Drivetime RTE: Mary Wilson speaks to us about mortgage rates, 22nd May 2015

We spoke with Mary Wilson of Drivetime on RTE about mortgage rates and what the implications were of the changes Michael Noonan (Irish Minister of Finance) announced that day. We also read through the Central Bank report on the subject and considered the findings of their analysis in terms of the impact it might have on borrowers.

Comments

  1. matt s

    Took Karl’s advice to contact our lender and contacted PTSB about switching to a NEW BUSINESS 3 year fixed rate which Karl assured us was available. Wow – how foolish we felt waiting for a change in rates when it was just there waiting for us all this time. We have an existing variable rate mortgage with a LTV of c.70%. They said that the new business fixed rates did NOT apply to existing customers. Our fixed rate offer would be 7.9% !!!! Would he care to clarify his comment in this radio interview or did they tell him something different from what they told us.

    • Karl Deeter

      Hi Matt,

      I had checked that with BOI, AIB and KBC. I had asked one of the brokers upstairs and they said that they had gotten a person a new biz fixed rate who wasn’t new biz. In your case it seems they wouldn’t do that so my suggestion would be that you can achieve the savings via a re-mortgage at your LTV and you can get 3.55% (assuming you qualify for the loan) and you’ll get €1,000 towards the fees of switching. Unfortunately it will be more than a phone call, but the savings ought to be significant, hope that helps.

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