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Amber08
Guest
Hi there
I’m new to this site and would appreciate some mortgage advice please.
Our current mortgage is an interest only tracker with NIB €100K (equity release on our current home) which has now expired in June 2009.
This was to fund an investment property abroad with 50% down payment and an additional 50% that was due July 2009. The additional 50% is not due until Dec 2010 as building is behind schedule.
NIB mortgage strategy has changed and they will not allow any further borrowings > €100K. The rate that they are now quoting is 3.1% for annuity repayment of €100k which we hope to repay in 12 yrs. Our other option available is with AIB who are currently offering 2.25% for LTV < 50% but we will have to pay legal fees and valuation fee of (€1600 approx) if we are to move to them.
On the basis that we do not require increased borrowings until Dec 2010, what is the best option can anyone please advise?
I’m new to this site and would appreciate some mortgage advice please.
Our current mortgage is an interest only tracker with NIB €100K (equity release on our current home) which has now expired in June 2009.
This was to fund an investment property abroad with 50% down payment and an additional 50% that was due July 2009. The additional 50% is not due until Dec 2010 as building is behind schedule.
NIB mortgage strategy has changed and they will not allow any further borrowings > €100K. The rate that they are now quoting is 3.1% for annuity repayment of €100k which we hope to repay in 12 yrs. Our other option available is with AIB who are currently offering 2.25% for LTV < 50% but we will have to pay legal fees and valuation fee of (€1600 approx) if we are to move to them.
On the basis that we do not require increased borrowings until Dec 2010, what is the best option can anyone please advise?
- Remain with NIB @ 3.1% until next year and see how the land lies with other lenders then.
- Switch to AIB taking the hit of fees and borrowing the full amount required of €135k with surplus funds €35k put on deposit until Dec 2010.