Hopefully I'm in the right section and somebody can offer an opinion. I have a split mortgage with BOi. 170k in main mortgage paying 4.15% and 60k wearhouses @ 0%. Apartment is worth approx 360k. I am considering moving split back in because I want to repair my credit ( good record paying current arrangement , for at least 5-6 years). I am also considering moving in next 2-3 years. I just wondered if it's the best thing to do? I could also sell and clear that split without paying interest on it and cash in the equity. Any thoughts?
Should I get rid of split mortgage with a view to trading up after three years?
- Thread starter colako74
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Difficult to say without more information about your overall financial/personal situation. A Money Makeover post might help in this regard.
Where are you going to live if you sell up? Or is it a buy to let? Anyway, much more information needed for people to give any useful feedback.
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Brendan Burgess
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It will cost you about €2,400 a year in extra interest. If you can afford that comfortably, then you should clear it and start the process of cleaning your credit record.
If there is any danger that you won't be able to meet the higher repayments, then you should not do it as it will only make your credit record worse.
Bank of Ireland is the most flexible bank in dealing with people with impaired credit records. If you have been meeting your arrangement and voluntarily end the split, I imagine that this will stand to you when you are ready to trade up.
Brendan
If there is any danger that you won't be able to meet the higher repayments, then you should not do it as it will only make your credit record worse.
Bank of Ireland is the most flexible bank in dealing with people with impaired credit records. If you have been meeting your arrangement and voluntarily end the split, I imagine that this will stand to you when you are ready to trade up.
Brendan