Hi there,
We are currently looking into switching mortgage provider! We had a fixed mortgage with EBS for the past 9 years. Fixed term is up in April 2020! Our currently rate is 4.85%!!! We took a gamble and it didnt pay off! However I don't want to get caught again so looking for some advice on which bank to go to!
We bank with AIB and they have a 2000e cashback offer with free bank fees for life at the moment! It sounds very attractive. The variable rate is 2.75%. We have been saving money over the past 10 years so this our current plan:
We owe almost 20k to the credit union at a rate of 7.1%. Between now and april we are going to pay that off. This would mean we would have no other loans. I have about 500e of credit card currently but will clear them before we go for the mortgage. Husband has a car loan but that is also up in april so minimal amount owing on that! So hopefully all going well we will only have the mortgage left by April! We will owe around 108k on it by April and hopefully will have 8k left to round down the new mortgage to 100k. Hoping to borrow the money over 10 years and then overpay on it for as long as we can!
New mortgage payment will be higher but we will keep paying the credit union money to clear the mortgage. Our home is worth anywhere between 400-450k. We have 2 young kids and both work in PAYE jobs and will both be 35 our next birthdays so should meet approval criteria!
We have life cover separately.
My question is is there anything else I need to factor in? Should I shop around to other banks? Any advice would be appreciated!
We are currently looking into switching mortgage provider! We had a fixed mortgage with EBS for the past 9 years. Fixed term is up in April 2020! Our currently rate is 4.85%!!! We took a gamble and it didnt pay off! However I don't want to get caught again so looking for some advice on which bank to go to!
We bank with AIB and they have a 2000e cashback offer with free bank fees for life at the moment! It sounds very attractive. The variable rate is 2.75%. We have been saving money over the past 10 years so this our current plan:
We owe almost 20k to the credit union at a rate of 7.1%. Between now and april we are going to pay that off. This would mean we would have no other loans. I have about 500e of credit card currently but will clear them before we go for the mortgage. Husband has a car loan but that is also up in april so minimal amount owing on that! So hopefully all going well we will only have the mortgage left by April! We will owe around 108k on it by April and hopefully will have 8k left to round down the new mortgage to 100k. Hoping to borrow the money over 10 years and then overpay on it for as long as we can!
New mortgage payment will be higher but we will keep paying the credit union money to clear the mortgage. Our home is worth anywhere between 400-450k. We have 2 young kids and both work in PAYE jobs and will both be 35 our next birthdays so should meet approval criteria!
We have life cover separately.
My question is is there anything else I need to factor in? Should I shop around to other banks? Any advice would be appreciated!