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Mortgage advice

kodoherty93 · 2012-10-30 23:03:45

I have several buy to let properties all of which are fully rented and in good Dublin city locations. All are profitable but I want to built up some savings that I lost during a few bad summers. So I spoke to the bank to restructure the mortgage via the broker that got me the loans. Neither of the house are in negative…

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31-10-2012 12:03am

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kodoherty93

Closed Accounts Posts: 169 ✭✭

Join Date: August 2012

Posts: 163

I have several buy to let properties all of which are fully rented and in good Dublin city locations.

All are profitable but I want to built up some savings that I lost during a few bad summers. So I spoke to the bank to restructure the mortgage via the broker that got me the loans.

Neither of the house are in negative equity but I don't want to sale them. One has 110 months left and they want to expand it by 40 months. The rate is 2.25% which I know is very low. The bank
Is obviously losing money.

However the second house with the same bank has a rate of 5.65 % and barely 7.5 years left and they want to extend it by 110 months meaning cost of credit goes from €35k to €85k.

Should I look for a better deal or this the best offer. Also the broker is putting us under pressure ( calls and emails everyday telling us to sign the paperwork). Although he is a broker could he getting a cheque from the bank for doubling there profits

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