Cheapest mortgage shortest time

newhouse87 · 21-09-2020 12:56pm #1

hi does anybody know where i could get the shortest mortgage possible at the cheapest rate, essentially was going to build using my cash but seems i may be entitled to 30000 from the help to buy scheme as i pay alot of tax, realistically i want to get the govt subsidy and pay back the mortgage straight away. any info appreciated.

vinnyryan · 21-09-2020 12:59pm

newhouse87 wrote: »

hi does anybody know where i could get the shortest mortgage possible at the cheapest rate, essentially was going to build using my cash but seems i may be entitled to 30000 from the help to buy scheme as i pay alot of tax, realistically i want to get the govt subsidy and pay back the mortgage straight away. any info appreciated.

Try Bonkers.ie, hope it helps

phormium · 21-09-2020 2:30pm

Just look for the cheapest rate, the term doesn't really matter, you can always just pay it all off early or just pay extra repayments then it will finish early anyway or just reduce the term after you draw it down.

Concentrate on the best rate and if you want to overpay etc then variable rate is best or check with the lender if they allow overpayments and by how much on a fixed rate.

newhouse87 · 21-09-2020 2:48pm

cheers, rang the bank and i can do variable which means i can pay it off after 1year, my problem now is trying to find out if revenue will claw back some of the help to buy money if i pay back so soon, cant find info on if they will actually do that.

lau1247 · 21-09-2020 11:41pm

Is the clawback not for if you sell within 5 years or something like that.

mickcavan11 · 22-09-2020 7:22pm

You can get up 5% up to the property value of €400k which is max €20k I believe. That’s what we got last year. It gets payed within 10 days of first mortgage drawdown.

Smee_Again · 22-09-2020 7:29pm

The clawback is if you sell or don’t live in the house. Why would revenue care if you keep the mortgage for 5 years?

lomb · 22-09-2020 7:41pm

Any variable rate mortgage can be repayed early. AIB has the best variable rates afaik

Trish56 · 22-09-2020 10:16pm

This has been increased to 10% (max.30k) since July and due to expire end of year but I reckon it will be extended in the budget next month.

mickcavan11 wrote: »

You can get up 5% up to the property value of €400k which is max €20k I believe. That’s what we got last year. It gets payed within 10 days of first mortgage drawdown.

newhouse87 · 01-10-2020 11:17am

yea i got approved for the the 30k and pay off my fixed mortgage at2.7% after 1 year, revenue have no interest in when i pay it off so i should be up cicra 20k after all fees paid.

JTMan · 02-10-2020 7:19am

vinnyryan wrote: »

Try Bonkers.ie, hope it helps

Bonkers.ie will probably point you towards Avant Money who have the lowest rate of 1.95% (if you meet the criteria) but no cashback.

Worth considering the cashback offers too if you are willing to do multiple switches.

newhouse87 · 02-10-2020 11:30am

was talking to bank of Ireland so will get 2% cashback, interest on 2.7% of 210k mortgage 5670 for the year, cashback 4200, pay it off after the year and will have gotten my 30k from revenue, only for a friend told me about this i would have went ahead building with cash, this way i will be up 22k+ after all solicitors fees, bank interest and having to pay engineer to oversee the house.

thegills · 08-10-2020 5:20pm

Sorry for butting in. Will I have to pay fees to switch mortgage from current provider to say Avant?

Geuze · 08-10-2020 10:32pm

thegills wrote: »

Sorry for butting in. Will I have to pay fees to switch mortgage from current provider to say Avant?

Legal fees to sol, yes.

Approx. 800-1200.

Cheapest mortgage shortest time

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