Hello all,
First post here looking for some advice.
Purchased a house in Lucan in 2010, have approx 205k left over 25 years. Current value is in the region of 315k.
I am coming to the end of a 2 year 3% fixed term (EBS) and as a result of wanting to trade up to a bigger house in the near future, do not want to fix again.
I have spoken to UB about new mortgage for the trade up and we've been offered a loan amount up to 395k based on our current incomes & outgoings. This would be taking their 5 year 2.2% fixed rate.
The variable rate with EBS is 3.7% which would increase our monthly repayments in the region of €100 per month.
I see AIB are offering a 2.95% variable rate that includes €2000 cash back. After associated costs there would be something leftover and a cheaper monthly payment than EBS on their variable rate.
The trading up process is an unknown for us having not done it before, similarly for switching.
Is there any better options available considering we would like to sell our current & buy a bigger PPR within the next 6-12 months?
Thanks in advance