Changing mortgage interest rate

S

sooty

Registered User
Messages
126
Hi not sure if in right thread - i currently owe E67000 on my mortgage - 8 years left - rate will drop to 3.15% on 1st November 2017. I am wondering should i switch to the LTV less than 50% rate and get 2.75% - cannot seem to find anywhere that will work out the repayments for me. I currently pay E804.00 per month.

I need to get a survey done if i want to switch so just wondering what the difference in repayments would be and if it would be worth doing.

Thanks everyone.

Sooty
 
Hi, assuming you are with AIB?

Is your current rate an SVR or an LTV rate? (I.e are you currently paying 3.4 or 3.5%?)

Drcalculator.com is a good resource for calculating.
 
Pity that drcalculator.com doesn't let you input the rate as 2.75% - you can only key in full numbers or maybe i am doing something wrong.....
 
It'll let you put in that rate, but only full years - use Karl's Mortgage Calculator.

You're repayment will be about 778 per month.

Because you're on SVR, you should be able to move to an LTV rate. Just call AIB and they'll let you know if you need a valuation and provide details of their approved valuers. It costs about 130 for valuation.
 
sooty said:
Hi not sure if in right thread - i currently owe E67000 on my mortgage - 8 years left - rate will drop to 3.15% on 1st November 2017. I am wondering should i switch to the LTV less than 50% rate and get 2.75% -
Click to expand...

Don't worry too much about the repayments. The most relevant factor is the amount of interest you will pay.

You would save 0.4% of €67,000 in the first year which is €268. As the balance reduces over the remaining term, the savings each year will reduce. As a rough guide, your savings will be 4 times €268 or €1,000.

So well worth spending €130 on a valuation if they require one.

Brendan
 
You must log in or register to reply here.
Back
Top