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Can I get a better mortgage deal?

  • 20-08-2018 2:49pm
    #1
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,778 Mod ✭✭✭✭


    I have a small property I bought 14 years ago for 130k - current value about 70k. I must be one of the most unlucky in the country as most others are back by now. There is about 90k left on the mortgage, properly is rented out. Can I get a better mortgage rate? I'm with Bank of Ireland and paying about 4.3% variable I think. Non buy to let mortgage rates are miles cheaper, AIB quoted me way less - but they didn't ask if I was living in it. What are my options?


Comments

  • #2
    G_R
    Moderators, Education Moderators Posts: 5,028 Mod ✭✭✭✭G_R


    Zascar wrote: »
    I have a small property I bought 14 years ago for 130k - current value about 70k. I must be one of the most unlucky in the country as most others are back by now. There is about 90k left on the mortgage, properly is rented out. Can I get a better mortgage rate? I'm with Bank of Ireland and paying about 4.3% variable I think. Non buy to let mortgage rates are miles cheaper, AIB quoted me way less - but they didn't ask if I was living in it. What are my options?

    As you're in negative equity, you're not going to be able to switch the mortgage unfortunately.

    You will be looking for a c.128% loan to value mortgage. No bank will do a personal mortgage for more than 90% LTV, and you would struggle to get a Buy to Let for more than 70% LTV I'm afraid.


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