Nomansland
Registered User
- Messages
- 70
Hi,
I purchased a house as a first time buyer in May 2003 and the starting principale on my mortgage was 165600 euros. I started paying my mortgage in June 2003 on a 1 year special fixed rate of 2.95% on a 35 year term. My monthly repayments were 634 euros. When this was up on June 2004 I wnet on to a variable rate of 3.3%. At the same time I requested that my term be reduced to 30 years. I was advised by the bank and independently that I would be better off to keep the term at 35 years and instead to over pay a monthly amount that would be equivalent having a 30 year mortgage. This, I was told would keep my monthly TRS on the interest the same. Now my monthly repayments were 717 euro's per week. When the ECB announced before xmas of a probable hike in rates I looked to fix it straight away to 3 year fixed at 3.49% and I also wanted to reduce the term to 23 years (even though I was ofically on a 35 year term I was paying the equivalent of a 30 year term). The mortgage center told me to get the interest rate fixed ASAP and to worry about the term later, that this could be changed at any time. I have just been in with the bank with a view to getting the term reduced and I also had some questions for them. They were about as useful as tits on a bull!!!!!!!!
I have come away totally confused. When I was on the variable rate I knew I was overpaying monthly to the tune of knocking 5 years of the term of the mortgage. I knew the 63 euros a month I was paying extra was coming straight off the principal. My total monthly payments were 717 euros. Now since I fixed the mortgage at 3.49% I am still paying 717 a month ofically on a 35 year term. How are they coming up with this number?? I cannot work it out. Also is it possible that sme of my monthly payment is going in as an overpayment and therefore am I getting crucified on interest? Also if I want to reduce the term of the mortgage am I foing to get penalised here because I'm on a fixed rate? The bank previously assured me not but to be quiet honest the crowd I'm dealing with don't know their arses from their elbows.
I purchased a house as a first time buyer in May 2003 and the starting principale on my mortgage was 165600 euros. I started paying my mortgage in June 2003 on a 1 year special fixed rate of 2.95% on a 35 year term. My monthly repayments were 634 euros. When this was up on June 2004 I wnet on to a variable rate of 3.3%. At the same time I requested that my term be reduced to 30 years. I was advised by the bank and independently that I would be better off to keep the term at 35 years and instead to over pay a monthly amount that would be equivalent having a 30 year mortgage. This, I was told would keep my monthly TRS on the interest the same. Now my monthly repayments were 717 euro's per week. When the ECB announced before xmas of a probable hike in rates I looked to fix it straight away to 3 year fixed at 3.49% and I also wanted to reduce the term to 23 years (even though I was ofically on a 35 year term I was paying the equivalent of a 30 year term). The mortgage center told me to get the interest rate fixed ASAP and to worry about the term later, that this could be changed at any time. I have just been in with the bank with a view to getting the term reduced and I also had some questions for them. They were about as useful as tits on a bull!!!!!!!!
I have come away totally confused. When I was on the variable rate I knew I was overpaying monthly to the tune of knocking 5 years of the term of the mortgage. I knew the 63 euros a month I was paying extra was coming straight off the principal. My total monthly payments were 717 euros. Now since I fixed the mortgage at 3.49% I am still paying 717 a month ofically on a 35 year term. How are they coming up with this number?? I cannot work it out. Also is it possible that sme of my monthly payment is going in as an overpayment and therefore am I getting crucified on interest? Also if I want to reduce the term of the mortgage am I foing to get penalised here because I'm on a fixed rate? The bank previously assured me not but to be quiet honest the crowd I'm dealing with don't know their arses from their elbows.