mortgage query , 5 year fixed

T

the vicount

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hi all , just wondering could somone shine some light on this for me as ,its not one of my strongest areas .
im comin out of a 5 years fixed in 2 months with a rate of 4.99%, i also had a kinda top up but it was like seperate mortgage account with rate of 4.99% also .
it was pretty silly at the time , but hey , they were just chucking money at you.
just wondering can anyone shine some light on what to do ?


  • can i join up the two accounts in august an try get better rate from them ?
  • would i be better just leaving this orginisation altogether an see what others can do for me
  • do i go back into fixed for another 5 -10 years?

  • do i go variable ?
prob owe the bones of 230,000 between the two accounts , but am hoping to cut term from 40 years down to 30 or 25 , thankfully my finances are little bit better now than when i bought originally .

would really appreciate the advice from people in the know , and thanks in advanc
 
Dont know about joining up the two accounts but dont really see the benifit of doing this.

Leaving the organisation will depend on your LTV. You are probably stuck with them

FIxing may not be an option now depending on the lender

I would cut down the 40 years alright as that is a complete killer interest wise.
 
I moved from PTSB,and June will be my first repayment,so it is possible.
I moved due to the very high rates having come out of a five year fixed,and like the OP I had a two prong mortgage,with some of it being on interest only for five years the rest was then back to a very expensive variable rate.
The fixed rate with PTSB was beyond belief!
The only issue I found was trying to get the remainder of the interest only term,ie; been on it for two years and had three left..all mortgage lenders said they would allow this after one year of payments.
Im now on a three year fixed rate with KBC,and on the interest only portion,Im now paying both interest and capital with the option to go back to interest only next year.
Either way the repayments for both are still CHEAPER than the variable rate with PTSB.
I did go to a broker..dont think it would have made much difference really,apart from the fact that the broker was very efficient and they did all the communication between me and the banks..
 
thedaras, I moved from PTSB,and June will be my first repayment,so it is possible
Click to expand...

Unless you have a good enough loan to value (which I suspect the OP does not have), its not really possible.
 
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