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refinance

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  • 04-07-2009 9:23am
    #1
    boroughmal
    Closed Accounts Posts: 141 ✭✭


    I have a 500k property mortgage 100k , on interest only interest repayment.
    currently charging 7.5% interest.
    At 59 years old & a limited income I feel i am being sucked dry.
    Can anyone suggest a better company/bank or option ?


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    #2
    KillerShamrock
    Registered Users Posts: 1,393 ✭✭✭KillerShamrock


    7.5% :eek::eek::eek::eek:
    Are you crazy who is charging that interest rate thats madness.
    Hmm as far as im aware some banks are offering 2.75% maybe even lower
    Check this out http://www.mortgages.ie/index.cfm/spKey/home.mortgage_rates.html
    or look at the websites of aib boi and so on they will give you rates.
    Im almost positive you could do better than the rate your on now


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    #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    I'd definitely shop around the other institutions, you've got nothing to lose.

    There are a couple of things I can think of that might affect your ability to switch this mortgage though. Firstly, it's for a very small amount. There have been threads on here before from people finding it difficult to obtain small mortgages on properties. The other thing is your age. AFAIK, most mortgage providers will only allow you to take a mortgage up until retirement age (usually 65) so that might also throw up a few problems. I'm not 100% certain on this though. There's a few posters here who know a lot more about mortgages, so hopefully one of them can clarify this for you.


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    It sounds like the property is an investment property with a rate like that. It's very hard to make a call with such limited information (as what was the money borrowed for? (margin might be higher), is it on a fixed rate or what?)


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    #5
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    Are you sure it's an actual mortgage loan and not just a standard loan secured on housing (as there is a difference)?

    Do you have the original documentation? What was the Purpose of the loan?


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    #6
    dah
    Registered Users Posts: 69 ✭✭dah


    At rate like that I would check all documentation you have and bring it into a Mortgage Brokers.

    On basis of rate your either on:
    1. Long term fixed rate from few years ago
    2. Specialist lender rate with Start/ SBoard/ GEMoney or
    as per last respondent
    3. don't have a mortgage on property but just a loan.

    When you turn 60, Seniors Money is an avenue if you check out their website and see if conditions suits you.


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    #7
    marknoonan1974
    Registered Users Posts: 167 ✭✭marknoonan1974


    If you want to check out a list of current rates go here

    http://www.quoteclub.ie/mortgagerates.php

    another site to compare prices is

    http://www.freetocompare.ie/mortgages


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    #8
    SPIRITGLASNEVIN
    Closed Accounts Posts: 4 ✭SPIRITGLASNEVIN


    Basically sounds like your loan is with a specialist lender , ie Start, GE Money , Nua , Springboard ....

    Some lenders will do up to age 70 and if its only 100k and income is ok you should be able to move it

    Have a few suggestions if you wanna pm me


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    #9
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    SPIRITGLASNEVIN wrote: »
    Basically sounds like your loan is with a specialist lender , ie Start, GE Money , Nua , Springboard ....

    No it doesn't. The person could have a commercial mortgage on a property. The bank could have put a nice hefty margin on the loan. He might have also fixed same. Until the OP comes back with more details we can't say.


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