NIB LTV Mortgage

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paddrog

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My 2 year discounted tracker mortgage with BOS finishes this month and Im thinking of moving to the NIB LTV tracker. I think Id fall into the category of a 60% LTV rate. This would work out at 4.6 % interest rate (APR 4.7%). Does this mean I would be paying 60 basis points over the ECB rate for the duration of my mortgage. I know rates are probably rising this month but 60 points over the ECB rate seems outstanding value. Only hidden cost i suppose is the legal fees involved with the change.
Any advice much appreciated.
 
paddrog said:
Does this mean I would be paying 60 basis points over the ECB rate for the duration of my mortgage.
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If the tracker margin is 0.6% then that is what you will pay over and above ECB for the duration of the loan. Unless, if course, you qualify for a further reduced LTV margin at some point in the future.
Only hidden cost i suppose is the legal fees involved with the change.
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Should be. You can estimate the potential savings achievable when comparing mortgage offers using Karl Jeacle's mortgage calculator. You can then factor in other switching costs to see what the net gain is if any.
 
Legal cost for switching shouldn't be more than €1,000 all-in and there's a valuation cost which should be around €130.
 
If you use the same solicitor who did the conveyance of your original purchase, I'm told they won't have to examine the original title documents in qute so much detail as they would have done this the first time around. Not aware of other differences.
 
And for what its worth guys I was with an NIB manager today looking to switch myself and the big carrot was they were paying the legal switch fees ................... or at least they were up until a month ago !!!!!!!

Should have switched months ago, shoulda, woulda, coulda, blah, blah.....
 
You might get the legal fees back in less than a year with the reduced repayments.
Look at the longer term - and if you are switching do it soon because NIB could be putting up rates before too long.
 
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