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Mortgage Rates

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  • 12-09-2006 11:13am
    #1
    squire1
    Registered Users Posts: 730 ✭✭✭


    I've just received notification of an increase of my mortgage interest rate. I have up to now been on a 2.5% first year discount rate. I have a mortgage of about €200,000 and a Loan to Value ratio of under 30%. The bank are offering me a tracker rate of 4.25%. Does this seem like a crap offer? Can anyone suggest which banks would be best to talk to about changing my mortgage. What would this cost me. I'm going to ring my current bank to see if they can offer a better rate but I would not hold out too much hope. I'm a bit of a mortgage idiot so any advice would be appreciated.

    Thanks


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    #2
    Paulw
    Registered Users Posts: 13,381 ✭✭✭✭Paulw


    Actually, those rates don't seem crazy. You might be able to haggle with them and get the tracker down to 4.20% if you do well but you may not be able to get any better. Browse online, make some calls, call a broker, but in the end, it's not a bad deal. You may not even save anything by moving your mortgage.

    I'll be in a similar situation soon, since my 1year fixed mortgage will expire, and I can either change it to another fixed, a variable or a tracker mortgage.


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    #3
    bullrunner
    Closed Accounts Posts: 383 ✭✭bullrunner


    check out primafinance.ie or rea...they should be able to advise on a better rate for you and which lenders will pay legal fees to move your mortgage


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    #4
    squire1
    Registered Users Posts: 730 ✭✭✭squire1


    I checked out todays finance section in the Indo and 4.25% seems standard for trackers but it does say that better rates are available depending on LVR and loan amount. I guess I'll shop around and see what I get. I checked out the AIB website and they are offering 3.96% for one year rising to 4.02% (obviously will rise if ECB rates rise in meantime). I don't know what conditions are attached to that except it is for LVR of up to 60%. I also submitted for a quotation from Prima and Rea so I'll see what they come back with.

    Thanks


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    #5
    squire1
    Registered Users Posts: 730 ✭✭✭squire1


    Update:

    I've just been offered ECB + 0.79% from NIB. This is not an introductory offer. They also pay €600 towards solicitor fees. Anyone know of any hidden catches in this deal although it seems fairly upfront.


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    #6
    sweetie
    Registered Users Posts: 9,791 ✭✭✭sweetie


    squire1 wrote:
    Update:

    I've just been offered ECB + 0.79% from NIB. This is not an introductory offer. They also pay €600 towards solicitor fees. Anyone know of any hidden catches in this deal although it seems fairly upfront.


    I think that rate is only for ltv of 60% or less. Also they offer extra 400 euro if you also move your current account to them.


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