What kind of mortgage should I get?

C

Calico

Registered User
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Value of current ppr (inherited) : 250k
Cash : 100k

Value of prospective ppr : 425k
Mortgage Required : 75k

Basically, my question is what kind of mortgage and over what term makes the most sense? I will be a first time buyer (current ppr was inherited) so should it be interest only in order to maximise relief? Or 75k spread over the shortest period to clear the balance? Or even invest cash and take out interest mortgage for 175k?

I don't have the arithmetic ability to figure this out!
 
AFAIK, NIB will give you the best mortgage rate currently available on the market with a tracker @ ECB + 0.5%.

Regarding the term, it really depends about your monthly affordability.
There is a Mortgage Calculator here so that you can play with the figures

For instance, €75k at 4.5% over 10 years = €777.29 per month
 

Thanks Is there any point in going interest only?
 
Interest only will obviously be cheaper but (a) it's not usually the best option for owner occupiers as opposed to investors and (b) how will you plan to clear the capital sum borrowed if you did go interest only? This may all be moot since many lenders will not allow owner occupiers to go interest only for the full term of their loan as far as I know.
 
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