On ECB tracker .79

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dodo

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I have a home mortgage of 152K with NIB since Feb 06, house value 450K. My tracker rate is .79 .I have seen here that tracker is now .50 with NIB. Before I ring what are my options. Should I be getting the .5 tracker rate.Thanks
 
On ECB tracker .79
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Are you sure about the ECB + 0.5% offer? ECB + 0.79% is the cheapest tracker listed [broken link removed] at the moment. If they do have a better rate and you meet any qualifying criteria (e.g. LTV and loan size etc.) then go for it!
 
A margin of 0.50%(0.6% apr) is applied to the first portion of the loan up to 50% LTV
A margin of 0.60%(0.7% apr) is applied to the next portion of the loan up to 60% LTV
A margin of 0.80% (0.9% apr)is applied to the final portion of the loan up to 80% LTV.
Clubman I seen this in best deals on this homes and morgages,so I thought where it said .50% was the rate if not what is it , thanks
also is it straight forward to stop paying an interest only mortgage to pay captipal and interest instead, fixed rate up in feb for interest only then want to pay Cap and interest thanks

ClubMan said:
Are you sure about the ECB + 0.5% offer? ECB + 0.79% is the cheapest tracker listed [broken link removed] at the moment. If they do have a better rate and you meet any qualifying criteria (e.g. LTV and loan size etc.) then go for it!
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You will qualify for their lowest rate of ecb + 0.5% with your LTV which is below 50%. You will have topay a valuation fee to get it formally revalued - but this should be no more than €200.
But - you mention that your "fixed rate is up in Feb" - so it sounds like you are not on a tracker at the moment but a fixed rate interest only?
I would recommend you start paying the capital back as soon as possible - talk to NIB and move on to the 0.5% LTV tracker and onto a repayment mortgage asap.
 
dodo said:
A margin of 0.50%(0.6% apr) is applied to the first portion of the loan up to 50% LTV
A margin of 0.60%(0.7% apr) is applied to the next portion of the loan up to 60% LTV
A margin of 0.80% (0.9% apr)is applied to the final portion of the loan up to 80% LTV.
Clubman I seen this in best deals on this homes and morgages
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I'm assuming that the NIB website is more authoritative/up to date that any best buys list here. Maybe I'm wrong?
so I thought where it said .50% was the rate if not what is it , thanks
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Yes - ECB + 0.5%. But I have no idea if NIB offer this right now and it's not mentioned on their website.
also is it straight forward to stop paying an interest only mortgage to pay captipal and interest instead, fixed rate up in feb for interest only then want to pay Cap and interest thanks
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Contact your lender.
 
NIB are still offering the "LTV" rates as low as ECB + 0.5% - it's just mot listed under with the "normal" rates. You have to go to the LTV Mortgage calculator to get the full story. see [broken link removed]
 
I had a NIB Tracker ECB + .79 and was able to get an internal switcher to ECB + .5% without a revaluation, my LTV is 20%. It would appear your local manager has some discretion on this, its worth asking.
 
irishlinks said:
NIB are still offering the "LTV" rates as low as ECB + 0.5% - it's just mot listed under with the "normal" rates. You have to go to the LTV Mortgage calculator to get the full story. see [broken link removed]
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Thanks for the clarification on that.
 
I too moved from ECB +0.79 to ECB +0.50 with NIB.

It took a few calls, I filled in a long form, had an appointment, no big deal.

No valuation required. The mortgage guy used his discretion and bumped up the value a few grand from the price I'd paid a year or two ealier.


ECB+0.50% with fortnightly repayments: best mortage on the market!!
 
The fixed rate is on an investment house, PROTOCOL WHY IS FORTH NIGHTLY THE BEST
irishlinks said:
You will qualify for their lowest rate of ecb + 0.5% with your LTV which is below 50%. You will have topay a valuation fee to get it formally revalued - but this should be no more than €200.
But - you mention that your "fixed rate is up in Feb" - so it sounds like you are not on a tracker at the moment but a fixed rate interest only?
I would recommend you start paying the capital back as soon as possible - talk to NIB and move on to the 0.5% LTV tracker and onto a repayment mortgage asap.
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Just on to NIB and will meet them tomorrow, they said I would be entitled to get the .5 rate thet said it is a new product.I asked them would it not automatically go on to the .5 product when it was introduced and they said no.I told him I only found out throught AAM and he said that is where he gets alot of info himself.
Only if you ring up and ask if their are any better deals going tha tis the way to find out he said.
So well done Brendan and AAM
 
dodo said:
The fixed rate is on an investment house, PROTOCOL WHY IS FORTH NIGHTLY THE BEST
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Fortnightly is better than monthly because you are chipping away at capital more regularly/quickly and so reducing your interest bill. Daily is even better if your lender calculates interest daily. This is the principle on which current account/offset mortgages are based. You can sort of model the fortnightly versus monthly repayment strategy in Kael Jeacle's mortgage calculator (read his notes though) to get an idea of the long term effects in terms of reducing overall iterest costs of the former over the latter.
 
dodo said:
Just on to NIB and will meet them tomorrow, they said I would be entitled to get the .5 rate thet said it is a new product.I asked them would it not automatically go on to the .5 product when it was introduced and they said no.I told him I only found out throught AAM and he said that is where he gets alot of info himself.
Only if you ring up and ask if their are any better deals going tha tis the way to find out he said.
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It's not unusual for this to happen - i.e. new/better rates to come along without lenders informing existing customers who qualify for them. It's obvious why they do this and depend on customers finding out for themselves and coming calling! Well done - good work!
 
Hear, hear. I'll be happy to refer to this thread in the New Year when my three-year fixed rate (@3.45%, sigh...!) expires and by default they move me onto the standard variable of 5.34% (APR 5.49%).
 
dodo, when you meet them tomorrow about ECB +.5% on your PPR, ask for the same deal on your investment property in Feb, they wont give it on an investment property but can offer you standard variable less .4% that would be 4.94%,very good for an investment property, but only if you ask.
 
I did three things:

Switched from 0.79 to 0.50 tracker.
Moved to fortnightly payments.
Increased my repayment over the min.

Result: cut 3 years off a 20-year mortgage.

Great value!!
 
I have now change to the .5 above ecb rate, and if invest house is 80% less than loan then will have 5.19 instead of rate as of today 5.34, more reduction if loan % is less again, 3 different rates,
I also spoke to him about paying captipal and interest when current fix rate is up in March on investment house which is only interest at the moment. I said sometimes I would be in a position to pay 400 E onto the loan then other months it could b as much as 900E onto the loan including the 1200E that would be interest. I did not want to get stock in having to pay a straight 600E a month on top of the captital. So I will go onto a varible and current rate is over and stay with interest only, but each month I will add roughly 500 E a month.
 
Thanks for the thread, I have 2 options one my brother wants to go 50/50 on my investment house,which I am looking at,
I will be paying of around 30K my home loan which will make it around 120K,
I still get trs on this mortgage,but in the last few years I have more available money due to new job and the like. I have spare around 400-600 a month which I think I should in March pay into investment house, the interest only will be around 1200 and the rent is 1250,so I want to add spare cash to make mortgage smaller, so in 10yrs say house is 450K and mortgage is gone down to 260K from 360K,is this not a good thing to do,
ClubMan said:
Bear in mind that there are good reasons to keep an investment mortgage interest only.

Interest only mortgage
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