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not being offered option of lower variable rate

  • 07-02-2016 4:55pm
    #1
    sparks3000
    Registered Users, Registered Users 2 Posts: 46 ✭


    Ill start from beginning I built a house and the mortage I was offered was a ltv of 80percent . The current rate is 4.5per cent apr.
    My final valuation was sent to bank in november 16 . And my actual ltv is 59per cent .
    The bank have offered me a fixed rate when I contacted them but will not put me on a lower ltv rate.
    I cant switch without repaying the 1 per cent stamp duty .
    What are my options here .
    Any further info or clarification just ask . Thanks in advance


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,147 ✭✭✭✭L1011


    Wait out your contract period for the stamp duty bribe and move to the cheapest lender then.


  • #3
    sparks3000
    Registered Users, Registered Users 2 Posts: 46 ✭sparks3000


    L1011 wrote: »
    Wait out your contract period for the stamp duty bribe and move to the cheapest lender then.

    I was told that they can seek repayment for up to five years. I am thinking of viewing it as a low interest loan and repay it and just switch to a different mortage provider.
    But I think that my ltv should be me on a much lower variable rate.
    After arguing again today they have offered me a fixed rate lower than what is advertised on their web page but no way will they offer me a lower variable rate despite my ltv being under 60 per cent and not in the 80 per cent ltv that they currently have me on .


  • #4
    L1011
    Registered Users, Registered Users 2 Posts: 71,147 ✭✭✭✭L1011


    50-80 (79.9999999 basically) is often one rate band with no steps


  • #5
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    sparks3000 wrote: »
    Ill start from beginning I built a house and the mortage I was offered was a ltv of 80percent . The current rate is 4.5per cent apr.
    My final valuation was sent to bank in november 16 . And my actual ltv is 59per cent .
    The bank have offered me a fixed rate when I contacted them but will not put me on a lower ltv rate.
    I cant switch without repaying the 1 per cent stamp duty .
    What are my options here .
    Any further info or clarification just ask . Thanks in advance

    Did you check what is on your loan offer, how long did it take to build the house? 4.50% variable rate sounds very high obviously your paying for the 1%stamp duty. Switch your mortgage to either KBC who is offering 3.25% variable if you open a current account with them and give you 2k cash back, legal will cost you 1k to switch or to permanent tsb variable rate 3.80% and who will give you 2% of the mortgage in cash.


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