Best remortage option

[Ron J]

Have 450k left over 20 yrs on ppr with IIB. Topping up by 50k to finance house extension so will have 500k over 20 yrs. Tracker rate of 4.95%.Value of PPR is 700k approx. Should I stay with IIB or are there better options out there.

 

[LDFerguson]

ICS are currently offering ECB + 0.65% tracker for mortgages >€500,000 and they'll offer €1,000 towards your legal fees if you switch to them. A limited period offer, apparently.

Liam D. Ferguson
www.ferga.com

 

[irishlinks]

With your LTV of about 70% you would still do slightly better with NIB (as per the Best Buys thread ) . They would give you a tracker of 4.56 and legal fees covered. You have to open an account with them - but that is free and previous posters have said that you don't have to use it for salary if you don't want to. You would pay 3180 a momth with NIB compared to 3203.87 with ICS mentioned above. Not a huge difference - but every little helps.
I have no conenction to NIB - just like to ensure people save money.

 

[LDFerguson]

I have no dealings with NIB so can't say what their attitude to this might be, but if the extension is going to push up the value of your home beyond €700,000, you might be able to get an updated valuation after it's done and then if the value has gone up, use that to push down your rate with NIB.