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Currently the best re-mortgage tracker rate?

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  • 29-03-2006 8:42am
    #1
    SDunne4
    Registered Users Posts: 57 ✭✭


    Hi all, I want to re-mortgage to consolidate my existing loans into one and i was wondering what mortgage lender currently has the best option.
    I have looked at Bank of Scotland-Ireland and they are offer a discount rate of 2.9% APR for two years and a tracker rate 1.25% within the ECB there after. This sounds very tempting?

    My house initial mortgage was 170,200 euro and the current house value is 245,000 euro. I am looking to free up 40,000 euro for existing debts.

    Any suggestions, alternatives?

    Thanks in Advance!! :D


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    #2
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,215 Mod ✭✭✭✭godtabh


    There was many articles in last weeks papers saying that its a bad idea to use your mortgage to pay off short term loans as you pay more over the long term.

    If you are in debt and are struggling there is an organisation that can help you out and talk to your lenders to try and reorganise your debts into something manable. But for the life of me I cant remember their names. It was in last Wednesdays Indo as far as I can remember.

    There is a money section (here)that might be able to give more detail on it (and probably better advice)


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    #3
    SDunne4
    Registered Users Posts: 57 ✭✭SDunne4


    Thanks for getting back to me. Bank of scotland told me that i could use a split term which sounds good as i would pay the extra i get on the mortgage over ten years.

    I don't think the link you posted is correct can you post it again

    Thanks again


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    I have an offer from NIB here of 3.25% fixed for 2 years and then tracker at ECB +.75%

    The actual offer you get from a lending institution will vary from the rate they may be willing to offer another person depending on 1. Equity to loan ratio, 2. Previous borrowing history, 3. Perceived ability to make stress tested repayments 4. Principle residence or buy-to-let property - etc. etc. etc.

    Do shop around, there are a few nice surprises on offer. You have a lower interest rate fixed for 2 years than I have been offered, but the tracker component of mine is much lower than yours. Swings and round-abouts.


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    #5
    SDunne4
    Registered Users Posts: 57 ✭✭SDunne4


    smccarrick wrote:
    I have an offer from NIB here of 3.25% fixed for 2 years and then tracker at ECB +.75%

    This sounds like a much better deal to me in the long run ECB + 0.75% would be great if i could get it, i'll give them a ring, thanks:)


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    #6
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,215 Mod ✭✭✭✭godtabh


    Link fixed. Should've been pointing to the money and finance forum


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    #7
    Lex Luthor
    Registered Users Posts: 11,220 ✭✭✭✭Lex Luthor


    I'm with AIB for 3.45% tracker rate. Only the fact my mortgage will be paid off in August, I'd move it.


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