Cheap Mortgage

ch750536

If you bought a house more than 3 years ago:

Remortgage now if you didn't get a tracker.

I have and saved a bundle.

For example, original loan of 100k to buy a house of 110k would have had base rate + 2% as LTV of 91%.

If your house is now worth 150k and you have outstanding mortgage of 90k then your LTV is now 60% meaning you pay base rate + 1%.

Basically I am repaying 5 years earlier, getting 6k extra (for a kitchen) and still paying less than I was. (& I did have a tracker!)

Some downsides, sure you'll all post them.

Not exactly a BA but I think so anyway.

dar83

A house thats gone up in value? Where? :P

ch750536

Mine did, about 40%

DonJose

Is it made of gingerbread

peckerhead

Pics or GTFO

subway

its 2005 again, the party is back on!

jap gt

jesus your lucky, cause i dont think there is an house in the country that has gone up in value, let alone 40%, who valued the house.

ch750536

jap gt wrote: »

jesus your lucky, cause i dont think there is an house in the country that has gone up in value, let alone 40%, who valued the house.

Bought it for €155 in 2005 (mortgage of €128 = 82%), valued at €185 now, re-mortgage of €122 = 65%. Houses for sale down the road identical for that price. They are moving, just more slowly.

ch750536

peckerhead wrote: »

Pics or GTFO

Ogham

Where did you get the new mortgage at ECB plus 1% ? I thought no one was giving trackers anymore? What was your old tracker rate?

Blade

ch750536 wrote: »

Houses for sale down the road identical for that price.

For sale at that price and selling at that price are two different things. Anyway I don't think this is a bargain alert, I'm sure theres a more suitable forum to debate this on. Locked.