Mortgage 'value' query?

F

frunzy

Registered User
Messages
59
Hi all,
scenario...
We have €31k home loan mortgage monthly repayments €570 and a top up of €41k monthly repayments €693 with around 5 years outstanding on both they are both with EBS. I have asked them to do a rate review for us but no word from them yet. Is it worth our while shopping around or should we stay put. Our im is to pay both off as quick as possible.
Thanks
 
Two Question for you;

1. What is the rate on both?
2. What is the remaining term?

If you were to refinance both with other lenders for €75k over ,say, 10 years, here are some offers..

NIB Tracker__4.5% ------- €777 p/m
AIB Tracker__4.6% -------€781 p/m
BOSI Tracker__4.7%-------€785p/m

Any other options you need, just ask.

J
 
With those repayment amounts I guess the loans were originally taken out over a short term ? How long was the original mortgage term for ? Can we assume that the value of the house is over 150k?
Would you be in a position to pay off a lump sum on the loans and reduce the term in that way? (If the lender allows you)
 
I forgot to ask - do you know the amounts outstanding on the 2 loans? You mention 31k and 41k - but are these the original amounts or how much is outstanding?
Thanks
 
Hi,
Thanks for replies, the original 20 year mortgage(which has €31k left) was taken out in 1997 for £60,000 on a 2 year fixed so when that expired we decided to keep up the repayments of around £500 or so in order to reduce the term. We topped it up in 2005 by €50,000 over 20 years and and again I asked them to allow us to repay around €500 per month which about halved the term.
 
Hi again,
They have offered us a tracker of 5% on both loans with around 5 years left on both, is this good value? Am I right in saying if we go elsewhere it will cost us a few grand to switch?
Thanks
 
Legal costs and outlays would be(if you amalgamate 2 mortgages into 1) maybe between €600-€850 or less, other outlays including valuers reports etc.. might bring total up to €1.000. Assuming you are not on fixed rates now no other costs involved and much if not all of the legal costs may be paid by the new bank. Check out NIB and AIB to name but two.
 
thanks Johnathon OB for your info, as I said I contacted EBS who have offered me ECB(4%) + 1% and I rang NIB today and they gave me ECB + 0.5%, they said the only costs involved for us would be the valuation of the property which has to be completed by any IAVI member, can I ask the local estate agent who I know to complete this and throw them a few bob(not too much though). Also are there any 'hidden' issues with switching ie what are the chances of rates changing dramatically or NIB doing a Northern Rock on us!!
Thanks
 
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