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Sorting Parents Mortgage

  • 24-01-2008 10:39pm
    #1
    Tony255
    Registered Users, Registered Users 2 Posts: 420 ✭✭


    Hi All,

    While trying to sort my own mortgage i asked my parents what rate they were paying and i got the obvious reply "no idea" i checked the last letter that they got from first active and it said that their rate was being increased to 5.59 this seems a bit excessive to me the outstanding amount is about 25k. Any idea how i should approach this with first active i know it may only save about €10 a month changing rates but i would prefer that money to be in their pockets rather than the banks.

    Rgds
    Tony


Comments

  • #2
    patrickolee
    Closed Accounts Posts: 890 ✭✭✭patrickolee


    u could check out www.mortgages.ie.... I'm not sure how worthwhile it would be switching though, with the amounts being so small. Legal fees for switch might be prohibitive? Costs nothing to talk to them anyway I guess.


  • #3
    BobbyD10
    Registered Users, Registered Users 2 Posts: 620 ✭✭✭BobbyD10


    That rate tends to be the highest rate a bank will tend to charge. Give them a ring and you are guaranteed to get a better rate, could be as much as .7% off the current rate.


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