considering switching mortgage

scary

Hi all,

I currently have a mortgage of 257k over 35 years with first active, fixed for 5 years at 5.2% with 4 years left and 34 years left on term which reverts to a tracker of ecb +1.15% after the 5 years.

My dilema is should I switch to BOI and 3.4% variable over 25years with the same monthly payments I have now which are managable and a new mortgage of 264K(includes breakage fees of 7K) or stay with FA. I will have 2 loans cleared in the 4 years i am fixed which i could then start over paying to reduce term when I revert to the tracker.

I have no idea how to work out which i would be better off with. Any help and advice appreciated.

Cormie

stepbar

scary wrote: »

Hi all,

I currently have a mortgage of 257k over 35 years with first active, fixed for 5 years at 5.2% with 4 years left and 34 years left on term which reverts to a tracker of ecb +1.15% after the 5 years.

My dilema is should I switch to BOI and 3.4% variable over 25years with the same monthly payments I have now which are managable and a new mortgage of 264K(includes breakage fees of 7K) or stay with FA. I will have 2 loans cleared in the 4 years i am fixed which i could then start over paying to reduce term when I revert to the tracker.

I have no idea how to work out which i would be better off with. Any help and advice appreciated.

Cormie

This is an important question which, were you go to any bank, they would need to know the answer to.... What is the current value? Because if the LTV is anything over 92%, I would say forget about being able to move (unless you are in the very small minority who would still qualify for a 100% mortgage). If you are in negative equity, there is absolutely zero chance. Sorry.

scary

Hi,

House is valued at 295K at the moment but dropping fast