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Tracker Mortgage value

  • 02-03-2013 3:13pm
    #1
    Mr Bump
    Registered Users, Registered Users 2 Posts: 108 ✭✭


    Hi
    Can anyone tell me the best method to work out what the value of your tracker mortgage is to the bank, I have search for a method in working this out but to no avail,
    I have a 360k Mortgage @ 1.5% over the next 23 years, has anyone any real method in working out what it would be worth selling back to the bank per 100k, ???? any info on this would be great,
    Thnaking you in advance,


Comments

  • #2
    Ideo
    Registered Users, Registered Users 2 Posts: 1,618 ✭✭✭Ideo


    Is it ECB + 1.5%? Or ECB + what? What was the original term?


  • #3
    Mr Bump
    Registered Users, Registered Users 2 Posts: 108 ✭✭Mr Bump


    it is ECB @ 1.5%


  • #4
    seanfarrelly23
    Registered Users, Registered Users 2 Posts: 5 ✭seanfarrelly23


    Did you find any details of what deal the bank might do? It must be worth the bank's while to make a reasonable offer.


  • #5
    Fishyfreak
    Registered Users, Registered Users 2 Posts: 576 ✭✭✭Fishyfreak


    Ok, here is some loose maths/guesswork.

    Assuming you are on 1.5% and the average variable is 4.5% = 3% difference.

    "THEY" reckon that every quarter percent increase in mortgage interest is akin to about €15 per €100,000 borrowed. So:

    3% difference is €180 per €100k borrowed (€15 * 12 quarters)
    3% difference is €648 per €360k borrowed (€15* 12 quarters *3.6)

    So you are paying €648 less per month than the average shmuck (like me)...... so that's worth €7,776 per year better off.

    All very rough and based on assumptions but can't be too far off the mark!


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