Mortgage Query

Macers

Hi Guys,

Just wish to run something past yourselves as it came up in conversation today.

I bought a house in Cork last year for €196,000.

Mortgage is a variable rate with First Active over 35 years. Presently paying in the low €800 per month mark.

A few of my neighbours are people I have known from school etc and whilst having a chat - nearly everyone of them said the mortgage was around the €550-€600 mark.

All of took a mortgage for the 196.

Any idea why mine appears to be so high compared to theirs? As far as they know the others are on 35 year mortgages...

kippy

1. Are you sure all of them took out the mortgage for the same amount and term?
2. Are they qualifying for some government scheme (interest relief etc) that you arent qualifying for?
3. They may have a better rate with their provider.

chris85

kippy wrote: »

1. Are you sure all of them took out the mortgage for the same amount and term?
2. Are they qualifying for some government scheme (interest relief etc) that you arent qualifying for?
3. They may have a better rate with their provider.

+1

You may want to see what rate they are on. Also do you have payment protection on the mortgage.

Are you claiming interest relief or have you tried?

Ogham

If you got a 196k (100% !!) mortgage last year (doubtful) - the rate must be about 3.5% if your repayments are in the low 800's (Don't you know exactly how much it is ?)
f someone is paying 600 a month over 35 years - then their rate would have to be lower than 2% - which is not possible. You must have the figures wrong . How do you know what size mortgage your neighbours have?

Mr_A

I'm thinking the neighbours might be giving the figure after the TRS refund? That's how I tend to think of my mortgage anyhoo.

stepbar

Ogham wrote: »

f someone is paying 600 a month over 35 years - then their rate would have to be lower than 2% - which is not possible.

O it's very possible for sure, if ones on a tracker.