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Ltv?

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  • 26-10-2006 5:32pm
    #1
    dubtom
    Registered Users Posts: 3,084 ✭✭✭


    I've been looking at these LTV mortgages from NIB and I'm wondering whats the benifit. If, for example my home is worth 300k and I require a 195K mortgage, thats 65% over 19 years, the repayments are 1200 quid a month, not much less than I'm spending on a tracker mortgage at the minute. Some of the items on the radio I heard talked about a 3 grand saving a year on 'normal' mortgage's.Where's the benifit, well I supose 40 quid a month is a nice saving, but certainly not ground breaking as I've heard it talked about.
    I should add that I initially thought of reducing the term of my loan rather than the monthly payments, ie, if the LTV was considerably cheaper I would have tried to go for a 15 or 16 year term rather than a 19/20.
    http://www.nationalirishbank.ie/PersonalHomeHousingLoanTypesLoanToValue


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    #2
    ButtermilkJack
    Registered Users Posts: 632 ✭✭✭ButtermilkJack


    That's exactly what I plan on doing. I have a 40-year mortgage with UB (currently 38-years... I know, what was I thinking :o ). Anyway, I can switch to NIB and drop that to 30-years for only €70 more than I'm paying now. makes sense to me as more of my repayments will be going off the principal this way.

    Not really sure where you would benefit. Maybe because your term is quite low as it is (19-years) that the savings may not be evident in your monthly repayments but rather in your overall interest repayments? If you can I'd go for 15-years and pay the extra few quid a month. Bigger savings in the long run.


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