Donât be in a rush to pay off chunks of your mortgage, guys. Before you start paying extra off you should have around 12-18 months mortgage payments set aside for an emergency. If you suddenly find yourself without an income the extra youâve paid off wonât stop you going into arrears or get you any sympathy from the bank.
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Dont sweat it. Inflation will look after it in due course. When the mortgage gets under 100k you will forget all the pain. Like childbirth
As soon as you get a chance throw up an oul slide there comparing return from throwing 500 a month extra off the mortgage vs investing in pension (Incl tax concession) returning 3% pa
Only one winner. Its a hugely emotional decision to reduce cheap debt
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Or get income protection?
If you lived in a 2.5k a month property the income protection wouldnt go far
Spoken like a true banking shill.
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Did you switch to BOI for a finish?
Just looking at the major banks giving mortages and not sure which is better:
- 5yr fixed at 2.85% with AIB, no sign up incentives however
- 3yr fixed at 3% with BOI, but 2% cash back straight away and 3% if youâre an existing customer
Tempted to say AIB is better despite unfortunately no sign up offer. I think that 5yrs of knowing it canât go above 2.95% is very tempting. Who knows where weâll be in 3yrs.
Anyone with a more educated opinion on these two?
Not really an educated opinion but we recently fixed for the 5 year 2.85% with AIB. We were already with them but on a higher variable rate. It knocked about 65 quid a month off our mortgage.
Did it mainly for the same reasons youâre outlining. I think someone here mention a 2.3 rate for ulster bank
Ulster are 2.3% but itâs for 2yr fixed term, wouldnât interest me that. Theyâre up to 2.95% on 3yr and 5yr then. They do an incentive of âŹ1500 towards legal fees for new customers but again, not enough of an incentive to go with them for me.
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Does anyone know if you can switch a fixed term mortgage (3 years left of a five year fix) to another house if you move, or do you have to pay the penalty and start afresh??
Im on the 2.85% with AIB. Its a good rate
On a purely maths basis taking the BOI 3% , lodging it into the mortgage to reduce the balance, then fixing for 3 years is best approach
I wouldnât say rates likely to be massively higher than now in 3 years but 
Whatâs involved in switching lads? Is it a full application and property valuation again?
It is.
For ffs, do we have people on 35 year mortgages?
The one line missed from âWear Sunscreenâ is to have your mortgage paid before 50.
I made it at 45.
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It is not. The application if no additional lending is required just needs 3 payslips and six months statements.
Mortgage interest relief for landlords, anyone able to advise how to calculate how much this is worth?
75% of interest on loan plus allowable costs can be offset vs rent
Is there any chance youâd answer my question as well?
We remortgaged and had to go through a whole process again, even though the mortgage sum is a sixth of the price of the house.