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Jack Charlton
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Points: 6980 		Post Options Post Options   Thanks (0) Thanks(0)   Quote sausy Quote  Post ReplyReply Direct Link To This Post Posted: 06 Jan 2021 at 11:28am
Originally posted by MayoMark MayoMark wrote:

Originally posted by sausy sausy wrote:

Originally posted by MayoMark MayoMark wrote:

Next milestone for me is getting below 50% LTV so hoping to pay off extra and then be met with rising values.

Will bring me to 2.75% from 2.95%

Hoping that will be in and around this time next year all going well. 

Paying off extra early when interest is high is the key of you can manage it 
 
Presuming you have about 30 years left on the mortgage you'll only see an €11 drop in monthly repays per €100k with the rate reduction. As mentioned already you might be better off putting extra into a pension than lumping against the mortgage.
13 and a half years left Sausy. I'm not looking to reduce the term rather than the repayments.

I see what you mean Baldy and definitely something I have thought before.

But my logic is that I pay off the bulk of this early while I can. I don't know what's around the corner and if something does happen I'd rather have a small mortgage to deal with. 
 
Still only a tenner in the difference per €100k over 13 years. You should be able to pay an extra 10% PA on a fixed mortgage without any issue.
 
I get you want to be mortgage free, we all do. Personally I'd rather put money into the house and build up savings rather than putting lump sums off the mortgage. Now it would be different if I won €250k on the lotto and would put half of it against the mortgage!
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SISAO? What the hell is SISAO?

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Points: 26998 		Post Options Post Options   Thanks (0) Thanks(0)   Quote McG Quote  Post ReplyReply Direct Link To This Post Posted: 06 Jan 2021 at 12:11pm
Has anybody released equity on their property of late?

Any good brokers to speak to?
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sausy View Drop Down
Jack Charlton
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Points: 6980 		Post Options Post Options   Thanks (0) Thanks(0)   Quote sausy Quote  Post ReplyReply Direct Link To This Post Posted: 06 Jan 2021 at 12:17pm
Originally posted by McG McG wrote:

Has anybody released equity on their property of late?

Any good brokers to speak to?
 
No need for a broker, just go to your mortgage provider. They'll be giving you money based on security they already hold.
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Originally posted by sausy sausy wrote:

Originally posted by McG McG wrote:

Has anybody released equity on their property of late?

Any good brokers to speak to?
 
No need for a broker, just go to your mortgage provider. They'll be giving you money based on security they already hold.

But would it not be prudent to change mortgage provider to get a lower interest rate so term and payments dont alter too much? i.e. this avant crowd?
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Jack Charlton
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You never mentioned about switching!! If you are switching then you can seek more money than is outstanding on the current loan up to the max LTV the provider is offering.
 
A normal equity release is done with the same provider. It's a second housing loan along side the main one with the same security (mortgage) being used.
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SISAO? What the hell is SISAO?

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Just firing them at you Saus Approve
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Jack Charlton
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Points: 9820 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Shedite Quote  Post ReplyReply Direct Link To This Post Posted: 06 Jan 2021 at 1:17pm
Originally posted by McG McG wrote:

Originally posted by sausy sausy wrote:

Originally posted by McG McG wrote:

Has anybody released equity on their property of late?

Any good brokers to speak to?
 
No need for a broker, just go to your mortgage provider. They'll be giving you money based on security they already hold.

But would it not be prudent to change mortgage provider to get a lower interest rate so term and payments dont alter too much? i.e. this avant crowd?
Avant are fairly picky on who they take, and only deal with a handful of brokers in Ireland, so you'd have to chat to one of these
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Jack Charlton
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If you are looking to switch or a new mortgage you can check out this 

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Davey Langan
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Originally posted by Zinedine Kilbane 110 Zinedine Kilbane 110 wrote:

If you are looking to switch or a new mortgage you can check out this 




anything claiming to save you a fortune is to be avoided, mortgages probably the main one LOL

Mortgages without
all the time & hassle

We make mortgages a doddl and save you a fortune while we’re at it.
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Jack Charlton
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You obviously don’t have a mortgage then. 

They allow you to compare your current mortgage to what you would save if you moved to a different one.
It’s not rocket science- it’s basic maths.

Any .1% change saves a lot of money.

And it’s free to you as they get the commissions from the banks.
And there is no gun to head, you don’t have to take their advice.

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Liam Brady
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Points: 2945 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Deane Quote  Post ReplyReply Direct Link To This Post Posted: 12 Jan 2021 at 2:54pm
How long into a mortgage should you be before you look at switching? 
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Originally posted by Deane Deane wrote:

How long into a mortgage should you be before you look at switching? 

Whenever your term is due up on fixed, now if variable. 

Our five year fixed rate is up in two years, checked earlier and can shave three years off the mortgage by switching, if the rates stay the same as now. 
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Kevin Kilbane
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You can ask your bank anytime how much a break fee would be from your fixed term. You might need to pay a bit but if you moved to somewhere doing the 2% cashback it could be worth it. Have to figure in the solicitors fee's etc. as well. Prob worth it if you have a high mortgage currently.
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Jack Charlton
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Points: 6980 		Post Options Post Options   Thanks (0) Thanks(0)   Quote sausy Quote  Post ReplyReply Direct Link To This Post Posted: 12 Jan 2021 at 3:34pm
Originally posted by Fitzinho Fitzinho wrote:

You can ask your bank anytime how much a break fee would be from your fixed term. You might need to pay a bit but if you moved to somewhere doing the 2% cashback it could be worth it. Have to figure in the solicitors fee's etc. as well. Prob worth it if you have a high mortgage currently.
 
Solicitors fee's will be small, well less than when you bought the house anyway as it's already in your name. It'll will just be a new mortgage/charge on for the new provider. 
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Jack Charlton
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Originally posted by sausy sausy wrote:

Originally posted by Fitzinho Fitzinho wrote:

You can ask your bank anytime how much a break fee would be from your fixed term. You might need to pay a bit but if you moved to somewhere doing the 2% cashback it could be worth it. Have to figure in the solicitors fee's etc. as well. Prob worth it if you have a high mortgage currently.
 
Solicitors fee's will be small, well less than when you bought the house anyway as it's already in your name. It'll will just be a new mortgage/charge on for the new provider. 
I don't think it's insignificant, IIRC buying the house was about 1500 solicitor fee, remortgaging was about 1000
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Jack Charlton
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Points: 9647 		Post Options Post Options   Thanks (0) Thanks(0)   Quote Zinedine Kilbane 110 Quote  Post ReplyReply Direct Link To This Post Posted: 12 Jan 2021 at 7:59pm
It must be an Irish thing.

In the UK I’ve changed my mortgage provider and no solicitor was involved in the process.

You have to get your house valued by the provider (approx 200) but that’s it. 

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Points: 26322 		Post Options Post Options   Thanks (0) Thanks(0)   Quote MayoMark Quote  Post ReplyReply Direct Link To This Post Posted: 21 Jan 2021 at 11:25pm
Just fixed for 3 years at 2.45%. Down from 2.95.

Happy with that to be honest. Retaining the same payment amounts though so will  shave off the term rather than payment amounts
They finally did it man... They killed my f**kin' car...
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Points: 26998 		Post Options Post Options   Thanks (0) Thanks(0)   Quote McG Quote  Post ReplyReply Direct Link To This Post Posted: 21 Jan 2021 at 11:37pm
was speaking to a few pals about the paying the extra off your mortgage if you have a few quid or come into a few quid. Interestingly both brought up the same thing. One of them was on the receiving end of an inheritance and thought about paying it against his mortgage but then thought otherwise. If he was to croak it the mortgage is wiped with his cover but the extra you pay off is eaten bread. Made me think. Not sure I’d whack any big lumps off the total as you just don’t know what can happen. 
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