Fixed rate to end in Nov

M

Mattb

Registered User
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Hi all. Our fixed rate is to end in Nov. We will owe around €250k with 21 years left. We currently pay approx €1300 per month. Can anybody point me in the right direction of what decision to make next? Offset looks attractive and in theory could wipe around 8 years off. I don't particulary want the repayments to exceed €1500 per month if possible. Any thoughts would be greatly appreciated.
 
What is the approx value of your home?
Do you have spare cash / savings ?
 
Mattb said:
I don't particulary want the repayments to exceed €1500 per month if possible. Any thoughts would be greatly appreciated.
Click to expand...

It really depends on the outstanding mortgage and what the fixed rate was
 
Approx value of the home is €475k. Probably have about €20k in savings. Outstanding mortgage is €250k. Was paying €1243 on 3.39% fixed rate
 
Mattb said:
Approx value of the home is €475k. Probably have about €20k in savings. Outstanding mortgage is €250k. Was paying €1243 on 3.39% fixed rate
Click to expand...

You will probably be able to get a mortgage with a loan to value of 50%.

Rates should be around 4.4%-4.75%.
Examples
Over 20 years at 4.6% €1,615.49
Over 25 years at 4.6% €1,419.47

How long have you left on your mortgage?
 
Tracker is the best option probably for you.
With house values looking like they are coming down - you are looking at an LTV (loan to value ratio) of between 50 and 60%.
As with most borrowers with an LTV under 80% - National Irish Bank are currently offering the best deal (if you ignore short term discount offers).
You would get a rate of 4.52 from NIB - and they pay towards fees. This would be a monthly repayment before any tax relief of 1585 on a 250k mortgage over 20 years.
If you put some of your savings towards the mortgage you could shorten the term and get a slightly lower rate too.
You could one year discounted rates as low as 4.2 from Bank of Scotland (1543 a month) - but this would revert to 5.1 after a year (1663 a month) - so you would soon lose any savings compared to NIB.
 
Try this calculator

Examples
Over 20 years at 4.6% €1,615.49
Over 25 years at 4.6% €1,419.47
Click to expand...


I calc 20 years @ 4.6% to be 1,467.54
........25 years @ 4.6% to be 1,291.50
 
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