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Push out the Mortgage or Not

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  • 06-10-2014 9:51pm
    #1
    bennyc
    Registered Users Posts: 1,907 ✭✭✭


    Just looking for opinions here, currently have a mortgage with around 190K left, we are on a 18 year term. Rate is variable .
    I will have one in college next year so things are tight enough as is but that will ask some questions of us.
    Would it be mad to push out the mortgage to free up a few hundred a month ?
    We have been thinking of this for a while but as it s we will have the house paid for when the kids are gone, would it be better to forget about it and push it out to 30 years or is that just madness.

    Any opinions welcome, cheers.


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    #2
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    bennyc wrote: »
    Just looking for opinions here, currently have a mortgage with around 190K left, we are on a 18 year term. Rate is variable .
    I will have one in college next year so things are tight enough as is but that will ask some questions of us.
    Would it be mad to push out the mortgage to free up a few hundred a month ?
    We have been thinking of this for a while but as it s we will have the house paid for when the kids are gone, would it be better to forget about it and push it out to 30 years or is that just madness.

    Any opinions welcome, cheers.

    What interest rate are you paying and what is value of your property?


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    #3
    bennyc
    Registered Users Posts: 1,907 ✭✭✭bennyc


    Trish56 wrote: »
    What interest rate are you paying and what is value of your property?

    Standard variable of 4.5% and I suppose for property value I would imagine a realistic 250K, although I would imagine it could easily be valued fr 300+


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    #4
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    bennyc wrote: »
    Standard variable of 4.5% and I suppose for property value I would imagine a realistic 250K, although I would imagine it could easily be valued fr 300+

    You could consider remortgaging to a lower rate of 3.99% if loan to value is less than 80% which it is. This would only reduce your repayments by €51 per month, if you extend the term to 25 years it will reduce to €1001.84 and 30 years to €905.99 per month.


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