Hoping somebody could give me a bit of knowledge before the mortgage advisor contacts me. Total imbecile when it comes to the mortgage - we got the mortgage and I haven't thought about it very much at all since but now with all of our money going into fertility treatments & my husband in a lower paying (but very stable) job I am worried about the news this morning with further hikes on the way. We went from a year ago paying €1050 for our mortgage to today paying €1411.50. I just don't know what to do now and I'm hoping you could give me some direction - now feel free to talk to me like i'm a child because I just know nothing about interest rates/mortgages or really anything financial.
1) Existing tracker margin. -so i'm currently paying 4.75% Margin I think 1.75% or am I totally off?
2) If you have an additional mortgage on the same property, what is the rate? n/a
3) Amount outstanding on your mortgage €200,000
4) Remaining term - 20 years approx
5) Lender - EBS
6) Value of your home €280,000 to €300,000
7) Might you trade up or overpay your mortgage? - Not trade up but would like to move at some point without adding much onto mortgage.
8) Do you face any barriers to switching? E.g., an impaired credit record, a mortgage with a warehoused portion due to a restructuring, reduced income since you took out your mortgage, you are now renting out the property. - Partner would be in a low paying job. During the recession we fell behind by about 16,000 as husband was a builder and lost his job. They contacted me told me they were adding the 16000 to the remaining term of the mortgage - that is literally the only discussion that was had about it. We have a good credit rating now.
9) What rates are you considering fixing at? I have no idea as I'm waiting for EBS to contact me
10) Does your house have a high BER rating which might qualify it for a lower rate? Check it here or estimate it if necessary. - definitely not - very old house.
11) How well could you handle a further 2% rise in the ECB rate? - I could do it but it would be tight. We have spent the last two years putting any and all extra money we have into IVF treatments with another 10,000 to be spent in the coming months.
1) Existing tracker margin. -so i'm currently paying 4.75% Margin I think 1.75% or am I totally off?
2) If you have an additional mortgage on the same property, what is the rate? n/a
3) Amount outstanding on your mortgage €200,000
4) Remaining term - 20 years approx
5) Lender - EBS
6) Value of your home €280,000 to €300,000
7) Might you trade up or overpay your mortgage? - Not trade up but would like to move at some point without adding much onto mortgage.
8) Do you face any barriers to switching? E.g., an impaired credit record, a mortgage with a warehoused portion due to a restructuring, reduced income since you took out your mortgage, you are now renting out the property. - Partner would be in a low paying job. During the recession we fell behind by about 16,000 as husband was a builder and lost his job. They contacted me told me they were adding the 16000 to the remaining term of the mortgage - that is literally the only discussion that was had about it. We have a good credit rating now.
9) What rates are you considering fixing at? I have no idea as I'm waiting for EBS to contact me
10) Does your house have a high BER rating which might qualify it for a lower rate? Check it here or estimate it if necessary. - definitely not - very old house.
11) How well could you handle a further 2% rise in the ECB rate? - I could do it but it would be tight. We have spent the last two years putting any and all extra money we have into IVF treatments with another 10,000 to be spent in the coming months.