Hi,
We are looking at doing some home renovations with cost c. 50k. We have a mortgage with PTSB. I was looking at taking about 30k of that from a loan but realised that I can get a better interest rate of 4.7% variable as a top up loan from PTSB.
Our mortgage is about 60% LTV and fixed for 3 more years. If we take a 30k loan it may mean we are still above 60% LTV when refixing so ideally we would overpay the variable top up loan to ensure we are less than 60% LTV for better interest rates.
Does anyone have experience with a PTSB top up loan? Do you need solicitor involvement and expenses that would occur or is it simple enough like a personal loan which is our other option?
Also in 3 years time we would be looking at refixing or switching mortgage provider depending on interest rates available at that time. Can you switch mortgage provider with an active top up loan?
We are looking at doing some home renovations with cost c. 50k. We have a mortgage with PTSB. I was looking at taking about 30k of that from a loan but realised that I can get a better interest rate of 4.7% variable as a top up loan from PTSB.
Our mortgage is about 60% LTV and fixed for 3 more years. If we take a 30k loan it may mean we are still above 60% LTV when refixing so ideally we would overpay the variable top up loan to ensure we are less than 60% LTV for better interest rates.
Does anyone have experience with a PTSB top up loan? Do you need solicitor involvement and expenses that would occur or is it simple enough like a personal loan which is our other option?
Also in 3 years time we would be looking at refixing or switching mortgage provider depending on interest rates available at that time. Can you switch mortgage provider with an active top up loan?