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Currently the best re-mortgage tracker rate???

  • 28-03-2006 11:29am
    #1
    SDunne4
    Registered Users, Registered Users 2 Posts: 57 ✭✭


    Hi all, I want to re-mortgage to consolidate my existing loans into one and i was wondering what mortgage lender currently has the best option.
    I have looked at Bank of Scotland-Ireland and they are offer a discount rate of 2.9% APR for two years and a tracker rate 1.25% within the ECB there after. This sounds very tempting?

    My house initial mortgage was 170,200 euro and the current house value is 245,000 euro. I am looking to free up 40,000 euro for existing debts.

    Any suggestions, alternatives?

    Thanks in Advance!! :D


Comments

  • #2
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    1.25% is not great.

    I was sure they were offeing a c. 2.7% discount rate which is 0.2% over ECB for an initial period and then 0.9% over ECB

    You can haggle away with them if your LTV is under 50% and if the income multiple of the new mortgage is c 3 x Main income and no more.

    In fact you can haggel with the all, NIB are not too bad these days .

    The main banks can be persuaded to discount heavily off variable if you are a customer, especially if they think you will leave them. I know of one who got an 0.8% over base rate off BoI by ringing them and threatening to leave.


  • #3
    SDunne4
    Registered Users, Registered Users 2 Posts: 57 ✭✭SDunne4


    Sponge Bob wrote:
    1.25% is not great.

    I was sure they were offeing a c. 2.7% discount rate which is 0.2% over ECB for an initial period and then 0.9% over ECB

    You are right but once you are borrowing over 70% of the value of the home this 0.9% figure goes up to 1.25% :(


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