Saved €39,619 - Thanks wexfordman

Sarsfield

I think I owe you a pint!

Based on your thread about mortgages, I decided to check out my options. I phoned my bank (BOI) who immediately offered to review, and reduce, the interest I was being charged. I then phoned Ulster Bank and arranged a meeting for 1 hour later.

I'm delighted to announce that I've been given approval in principle (a formality since I've already got a mortgage which I'm paying with ease), at 3.15% by Ulster Bank.

If I had decided to stick to the original term of the loan I would have saved a mere €23,618.

However, due to the size of the saving, I've been able to reduce the term from 25 to 20 years. with only a small increase on my current repayment

My total saving over the life of the mortgage is an incredible €39,619.

I'll say that again, just in case you think its a typo.

€39,619 saved by making 2 phonecalls!

Don't wait. Phone your lender first thing in the morning. You'll likely save thousands even if you do nothing but ask!

Edited to note that saving has been calculated using Karl Jeacles mortgage calculator

http://www.jeacle.ie/mortgage/eu/

NeVeR

thats nothing compared to what i saved today..

I went to my local shop and a bottel of coke was €1.45

---

But -- wait for it ,, In Dunnes it's only €1.10 -- Now thats a saving

lol..


But really,, It's amazing what you can save,, and it only took a few minutes. and you saved yourself a full year/ year and a half's wages

Sarsfield

I've just realised the correct savings are as follows

No change in term, a mere €14,500

Reduce term to 20 years, €30,165

Hardly worth getting out of bed for

If anyone wants to check, the details are

207K over 20 years at 3.15% vs 207K over 24 years (currently remaining) at 3.6%

I've been celebrating with wine so my maths ain't the best right now I'd forgotten there's already 1year paid on my mortgage (although that was at the discount variable which was 3.1% or thereabouts)

Anyway, I've saved loadsamoney

mike65

Goddamn you Sarsfield! I only clicked this thread cos I thought I could save €39,619 not a piddling €30,165,
which is indeed "Hardly worth getting out of bed for"

Hurumph! :mad:

Mike.

Genghis

I must calculate what I have saved today. My Building Society is today reducing its rate to 3.25% variable, and also introduced a traceker option at the same date. I need more details, but the beauty of it all is that I didn't even need to make the phone calls! EBS are doing it for all their members, new and old.

So yippee for any EBS customers out there.

I will now look into keeping the same repayments, and instead reducing the term by a few years.

Sarsfield

Bank of Ireland has agreed to match the interest rate offered by Ulster Bank. So I might not even need to move my mortgage. True competition at work.

How many people out there are paying thousands upon thousands too much without realising how easy it is to get a better deal?

I guess since the competition is out there its hard to claim a ripoff. If people don't seek savings, its hard to blame the banks (or any retailer) for maximising their profit.

spongebob

almost anybody with a mortgage can haggle a rate of 3 or 3.1%(1-1.1% over base) from a bank, on a tracker basis.

If you have a low LTV that can go as low as 0.8% over base .. currently 2.0% and th e tracker goes up and down with the rate whereas banks rarely drop their standard rates proptly in downcycles

remember it only takes a phonecall to your bank and there are no fees involved.

you can also haggle about your CC rates as long as

1. The card is currently clear or within the 56 day period.
2. Your limit is over 2.5k

They can be easily persuaded to guarantee 10% over base at all times, currently 12% , with a simple phone call.

Thanks again Wexfordman for the reminder

M