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mortgage options?

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  • 01-12-2010 11:15am
    #1
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭


    hi everyone

    i currently have a mortgage with AIB, fixed rate finishing in dec. On the web i see that BOI have better rates, has anyone any experience of switching? do the solicitiors fees ammount to a large ammount? i presume there are all kinds of hidden fees


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    mickman wrote: »
    hi everyone

    i currently have a mortgage with AIB, fixed rate finishing in dec. On the web i see that BOI have better rates, has anyone any experience of switching? do the solicitiors fees ammount to a large ammount? i presume there are all kinds of hidden fees

    ok the first thing you need to consider is if your loan to value ratio (LTV) would be considered by other banks. For instance most banks will take you on if your current mortgage is 80% or less than current market value of the property. If you dont meet this criteria then no point in considering going further. Some banks may be a good bit lower than this ratio.

    There would be penalties from current lender to get out and also some solicitors fees. Some banks used to offer incentives to switch such as paying a certain amount of the solicitors fees.

    What value is your property and your current mortgage amount.


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    #3
    solerina
    Registered Users Posts: 2,435 ✭✭✭solerina


    I am also very concerned about my mortgage at the moment, I am on a variable rate....I am hearing all kinds of horror stories of potential interest rate rises....I know is all a guess at this stage but I am wondering what do people think is likely to happen ??? I was fixed for 3 yrs but that ended last march....and had cost me quite a bit before it came off the fixed rate as the variable was a lot lower....I am worried !!!


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    #4
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    solerina wrote: »
    I am also very concerned about my mortgage at the moment, I am on a variable rate....I am hearing all kinds of horror stories of potential interest rate rises....I know is all a guess at this stage but I am wondering what do people think is likely to happen ??? I was fixed for 3 yrs but that ended last march....and had cost me quite a bit before it came off the fixed rate as the variable was a lot lower....I am worried !!!


    yeah i hear the same stories but to be honest most people are usually wrong in their "predictions" so does that mean that rates wont go up much. i think they will defo go up once or twice next year in ireland due to the banks wanting to increase profits etc so i think a nice 3 year fixed might be a good idea

    to be honest my fixed rate for the past 3 years was so high that whatever rate i choose i will be saving !!


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