The ask Bandage about mortgages thread

742

Lads you can fix for circa 2% with certain banks. Do not go for anything near 2.8%.

The difference is about €500 a year per €100k borrowed for a 30 year. Even if you have to pay €2.5k to switch, on a €200k mortgage it will pay for itself in 2.5 years.
On a €400k mortgage, it’ll pay for itself in just over a year. For a 5 year fixed rate that means a massive saving for the remainder of the term.
You can either use the savings to spend, or else keep current payment and reduce term of mortgage. Or increase your pension etc etc

Don’t be lazy. If someone offered you €2.5k for a few hours work you’d bite their hand off, well apart from Flatty

2 Likes
743

I can recommend someone who would do it for free, at the tv there you should be able to get a rate of 1.9% - 2%. You can get €5,000 cashback with Haven also which is well worth doing.

1 Like
744

It’s all downhill cycling with Flatty

745

Difference in money you’ll save by switching seems to be massive. It’s not that difficult if your circumstances are ‘normal’.

746

Only plebs need mortgages in the first place. The lords of the manor buy for cash

747

Which ones don’t charge?

748

I just googled no fee broker, rang them up and confirmed they don’t charge.

1 Like
749

Where do they make their money,on the bank side?

2 Likes
750

Yup, banks will pay brokers a commission for each mortgage they sign up. Like a rental agency basically

1 Like
751

I was offered a few different fixed rate options by Ulster Bank (who I am currently with) to change to. Currently I’ve 25 years and 3 months left with an Interest Rate of 3.5%.

  1. 10 Year Fixed with a rate of 2.8%
  2. 2 Year Fixed with a rate of 2.2%
  3. 4 or 5 Year Fixed with a rate of 2.35%
  4. 7 Year fixed with a rate of 2.8%

There is no fee to switch to a different option. I’m leaning towards 3, which woukd save me 1000 per annum without affecting my remaining term.

752

Bizarre. AIB do a LTV mortgage. A valuation costs about 100 euro or less

753

They used to make massive money back in 2005 or so. Lots of them were ex aluminium window salesmen. Same sort of lad/job

1 Like
754

Bizarre alright. Sent out a load of options. Variable/2/3/5/7 year fixed. Nearly all more than we currently pay and LTV over 81. Not budging an inch.

755

I would go 3 if they were my only options. But might be worth looking around also

756

If you’re not paying for it, you’re not the customer, you’re the product

1 Like
757

I have a tracker mortgage with Ulster Bank, I assume whoever buys the mortgage from them can’t shift me off the tracker?

758

They cant

2 Likes
759

My fixed mortgage is up next year. Can i switch to anyone when that is up?

760

Yes. Anyone who’ll have you.

1 Like
761

Who have you been using for it?