If you have a new account but are having problems posting or verifying your account, please email us on for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact

How to (safely) reduce mortgage cost?

  • 19-01-2014 1:15pm
    Registered Users Posts: 1


    I wish to purchase a property and here is the situation:

    * Owner-occupier & 1st-time buyer
    * Property value: 92k
    * Mortgage request: 55k / 10 years
    * Currently renting at 700E/month
    * Current savings: 41k (+1k/month)
    * AIB customer.

    On this basis, mortgage repayments and all bills, insurances, taxes combined would be below my current rent. So I'll still be able to keep saving 1k/month. I don't have any other project for the moment so that I wouldn't mind using these monthly savings to anticipate mortgage repayments.

    If you were me, what option would you go for:
    # Staying with AIB: "LTV Variable > 50%< =80%" (Rate 4.29%, APR 4.37%)
    # Staying with AIB: "1 Year Fixed (New)" (Rate 4.09%, APR 4.44%)
    # Going with KBC: "LTV Variable <60%" (Rate 3.85%, APR 3.92%)

    Any feedback about these 2 lenders? Which one would you trust more (& why)? I would like to keep it simple staying with only one bank but maybe the lower rates at KBC can save me a significant amount...

    Also, better off paying repayments +1k every month, or staying on the "1 year fixed (new)" at a lower rate for 1 year then repay +12k as a lump sum at the end of the fixed term?

    Any (argumented) opinions appreciated. :-) Thanks!