Hi,
I drew down a mortgage of 190k a while ago from kbc which was 90%ltv at time of draw down (house value of 211k).
The mortgage was structured as a mixture of fixed and variable rate with approx 50k at variable and 140 at fixed rate.
I have since paid down approximately 40k of the capital on the variable element and so the outstanding balance is around 150k (10k at variable rate and 140k at fixed - approx).
My question is:
Now that I have reduced the LTV to (150/211 = 71%). Can I get a better rate with kbc? Or if I pay down some more to go below 70% can I get a better rate?
My understanding is that I can't because the vast majority of the outstanding balance is on a fixed rate and therefore I am locked in. Does this sound correct?
Do I have any scope to get a better deal?
Thanks!
I drew down a mortgage of 190k a while ago from kbc which was 90%ltv at time of draw down (house value of 211k).
The mortgage was structured as a mixture of fixed and variable rate with approx 50k at variable and 140 at fixed rate.
I have since paid down approximately 40k of the capital on the variable element and so the outstanding balance is around 150k (10k at variable rate and 140k at fixed - approx).
My question is:
Now that I have reduced the LTV to (150/211 = 71%). Can I get a better rate with kbc? Or if I pay down some more to go below 70% can I get a better rate?
My understanding is that I can't because the vast majority of the outstanding balance is on a fixed rate and therefore I am locked in. Does this sound correct?
Do I have any scope to get a better deal?
Thanks!