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am i getting good rate

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  • 07-08-2008 4:57pm
    #1
    maggiemagpie
    Registered Users Posts: 39 ✭


    i have a 25 year mortgage itsprincipal and intrest and variable,i have it 2 years and 3 months the first 2 years were intrest only. now it has changed to the new rate of 7 per cent and its costing me around 1300 euro a month. the house isrented and i hope to sell it when things pick up again. am i paying too much any help appreciated


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    #2
    BobbyD10
    Registered Users Posts: 620 ✭✭✭BobbyD10


    I know rates have gone up the last while, but there is definately better than 7% available out there.

    This may be of help:

    http://www.askaboutmoney.com/showthread.php?t=60328


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    #3
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Certainly sounds like a very bad deal. What is your LTV (Loan to Value - the percentage of the value of the house your mortgage is for - i.e. house worth 400K with a mortgage for 300K is an LTV of 75%)?


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    #4
    uberwolf
    Registered Users Posts: 7,580 ✭✭✭uberwolf


    for example
    http://www.halifax.ie/index.jsp?1nID=94&pID=104&nID=278#tab1

    who aren't even the absolute cheapest in the market afaik


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    #5
    maggiemagpie
    Registered Users Posts: 39 ✭maggiemagpie


    thanks a lot for the help guys must start ringing around


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    #6
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    Did you buy the property to live in and then decide to rent it out or did you buy with the intention of letting? You will only get a home mortgage rate on your principal private residence, otherwise its an investment property at commercial rates.

    You will be lucky to find anyone to refinance this at the moment...


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    #7
    LouOB
    Closed Accounts Posts: 1,181 ✭✭✭LouOB


    maggiemagpie wrote: »
    i have a 25 year mortgage itsprincipal and intrest and variable,i have it 2 years and 3 months the first 2 years were intrest only. now it has changed to the new rate of 7 per cent and its costing me around 1300 euro a month. the house isrented and i hope to sell it when things pick up again. am i paying too much any help appreciated

    :eek:yeah


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    #8
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Yourselves no doubt :rolleyes:

    The rate is probably a RIL (Residential Investment Loan) rate or could be even a sub prime mortgage. You don't give us much to work on OP. My guess is that it's a RIL.


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    #9
    AC Mortgages
    Closed Accounts Posts: 6 ✭AC Mortgages


    What happened my posts????


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    #10
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Deleted. If you want to advertise your website/business on boards.ie, contact the Admins and pay for it.

    Any other advertising may lead to your account being banned.


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