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Mortgage Switch Calculation

  • 25-04-2022 3:52pm
    #1
    superd1978
    Registered Users Posts: 124 ✭✭


    Hi All,

    Im trying to get some financial context around switching mortgages.

    My property is worth circa 480K, with approx 220k on the mortgage.

    Im with BOI currently, just come out of a 2 year fixed rate of 2.9%.

    Im not sure whether to go for a lower fixed rate i.e. 1.95%, with no cashback, or say 2.5% with cash back.

    So what Im trying to be clear on, over say 2-3 years, based on my figures, is .5% difference in interest rates anything substantial, that would offset say 2-3K cashback?

    Any other general pointers on switching very much welcome also :)

    Thanks guys.



Comments

  • #2
    Browney7
    Registered Users, Registered Users 2 Posts: 3,100 ✭✭✭Browney7


    https://www.boards.ie/discussion/2058243165/mortgage-switch-calculation

    Have a look at bonkers.ie and see what the repayment is for different fixed durations with different lenders and compare the calculated monthly repayments versus the cashback. Avant money have some great rates (is 7 year fixed at 1.95%) so don't feel wedded to BOI although I can understand the rationale in wanting to deal with a pillar bank.



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