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An idea for mortgages

  • 02-09-2011 12:04PM
    #1
    the culture of deference
    Banned (with Prison Access) Posts: 2,145 ✭✭✭


    I own my house 8 years.

    I have paid bank approx 100k since then, 35 year term.
    Currne 200 owed, value 120ish

    Why can't the banks shorten my mortgage loan to an 8 year term, ending tomorrow, then clear approx 75k and apply the new mortgage from tomorrow at the rate of 200 - 75 =125k., and start again with a much lower interest rate.


Comments

  • #2
    [Deleted User]
    Posts: 36,733 CMod ✭✭✭✭ [Deleted User]


    MOD COMMENT:
    As this original post pertains more to a personal banking issue, rather than the larger Irish Economy, it is being moved to banking.

    It is being moved locked so that the banking mods can review it for appropriateness.


  • #3
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,813 ✭✭✭unclebill98


    Op, where is the 75k coming from?

    What is your current interest rate compared to the new rate you may obtain?


  • #4
    highgiant1985
    Registered Users, Registered Users 2 Posts: 1,802 ✭✭✭highgiant1985


    unclebill98 wrote: »
    Op, where is the 75k coming from?

    What is your current interest rate compared to the new rate you may obtain?

    Irish tax payer, is my reading of the OP.


  • #5
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,813 ✭✭✭unclebill98


    Emmmm, I wonder. Maybe the op would clarify?


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