Moving Mortage (Recent First Time Buyer)... help

Hello,

I bought a house last year but only recently completed (moved in 3 months ago). At the time it was a rush job to get paperwork sorted out so went with EBS. Now a year later a few things have happened:

1) Interest rates are rising (I'm on variable)
2) House value has increased so that my LTV is now <75%

So at the moment I'm paying standard 4.25% variable with EBS

I am currently thinking of switching to Bank of Scotland Ireland who are offering the following:

2 year discount 3.45(3.95APR) and then 4.00(3.95APR) thereafter...

I would like to remain variable for now (as I have SSIA coming early next year that I would like to pay into mortgage)

I mentioned this to EBS but the best they can do is give me the tracker option now that my LTV has changed and offer 3.99(4.10APR)

Is this a wise move ?

What are the hidden costs...

Any help/info appreciated

-Alan (confused)


Also one thing I have always wondered is : Is it possible to get a breakdown of what you pay each month in terms of interest and principal .. would different lenders spilt in different ways ?

One thing to note is that BOS are really strict. They do not accept guarantor's on mortgages and your monthly mortgage repayments need to be down around the 35%/40% of your disposable income, otherwise they won't even talk to you.

But that said, I would move if I was you. I'm sure you've been reading the reports about EBS recently and their 'bad value' mortgages. Anyway, the BOS deal is great alright, as I said, I'd switch if I was you.

The EBS rate of 3.99 seems good. You wont have the added cost of legal and valuation fees if you remain with EBS.

Thanks for the response...
I should be ok on those grounds.. Even though i'm a first time buyer I had been saving for a while so started with an 85% LTV...

Its just that even for these 2 years starting out where there is a lot of other expenses .. the difference between 4.25 and 3.45 is massive...

The skeptic in me is sure there is something hidden here..

Whats the skinny with Solicitor fees.. I know these can be quite big.. what does BoSI do w.r.t. these ?

-A

aloleary said:

Whats the skinny with Solicitor fees.. I know these can be quite big.. what does BoSI do w.r.t. these ?

Click to expand...

They offer to pay for some or all of your legal bills, but they claw this back if you move within 5 years.

What was your original LTV?

My original LTV was somewhere like 87 or something like that.. above 85 but below 90... I was basically I had saved a lump sum and I wanted to pay as much deposit as I could ..

-A