johnjoe1990
Registered User
- Messages
- 8
Hello I am looking for advice on switching.
In July 2018, I drew down a mortgage of 145,000 over 28 years from Bank of Ireland and put it on a rate of 3% fixed for 5 years . My repayments worked out at 638 per month. I then realised that I could pay extra into the mortgage and I phoned Bank of Ireland and I was allowed to increase the monthly repayment by 10 per cent, which meant that my repayments are now 700e per month.
I have sinced saved 25,000 and I also could probably afford to pay 1000e per month on the repayments. With this in mind I was thinking of going to a variable rate mortgage which would allow me to make early payments and hopefully save me money on the interest.
My loan to value would be less than 50%
I am looking at changing over to the aib variable rate of 2.75% which will allow me to make extra payments and they will also give €2000 cash back .
The balance of the BOI mortgage is 140000 at the moment. I rang bank of Ireland and the break fee to break out of the five year fixed is 2800 and the fee to pay off a bulk amount of 25000 is 500.
I havent looked into the cost of solicitors fees to change from one bank to another.
A few questions.
1. Is it worth paying off the 25000 from bank of ireland with the fee of 500e
2. Is it worth breaking the BOI fixed and changing over to AIB -would I save money or would it cost money?
3. What does the BOI break fee depend on - Someone on the forum said it depends on the EURO Bank rate - where can I see this rate and what way should this be in order to make it cheaper for me to break from the mortgage.
In July 2018, I drew down a mortgage of 145,000 over 28 years from Bank of Ireland and put it on a rate of 3% fixed for 5 years . My repayments worked out at 638 per month. I then realised that I could pay extra into the mortgage and I phoned Bank of Ireland and I was allowed to increase the monthly repayment by 10 per cent, which meant that my repayments are now 700e per month.
I have sinced saved 25,000 and I also could probably afford to pay 1000e per month on the repayments. With this in mind I was thinking of going to a variable rate mortgage which would allow me to make early payments and hopefully save me money on the interest.
My loan to value would be less than 50%
I am looking at changing over to the aib variable rate of 2.75% which will allow me to make extra payments and they will also give €2000 cash back .
The balance of the BOI mortgage is 140000 at the moment. I rang bank of Ireland and the break fee to break out of the five year fixed is 2800 and the fee to pay off a bulk amount of 25000 is 500.
I havent looked into the cost of solicitors fees to change from one bank to another.
A few questions.
1. Is it worth paying off the 25000 from bank of ireland with the fee of 500e
2. Is it worth breaking the BOI fixed and changing over to AIB -would I save money or would it cost money?
3. What does the BOI break fee depend on - Someone on the forum said it depends on the EURO Bank rate - where can I see this rate and what way should this be in order to make it cheaper for me to break from the mortgage.