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Mortgage Repayments

  • 27-12-2017 5:01am
    #1
    wotzgoingon
    Registered Users, Registered Users 2 Posts: 14,309 ✭✭✭✭


    I'm not up to date on mortgages or how they work and lack of sleep etc... so excuse the stupid question.

    My mortgage which I took out 12 years or so ago used to have a lot higher monthly repayments then after 5 or 6 years it dropped by at least €200 and stayed the same since. Anyone know how that happened or why or is it the type of mortgage I was on? The other reason i am asking is I'm wondering will it drop again? As it would be nice to have lower monthly repayments.


Comments

  • #2
    AGC
    Closed Accounts Posts: 2,648 ✭✭✭AGC


    You more than likely took out a fixed rate at the start for a set period of 5 years then went on variable


  • #3
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    It would have dropped because the rate you were on dropped. Possibly because you were on a fixed rate that expired.

    I don't mean offence but you seem very uninformed about what is likely the biggest financial commitment of your life, i think you should go and get some proper financial advice to make sure you're on the best rate available.


  • #4
    wotzgoingon
    Registered Users, Registered Users 2 Posts: 14,309 ✭✭✭✭wotzgoingon


    That's more than likely it. I should have really paid attention to what I was getting into etc.. I was pretty young at time and wasn't really listening to what they were saying.


  • #5
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    wotzgoingon wrote: »
    That's more than likely it. I should have really paid attention to what I was getting into etc.. I was pretty young at time and wasn't really listening to what they were saying.

    Even more reason to get some advice to see where you stand. You could start with the bank that mortage is held with, you won't be charged for them to review what you have


  • #6
    wotzgoingon
    Registered Users, Registered Users 2 Posts: 14,309 ✭✭✭✭wotzgoingon


    368100 wrote: »
    Even more reason to get some advice to see where you stand. You could start with the bank that mortage is held with, you won't be charged for them to review what you have

    It's actually pretty reasonable each month and with Ulster bank. I never paid the likes of which they have to pay in Dublin or other cities around the country but like everyone else I over paid for my house. I see houses in my town for sale with same number of bed rooms and they are for sale less than I paid.


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  • #7
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    wotzgoingon wrote: »
    It's actually pretty reasonable each month and with Ulster bank. I never paid the likes of which they have to pay in Dublin or other cities around the country but like everyone else I over paid for my house. I see houses in my town for sale with same number of bed rooms and they are for sale less than I paid.

    It might be but none of that addresses the fact that there could be a lower rate available which would reduce your payments. Pointless paying more interest than you need to, but hey its just my advice.....up to you


  • #8
    wotzgoingon
    Registered Users, Registered Users 2 Posts: 14,309 ✭✭✭✭wotzgoingon


    I got last years mortgage statement this years hasn't come and I was paying 1.05% last year so I doubt I will get any lower than that.

    The only reason I asked the original question was I was wondering how it dropped back then by a substantial amount and was wondering if it would happen again but it obviously will not and as I said it is quite reasonable but like everyone it would be nice to have extra money each month if it were to drop again which it will not which I now know.


  • #9
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    wotzgoingon wrote: »
    I got last years mortgage statement this years hasn't come and I was paying 1.05% last year so I doubt I will get any lower than that.

    The only reason I asked the original question was I was wondering how it dropped back then by a substantial amount and was wondering if it would happen again but it obviously will not and as I said it is quite reasonable but like everyone it would be nice to have extra money each month if it were to drop again which it will not which I now know.

    That's a tracker rate. Would have dropped when ECB reduced the base rate. I wouldnt be expecting any rate rises for a while but certainly not any drops either.

    Advice remains to get advice given recent tracker developments


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