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Mortgage Rate about to expire - what are my options??

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  • 29-05-2010 4:56pm
    #1
    cjmcork
    Registered Users Posts: 2,354 ✭✭✭


    Ok so, my 5 year fixed rate is about to expire (well in July), so what are my options, can I move provider, if so, what kind of costs are involved????


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  • Options
    #2
    pjmn
    Registered Users Posts: 1,067 ✭✭✭pjmn


    Firstly - your current mortgage provider should write to you before your fixed rate expires outlining what options you have (are you on an option to revert to a Tracker Rate? - if you aren't sure check your mortgage offer or your fixed rate letter of offer)... don't give up a Tracker Option easily if you have one...

    Whether another provider is willing to take over your mortgage will largely depend on two issues...

    a) what your ltv is - i.e. your loan expressed as a percentage of your current property value - the higher it is the less likely another provider will take your mortgage over - if it's over 100% (i.e. your loan is greater than the current value of your property), then I'd say your chances of moving are virtually nil..

    b) assuming your ltv is say below 90%, the second key issue is an assessment of your ability to repay your mortgage - security of your earnings will be a key consideration for a potential new provider...

    c) assuming you come through the first two hurdles, there will be a legal cost in moving - I'm not sure what the actual cost would be - I'd suggest a quick call to a reputable solicitor should give you a quick guide...

    best of luck...

    pjmn


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