Switching to an LTV mortgage - potential savings?

[RMCF]

I am currently on a tracker variable with AIB - to be honest I am one of those people who just pay their mortgage every month and don't take too much interest in % rates etc.

I can switch to an LTV < 50% mortgage if I get a revaluation of my property done, but I was wondering how much I am likely to save every month.

I know it might not be 100% accurate without my current % rate being known, but could some of the experts on here give me a rough guide as to what I MIGHT save.

The literature says that <50% LTV has an APR of 4.67% - so assuming that I am on the standard variable rate, how much would I save on a E84K mortgage.

Thanks

 

[Miles]

Use Karl Jeacles calculator to calculate the savings you can make. Just input the different rates by the various lenders, eg ICS ECB+ 0.65% or Ulster Bank ECB+ 0.75% etc

http://www.jeacle.ie/mortgage/

No ties to any lendor...

 

[RMCF]

Thanks for that.

By my calcs, I would only save 12Euro per month. Bit disappointing.

I found a statement and I am currently on 4.95% - the <50% LTV is 4.67%.

 

[Miles]

Thanks for that.

By my calcs, I would only save 12Euro per month. Bit disappointing.

I found a statement and I am currently on 4.95% - the <50% LTV is 4.67%.

Best in your pocket I suppose, 144 a year times the outstanding years on your mortgage adds up.

As your mortgage is relatively small in the bigger scheme of things, your interest bill wont be that high.

 

[irishlinks]

If you were to go with NIB - their LTV mortgage rate for under 50% Ltv is 4.5%
If your current rate is 4.95 (not the APR) - then you would save 23 euro a month by my calculations. (Or 276 a year) . You might save more in the long run by moving the mortgage and reducing the term or pay some of it off if you can.

 

[RMCF]

If you were to go with NIB - their LTV mortgage rate for under 50% Ltv is 4.5%
If your current rate is 4.95 (not the APR) - then you would save 23 euro a month by my calculations. (Or 276 a year) . You might save more in the long run by moving the mortgage and reducing the term or pay some of it off if you can.

Thanks for the feedback everybody.

I will probably go for the revaluation anyway. Its approx 150E but as you all say it will pay for itself in the short term and then its savings all the way.

I do plan to make the odd lump sum payment perhaps once or twice a year as I can afford so I aim to get the mortgage down as quickly as I can.