refinance

boroughmal

I have a 500k property mortgage 100k , on interest only interest repayment.
currently charging 7.5% interest.
At 59 years old & a limited income I feel i am being sucked dry.
Can anyone suggest a better company/bank or option ?

KillerShamrock

7.5% :eek::eek::eek::eek:
Are you crazy who is charging that interest rate thats madness.
Hmm as far as im aware some banks are offering 2.75% maybe even lower
Check this out http://www.mortgages.ie/index.cfm/spKey/home.mortgage_rates.html
or look at the websites of aib boi and so on they will give you rates.
Im almost positive you could do better than the rate your on now

Toots

I'd definitely shop around the other institutions, you've got nothing to lose.

There are a couple of things I can think of that might affect your ability to switch this mortgage though. Firstly, it's for a very small amount. There have been threads on here before from people finding it difficult to obtain small mortgages on properties. The other thing is your age. AFAIK, most mortgage providers will only allow you to take a mortgage up until retirement age (usually 65) so that might also throw up a few problems. I'm not 100% certain on this though. There's a few posters here who know a lot more about mortgages, so hopefully one of them can clarify this for you.

stepbar

It sounds like the property is an investment property with a rate like that. It's very hard to make a call with such limited information (as what was the money borrowed for? (margin might be higher), is it on a fixed rate or what?)

dotsman

Are you sure it's an actual mortgage loan and not just a standard loan secured on housing (as there is a difference)?

Do you have the original documentation? What was the Purpose of the loan?

dah

At rate like that I would check all documentation you have and bring it into a Mortgage Brokers.

On basis of rate your either on:
1. Long term fixed rate from few years ago
2. Specialist lender rate with Start/ SBoard/ GEMoney or
as per last respondent
3. don't have a mortgage on property but just a loan.

When you turn 60, Seniors Money is an avenue if you check out their website and see if conditions suits you.

marknoonan1974

If you want to check out a list of current rates go here

http://www.quoteclub.ie/mortgagerates.php

another site to compare prices is

http://www.freetocompare.ie/mortgages

SPIRITGLASNEVIN

Basically sounds like your loan is with a specialist lender , ie Start, GE Money , Nua , Springboard ....

Some lenders will do up to age 70 and if its only 100k and income is ok you should be able to move it

Have a few suggestions if you wanna pm me

stepbar

SPIRITGLASNEVIN wrote: »

Basically sounds like your loan is with a specialist lender , ie Start, GE Money , Nua , Springboard ....

No it doesn't. The person could have a commercial mortgage on a property. The bank could have put a nice hefty margin on the loan. He might have also fixed same. Until the OP comes back with more details we can't say.