Mortgage Concerns!

Bargain_Hound

Jaysus, interesting thread. Impressive to see so many paid off so young and early. I am 4 years out of a 30 year fixed rate that I took out in 2019. 33 years old. Bought at the bottom end of Dublin market a 3 bed semi. up about 150k in equity going by current selling rates. But a long way off being financially free. Very curious to understand how so many paid off so early in their late 30’s/early 40’s. Current mortgage is sub 1000 so thankful for the affordability vs rental.

Tow

https://www.boards.ie/discussion/comment/121299430#Comment_121299430

Yes. It is just a matter of making a transfer into the mortgage account. At one stage AIB would not allow AIB to AIB, but you could transfer from other banks to an AIB mortgage account.

They will allow you to reduce the overpayment, but they are (legally?) required to go through the same process as someone who can no longer afford their full mortgage payment. In other words it is a lot of hassle with paperwork etc.

Facthunt

What are peoples rates like atm?

reggie3434

locked in a 3.0% for 5 years, blessed- last November.

Daith

On 2.5% until 2025 and then ahh...

miamee

https://www.boards.ie/discussion/comment/121304834#Comment_121304834

On the same until 2027.

Daith

I'm hoping to overpay a bit between now and end of fixed anyway. And trying to bump my BER rating to qualify for Green mortgage. Just hope the rates don't keep increasing over the next while.

Fr Tod Umptious

https://www.boards.ie/discussion/comment/121304218#Comment_121304218

I've had ECB +0.9 since 2007.

It's high now, but I suspect it will be back down and up again a few more times in the next 14 years.

Facthunt

https://www.boards.ie/discussion/comment/121305067#Comment_121305067

That’s very high atm then! 🫣

tommythecat

Managed to lock in 7 years at 1.95% last year. Feeling pretty smug about that!

Facthunt

https://www.boards.ie/discussion/comment/121305900#Comment_121305900

Bet you are …. Nice one! Who is that with?

Geuze

Previously, I had an ECB tracker at ECB + 0.50% (NIB / Danske Bank), very cheap finance.

I think my interest bill used to be something like 30 euro a month.

Now, I am 1.95% fixed for seven years, good deal.

highgiant1985

https://www.boards.ie/discussion/comment/121305900#Comment_121305900

nice rate! that'll help take some of the pressure off alright!

Aisling(",)

I'm 2 years into a 35 year term which will finish in my early 60's.

I'm fixed at 2.35% till June and dreading having to deal with it then. Hopefully it'll be a bit better then than it looks now because it looks to be at least an extra 215 a month and I'll really have to tighten my spending to afford that.

tommythecat

Avant. I was quite lucky. I was with KBC on a 2.65% 5 years(year 3). I had an inkling the rates were gonna rise so rang a few times about break fees. Eventually one day they were zero so I broke. Just at that time avant started offering 1,500 cashback for KBC and ulster Bank customers to switch using certain brokers. The broker covered the new valuation and the solicitor was a lot less that 1500 so I actually made some money on the switch! 😂

victor8600

I am 15 years into a 30 years mortgage, bought a mid-terrace in Dublin in 2008 almost at peak. Currently on 2.6% fixed until 2026, so that's great. Many years to pay still after 2026, that's not so great ;)

brokenbad

7 years left on our mortgage - paying €1050 a month @ 3.50% Fixed Rate.

Was on a tracker for the previous 15 years but steadily increasing rates forced me to fix it for the next 3 years.

Will be aged 55 when Mortgage is paid off....but by then my kids will be in college but that's another story 😆

esker72

https://www.boards.ie/discussion/comment/121305067#Comment_121305067

I'm the same rate and rough timing as this. It's a bit nasty at the minute but I won't let the tracker go unless I absolutely have to. 18 years to go on a celtic tiger mortgage but am prioritising building pension rather than trying to pay the mortgage off early. To me it makes more sense to have the pension building rather than losing 52% in tax and then making top up payments. I might change my mind in 10 years.

ELM327

Fixed for 2 more years at 2.75%, hopefully rates will have calmed down by then. 205k or so remaining I believe. Repayment is only 850 or so so I don't pay that much attention to it. Just turned 37.

jethrothe2nd

11 years into a 25 year mortgage. Fixed at 3% for 5 years last year but all going well we will be finished in 3.5 years

geotrig

bought at peak have about 15-16 years left i think on tracker +1.1% ecb rate and about 160k left , if i had shorter time left or could have got a longer fixed rate ,say 10 years ,i would have fixed ,big increases over the last year though which makes it tough !

Facthunt

What are the fixed rates out there that are being offered atm? I take it no one looking to risk jumping to a tracker at present!

ottolwinner

I finished my mortgage at 4.88% rates for the last few years fixed.

sounds high I know but I had many good years at 2% so didn’t fuss too much.

Ironically I looked at getting another mortgage last year and banks wouldn’t look at me, even though they held a charge over my property with only 38k owing at the time.

well done to everyone juggling life’s waves right now.

Kirbi

On 2.75% fixed for the next 18-ish years, with 9 to go afterwards.

Aiming to start overpaying in the next couple of years, once some other expenses are sorted.

L1011

https://www.boards.ie/discussion/comment/121308064#Comment_121308064

There hasn't been a new tracker product available since the crash, nor do I expect any bank will risk it again