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6.70% interest in a mortgage???

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  • 05-01-2010 7:40pm
    #1
    Angel2009
    Registered Users Posts: 44 ✭


    We are currently looking for a mortgage and I was browsing on the internet when I noticed a web address www.start.ie I went to this website and typed in all our details including that we were looking for a mortgage of 100,000 euro. Anyway, it claimed we could only borrow 75,000 euro with repayments over 40 years of 480 odd euro. I calculated this out and found that over 40 years we would havde paid more then 215,000 euro. Is this normal??


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    #2
    Tipsy Mac
    Closed Accounts Posts: 2,559 ✭✭✭Tipsy Mac


    Start have the highest repossession orders granted to them, they basically give mortgages to anyone who has 2 cent to their name but it can turn nasty when you can no longer pay.


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    #3
    JustAddWater
    Closed Accounts Posts: 1,990 ✭✭✭JustAddWater


    and they don't do mortgages on apartments either? What's all that about!


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    #4
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    Angel2009 wrote: »
    We are currently looking for a mortgage and I was browsing on the internet when I noticed a web address www.start.ie I went to this website and typed in all our details including that we were looking for a mortgage of 100,000 euro. Anyway, it claimed we could only borrow 75,000 euro with repayments over 40 years of 480 odd euro. I calculated this out and found that over 40 years we would havde paid more then 215,000 euro. Is this normal??
    On a 40 year term you're going to pay a substantial amount of interest. The following calculator really illustrates this

    http://www.drcalculator.com/mortgage/ie/


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    #5
    Joey the lips
    Registered Users Posts: 10,262 ✭✭✭✭Joey the lips


    I would rather rent for the rest of my life than go with a start/GE or subprime mortage. They are more dangerous than the ICE and that says a lot.

    Think of it this way. If you cannot get a mortage with EBS/AIB/PERMANT TSB/BANK OF IRELAND you are not covered by the protection scheme and will be screwed at the first oppertunity.


    I kid you not on a 25000 mortage I got a variable rate this morning(Mine is due for renewal) of 2.63% if you have one of the amortisation calculators or are on my home thingy put your rate and my rate in and you will crech your kids for the difference( Well nearly)


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    #6
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    Sub-prime lenders are just an up market version of some dodgy Loan shark that will lend you the money, but break both your legs if you miss a payment.


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    #7
    antoinolachtnai
    Registered Users Posts: 9,787 ✭✭✭antoinolachtnai


    I don't think they'll actually break your legs, but they will certainly take immediate steps to recover their money.


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    #8
    oceanclub
    Registered Users Posts: 3,411 ✭✭✭oceanclub


    Angel2009 wrote: »
    We are currently looking for a mortgage and I was browsing on the internet when I noticed a web address www.start.ie I went to this website and typed in all our details including that we were looking for a mortgage of 100,000 euro. Anyway, it claimed we could only borrow 75,000 euro with repayments over 40 years of 480 odd euro. I calculated this out and found that over 40 years we would havde paid more then 215,000 euro. Is this normal??

    Run, don't walk, from these cnuts.

    P.


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