1,000 cash. However, First Active may be restricting this to clients who take up an Offset Mortgage where an interest rate of 4.9% applies. It's all still a bit vague at this point.
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You're mistaken...the maximum rate you'll pay at the moment with NIB's LTV mortgage is 4.34%.
UB's U-First tracker rate is 4.8%
 
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The rate quoted on NIBs website for LTVs >60% <=80% is 4.74%
 
Hel_n said:
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The rate quoted on NIBs website for LTVs >60% <=80% is 4.74%
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Try this mortgage calculator from their website...

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I think we're talking about two different products. They have a rate for LTV's 60%-80%, and then they have a special LTV mortgage.
 
Apologies KelEL, I couldn't find tat rate quoted onthe site but you are right.
 
ClubMan said:
You mean on this property or previous properties? Who are you with at the moment and what are the details (rate)?
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on this property Clubman, but the point I was making is that I also had the same on previous mortgage i.e. one year discounted, returning to variable.

I am presently with AIB, unsure of the rate (I know :rolleyes: ) but what I do know is that we have just popped out of the one year fixed rate and our repayments have jumped by €300-00 per month and I feel that we could get a better deal by remortgaging.
 
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