Mortgages

I think I'm paying 2.45% currently. Fixed for another 2 years. LTV is below 50% now though and also have the BER up in the Bs, so I could have got the green mortgage at 2.1%. So I'm a little bit sick with that!

Avant offering great rates but are they extremely selective who they deal with?

MayoMark wrote: I think I'm paying 2.45% currently. Fixed for another 2 years. LTV is below 50% now though and also have the BER up in the Bs, so I could have got the green mortgage at 2.1%. So I'm a little bit sick with that! Avant offering great rates but are they extremely selective who they deal with?

nvidic wrote: Shedite wrote: Yeah about the €1,500 - €2k mark to move usually, whatever the solicitor charged you first time round really, less the stamp duty obviously. Hard to know with interest rates.  Pressure on government to lower them in line with European banks (which I don't see happening), Competition between the irish banks seems to be lowering them recently (including via Avant), But then there's a chance the ECB could increase interest rates to quell inflation. Pick a rate you're happy to pay and forget about it is the easiest thing. I'm about 3 years into a 5 year fixed, could be getting cheaper now but wasn't to know that at the time. How could the government lower interest rates?

Realistically it'd never happen, but the banks say they can't afford to go lower due to our eviction laws (Family Home is protected very strongly here even if you stop paying repayments). Hence why foreign banks have little interest in coming in here or won't give loans on Irish properties. So in theory the government could make changes to entice foreign banks to offer mortgages to irish people.

Shedite wrote: nvidic wrote: Shedite wrote: Yeah about the €1,500 - €2k mark to move usually, whatever the solicitor charged you first time round really, less the stamp duty obviously. Hard to know with interest rates.  Pressure on government to lower them in line with European banks (which I don't see happening), Competition between the irish banks seems to be lowering them recently (including via Avant), But then there's a chance the ECB could increase interest rates to quell inflation. Pick a rate you're happy to pay and forget about it is the easiest thing. I'm about 3 years into a 5 year fixed, could be getting cheaper now but wasn't to know that at the time. How could the government lower interest rates?  Realistically it'd never happen, but the banks say they can't afford to go lower due to our eviction laws (Family Home is protected very strongly here even if you stop paying repayments). Hence why foreign banks have little interest in coming in here or won't give loans on Irish properties. So in theory the government could make changes to entice foreign banks to offer mortgages to irish people.

Baldrick wrote: MayoMark wrote: I think I'm paying 2.45% currently. Fixed for another 2 years. LTV is below 50% now though and also have the BER up in the Bs, so I could have got the green mortgage at 2.1%. So I'm a little bit sick with that! Avant offering great rates but are they extremely selective who they deal with? Do banks charge if mark was to say move to the green mortgage with the same provider?   Surely worth a call to the bank ?

Depending on the bank there is a break clause for "ending" you fixed rate but sometimes it's fairly nominal (€150 to save €20/k per annum). Sounds like MM has a good whack paid off tho so the savings mightn't be as much.

McG wrote: Anybody remortgage via avant of late? Just submitted all the info there. Just wondering ballpark cost of switching with solicitors fees etc. What's the future of interest rates looking like?

Edited by sausy - 08 Feb 2022 at 10:17am

Shedite wrote: Just had a look back to see what the Solicitor bills were in my initial buy V remortgage.... Bought house in 2016 (Total €2446) Solicitor fee: €1260 Registration of Mortgage: €296 Land registry Fees: €800 Other Fees: €90 Remortgage 2018 (Total €934) Solicitor Fee: €638 Registration of Mortgage: €296 Add on the revaluation that the bank requires in both scenarios.

Just had a chat with mortgage advisor here in town, so I have to write to her to ask if there is a breakage if I leave the fixed term. There usually is, but a lot of the time she said they will let you break it for little or not charge.

sausy wrote: McG wrote: sausy wrote: McG wrote: Anybody remortgage via avant of late? Just submitted all the info there. Just wondering ballpark cost of switching with solicitors fees etc. What's the future of interest rates looking like?    Valuation should be around the €150 mark. If you are using the same solicitor as last time then in theory it should be cheaper as they should have registered the title and any qualifications correctly the last time (that could be a big "if" is done during boom days) so would have less work time wise this time around.   Interest rate wise, EURIBOR is actually negative at the moment and going by what the Banks are offering on long term rates there is no sign of any significant increases coming. Cheers Saus.  Had a chat with a broker yesterday eve. Current interest rate im paying circa 90k on top of the capital. Switch to avant and i get it down by circa 35k.    Interesting way of describing your situation. I take you mean the cost of credit/borrowing will reduce from €90k to €55k which seems like a massive drop so well worth following up.   We only just got the 1% cash bonus keeping the mortgage with the same bank for 5 years so will definitely look at switching this year to get another bonus deal as well as hopefully a lower rate. Our LTV is down to 55-60% I reckon at the minute due property prices so hopefully a saving will be found.