Switching and LTV >90%

R

ruaneg

Registered User
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Im looking at buying now at 90% LTV and going with a 1yr fixed term so I can switch next year. If house prices go down, I will likely go over > 90% LTV. This means I have no option to switch it seems, and will be stuck. I dont see any mention of this on the forum or elsewhere. Should I just fix long term?
 
More than likely BOI, and buying in Dublin where prices apparently have dropped over the last calendar year.
 
So long as you don't go with PTSB, the other lenders currently make all rates available to existing customers.
So if at the end of 1 year you can't switch lender, you just refix at the best available rate from your lender.
 
cheers @RedOnion :)

PTSB was the other option, so that's very valuable information to me. Much appreciated.

I'm also wondering after one year how much I will have paid back, I assume it will be a couple of % on a 30yr mortgage. So if prices dont budge, I might go down to ~88% LTV. I heard that alot of the first few years payments are interest, which confuses matters for my untrained eyes. I haven't managed to find a decent online calc for calculating these figures.
 
Use Karl's Mortgage Calculator. It has an annuity table that will show what your balance is at the end of each year, and shows how your repayments are split between interest and capital.

Karl's Mortgage Calculator

Mortgage calculator with graphs, amortization tables, overpayments and PMI
drcalculator.com drcalculator.com
 
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