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Mortgage dilemma

  • 24-10-2018 1:34pm
    #1
    furryhead
    Registered Users, Registered Users 2 Posts: 55 ✭✭


    Hi, I am trying to clear something up. Myself & my wife are first time buyers and hope to purchase in the coming weeks. We are interested in a property valued at 335K. We have registered for the HTB scheme but only realised our mortgage has to be 70% LTV minimum. So we would need a mortgage of €234,500 in order to get 5% back. We are in a position to take out a mortgage of less than 70% LTV with savings and am wondering if we entered a variable rate and claimed our HTB, could we then pay a lump off the mortgage after say 1 month and enter into a fixed rate? We would be interested in the 2.3% Ulster Bank fixed rate for 2 years. I hope this makes sense :D


Comments

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


    Yes, there should be no problem choosing a variable rate mortgage and you can reduce the principal. Do take into consideration that your lender may charge a higher rate to fix as an existing customer rather than a new customer so it might make sense to choose a split package mortgage say 200k fixed and 34.5k variable that way you can make payments of the variable part without penalty.


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