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Re Mortgage

  • 16-11-2004 10:03am
    #1
    jay567
    Closed Accounts Posts: 208 ✭✭


    Hi all,

    I have just completed my first years mortgage and have been advised that my fixed rate is now over. The new rates on offer seem high. What im looking to find out is if its benificial to remortgage with another company to avail of a lower interest rate?
    Any help would be great, cheers!


Comments

  • #2
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    What rate are you on, and with what lender?


  • #3
    Hagar
    Closed Accounts Posts: 16,793 ✭✭✭✭Hagar


    Don't forget to factor in any charges that such a change would undoubtedly attract. :(


  • #4
    smarten31
    Closed Accounts Posts: 74 ✭✭smarten31


    I would just take up the "variable" option


  • #5
    madramor
    Closed Accounts Posts: 324 ✭✭madramor


    tracker mortgages are the only way to go


  • #6
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    would one be able to shift from a 'standard' rate (say, with IIB) to a 'tracker' rate without much trouble?


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  • #7
    threebeards
    Registered Users, Registered Users 2 Posts: 1,040 ✭✭✭threebeards


    jay567 wrote:
    Hi all,

    What im looking to find out is if its benificial to remortgage with another company to avail of a lower interest rate?
    Any help would be great, cheers!

    The reason the rates you're being offered look so high now is because the initial 1 year fixed rate that you were offered was so low in order to get your business. It's hard to say whether it would be beneficial or not without knowing what lender you're with, and what your monthly repayments are. If you're thinking about remortgaging don't forget that you have to involve a solicitor to look after the conveyancing and that isn't cheap. Some lenders use 'Title Insurance' which will keep legal costs to €985. On the other hand, Ulster Bank use Title Insurance but they pay the €985 for you (but you have to use a solicitor from a panel).


  • #8
    jay567
    Closed Accounts Posts: 208 ✭✭jay567


    Hi all,

    Im with Permanent TSB, fixed 1st year rate is now over. The next cheapest offer is Variable @ 3.55.
    My plan was to switch lender to avail of the 1st year low rate, still would save more than 1000 euro i think, once costs dont exceed 1000.

    Am i right, or just dreaming? Any advise welcomed.


  • #9
    threebeards
    Registered Users, Registered Users 2 Posts: 1,040 ✭✭✭threebeards


    jay567 wrote:
    Hi all,

    Im with Permanent TSB, fixed 1st year rate is now over. The next cheapest offer is Variable @ 3.55.
    My plan was to switch lender to avail of the 1st year low rate, still would save more than 1000 euro i think, once costs dont exceed 1000.

    So if your legal fees cost you a minimum of €985 (Ulster Bank excepted), you'll be saving €15 for the year or are you saying that your gross saving would be €2,000 before costs?


  • #10
    jay567
    Closed Accounts Posts: 208 ✭✭jay567


    i think its a little over 2000, before costs.


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