Is it possible to move mortgage?

A

astragirl

Guest
I recently paid a lump sum off my mortgage. This has changed my LTV to 34% but my variable rate is still at >= 80% with the bank as the original amount drawn down amounted to 92%. This apparently is detailed in the T & C s in the loan offer. " it is not possible to switch to a different LTV value to avail of a lower variable rate" or something like that. The difference in these rates is about 0.5% which works out about 10,000 euro over the life of my mortgage. What would be involved in moving my mortgage or if there any way of getting the bank to change the rate? I already tried asking nicely!
 
astragirl said:
I recently paid a lump sum off my mortgage. This has changed my LTV to 34% but my variable rate is still at >= 80% with the bank as the original amount drawn down amounted to 92%. This apparently is detailed in the T & C s in the loan offer. " it is not possible to switch to a different LTV value to avail of a lower variable rate" or something like that. The difference in these rates is about 0.5% which works out about 10,000 euro over the life of my mortgage. What would be involved in moving my mortgage or if there any way of getting the bank to change the rate? I already tried asking nicely!
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As your LTV is a lovely low 34% you should have lots of options (as long as you have no issues re. credis history/other debts/major outgoings)

I'd make a few enquiries, see what sort of response you get (assume positive) & then go back to your lender & tell them you're switching if they won't reduce the rate - either way, you get a lower rate.
 
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