M
mlean
Guest
Quick overview of my current mortgage status. Current mortgage with PTSB.
Mortgage of €305,000 (32 years remaining).
€267,000 of this is at 4.65% variable
€38000 at tracker rate
Personal loans etc : €33,000
Due to recent 1% interest hike and fear of future ECB rate increases I hope to change to a fixed rate with another provider. While currently meeting all payments, finding it a struggle . Could cope with the 1% increase but anymore and think it would be a problem. For re-finance Broker looking for €15,000 extra (not at my specific request).
Terms are;5 year fixed @ 5.5% for 30 years. At pre application stage. Been advised that success hinges on at LTV of about 80% on value of home. Would need €380,000 valuation i think .I am sceptical that the house will be valued high enough to make this. House valued at €380,000 in 2009. The additional money would pay off smaller loans thereby reduce monthly outgoings . However i am worried that this may not be the soundest plan. It would be useful to pay the credit card debt off , as currently that is just dead money- not making any headway paying minimum every month. But given my previous history with debt , obviously i would have to chop it up. Is it not poor financial advice to pay a loan like this off over such a long period? While it is tempting , i wonder if this is the right way to go? New monthly payment is estimated at €1800 (not including mortgage interest relief). Took mortgage out in 2008. Am also worried about the future status of interest relief. Currently on the 22.5% rate of relief (i know that this will not apply to the top up amount). Any significant change in relief would seriously affect affordability. Any advice welcome please?
Mortgage of €305,000 (32 years remaining).
€267,000 of this is at 4.65% variable
€38000 at tracker rate
Personal loans etc : €33,000
Due to recent 1% interest hike and fear of future ECB rate increases I hope to change to a fixed rate with another provider. While currently meeting all payments, finding it a struggle . Could cope with the 1% increase but anymore and think it would be a problem. For re-finance Broker looking for €15,000 extra (not at my specific request).
Terms are;5 year fixed @ 5.5% for 30 years. At pre application stage. Been advised that success hinges on at LTV of about 80% on value of home. Would need €380,000 valuation i think .I am sceptical that the house will be valued high enough to make this. House valued at €380,000 in 2009. The additional money would pay off smaller loans thereby reduce monthly outgoings . However i am worried that this may not be the soundest plan. It would be useful to pay the credit card debt off , as currently that is just dead money- not making any headway paying minimum every month. But given my previous history with debt , obviously i would have to chop it up. Is it not poor financial advice to pay a loan like this off over such a long period? While it is tempting , i wonder if this is the right way to go? New monthly payment is estimated at €1800 (not including mortgage interest relief). Took mortgage out in 2008. Am also worried about the future status of interest relief. Currently on the 22.5% rate of relief (i know that this will not apply to the top up amount). Any significant change in relief would seriously affect affordability. Any advice welcome please?