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Mortgage terms

  • 18-04-2007 9:17pm
    #1
    rsta
    Registered Users, Registered Users 2 Posts: 1,261 ✭✭✭


    I'm on a 35 year mortgage. Although a 30 year mortgage would only increase the monthly payments by about €50.

    Is it possible to change to a 30 year?

    And when can I change it, do I have to wait a certain time?


Comments

  • #2
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    You could probably change it in the morning if you wanted to, although there is paperwork involved.

    Are you on a fixed rate? That might complicate things, but not necessarily.

    Shop around!


  • #3
    rsta
    Registered Users, Registered Users 2 Posts: 1,261 ✭✭✭rsta


    Thanks Victor
    Yes I'm on a fixed rate. 5%. for one year. I thought that was a pretty normal rate..

    But today I heard of someone else who bought recently and is on fixed rate of 3.75%... I didnt think they'd get a rate that low. Wonder if its a 'story'



    Re terms though I'll shop around for switching terms. :) nice one


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    rsta wrote:
    But today I heard of someone else who bought recently and is on fixed rate of 3.75%... I didnt think they'd get a rate that low. Wonder if its a 'story'
    They may have fixed it quite some time ago. It might also be on a loan with a low value to mortgage ratio.

    The problem with dumping an existing mortgage with a fixed rate is you may have to pay for the privilege.


  • #5
    rsta
    Registered Users, Registered Users 2 Posts: 1,261 ✭✭✭rsta


    Ah that would make sense. they actually sold a property recently which was bought about 3 years ago, so that probably helped with the LTV ratio.


  • #6
    patrickolee
    Closed Accounts Posts: 890 ✭✭✭patrickolee


    Do you not usually have to pay penalties to restructure fixed rate mortgages? I know some other bank might pick up the switching tab, but if it's with the same inst. then you may need to pay a fee, if it's within the fixed period? Just working from vague memory when I was looking into getting one... so I could well be wrong.


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  • #7
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    If its moving from 35 year 5% (fixed for one) to 30 year 5% (fixed for one), the bank are actually gaining, so there should be no fee for getting out of the fixed rate, because you are keeping the fixed rate.


  • #8
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    How is the bank gaining? The bank is losing no matter what way you look at it.

    Put the extra 50 euros a month in a deposit account and pay the total into the mortgage at the end of the one-year fixed rate.


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