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Moving Mortgage

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  • 04-02-2010 1:11pm
    #1
    tony231974
    Registered Users Posts: 160 ✭✭


    My 3 year fixed term of 5.1% is finishing next month.The bank told me the new rates are as follows 4.7% ver 5.7% fixed 3 years and 6.7% 5 years.
    Are those the madest rates or what?
    Well I was talking to another bank with rates around 3.6 - 3.9%
    BUT said it would be like starting from fresh i.e paying more interest than
    of the capital,the way I did when I started afew years ago.
    Has any one moved their mortgage recently and how do they find it?
    What should I do....


Comments

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    #2
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    When you move mortgage you won't (don't) borrow the same amount again. You will have paid off some capital on the mortgage even if you have only had it a few years. Find out the outstanding balance and the new lender will pay off that balance leaving you with a lower starting point.
    Also - iIf the original mortgage was over 25 years and you have had it for 3 years - then don't get another 25 yr mortgage - get a 22 year one. If you go and get another 25 yr one you will end up paying more in the long term.

    Lowest Mortgage Rates


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