dereko1969
Registered User
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We are looking to get better value on our mortgage but we will also in the next 12 months be looking to do a big renovation on our house.
Currently with AIB at 3.15%
Mortgage €243,000
House Value €550,000 (could be closer to €600,000)
Remaining years: 17
AIB won't allow us to move to the <50% because when I took out the mortgage (8 years ago) I took a <90% mortgage.
Want to switch to BOI and fix for 5 years to avail of the extra 1% cashback.
However to mess things up we've decided to do a big renovation that we'd like to borrow an additional €150,000 to do (likely cost closer to €200k but we'll put in our own savings for the rest).
What's the best approach?
Currently with AIB at 3.15%
Mortgage €243,000
House Value €550,000 (could be closer to €600,000)
Remaining years: 17
AIB won't allow us to move to the <50% because when I took out the mortgage (8 years ago) I took a <90% mortgage.
Want to switch to BOI and fix for 5 years to avail of the extra 1% cashback.
However to mess things up we've decided to do a big renovation that we'd like to borrow an additional €150,000 to do (likely cost closer to €200k but we'll put in our own savings for the rest).
What's the best approach?