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Looking for advice on changing bank and reducing mortgage term.

  • 26-02-2020 1:36pm
    #1
    murph226
    Registered Users, Registered Users 2 Posts: 1,385 ✭✭✭


    I am 5 years into a 32 year mortgage, variable at the moment.

    Currently banking with PTSB (mortgage not with them).

    I would like to pay more on my mortgage and reduce the term.

    I'm looking for advice on what to to basically, should I change banks, talk to a financial advisor?

    What options do I have and where should I be looking?


Comments

  • #2
    teamcyclist
    Registered Users Posts: 18 ✭teamcyclist


    Not wanting to sound smart but look at what rates the various banks are offering and book an appointment in the one with most attractive rates? There are plenty mortgage calculators out there too so you can play around with calculations. I'd be surprised if by moving that you don't save money. The only thing that I found when I switched recently is that it took longer than I expected - it's basically starting all over again even if they call it switching!
    Keep an eye on your Loan to Value (LTV) also and it helps if you can get down to the next lower one if you are nearing it.


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