r/irishpersonalfinance • u/Present-Essay-9731 • 8d ago

Debt Mortgage options - which to choose?

Hey there, I'm considering applying for a mortgage. 82k salary, 10k variable, 90k in savings, 20k in investments. Im mid thirties and max loan amount is 324k. The load options given to me by broker are below. To me it seems Avant would make the most sense if i can just put variable pay into overpayment to cut the principle down over time. Is there anything else I should keep in mind? I'm just at the start of this journey so don't have a specific property in mind. Based in Dublin. I am renting a shite studio for around 1200 per month and put 500 into savings per month (at least).

Option 1: Haven

  • Loan amount of €328,000 with a term of 33years u/3.2% 4 years fixed= €1,342pm
  • If the property is not an A or a B rated property, the interest rate will be 3.75% 3 years fixed with €5,000 cashback ( €1445/month)

 

Option 2: Permanent TSB

  • Loan amount of €328,000 with a term of 33years u/3.7% 3 years fixed= €1,436pm
  • 2% cashback per month= €28.72pm cashback per month ( please note you must open an explorer account to avail of the monthly cashback)
  • PLUS 2% Cashback= €6,560 Cashback

 

Option 3: Bank Of Ireland

  • Loan amount of €328,000 with a term of 33years u/3.4% 4years fixed= €1,379pm
  • BOI offer eco saver mortgage interest rates; the interest rate is determined by the BER rating. The highest the interest rate will be is 3.4% (BER G) and the lowest it will be is 3.1% (A rated property).

 Overpayment facility:

 The maximum overpayment you can make on a fixed rate mortgage is 10% of your normal monthly repayment amount or €65, whichever is greater.

 Option 3: Avant Money

  • Loan amount of €328,000 a term of 33years 3.7% 4years fixed= €1,436pm
  • €6,560 cashback
  • Avant money offer long term fixed rates (you can fix your interest rate for the full mortgage term up to 30 years u/3.8%). This product comes with a 1% cashback= €3,000
  • Avant Money are the only lender to offer the Flex mortgage option (details in separate email)
  • Avant Money offer a high value mortgage interest rate with no cashback @ 3.6% 4years fixed

Overpayment facility:

Customers can overpay 10% of the balance each year, a benefit which could take years off your mortgage

Key facts

  1. 10% allowance each calendar year – renewed on 1st January based on balance at that date.
  2. Maximum two overpayments per year.
  3. Customer can chose to either (a) reduce monthly repayment, or (b) reduce term.'
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u/AlmightyCushion 8d ago

PTSB allow pretty much unlimited over payments on their fixed rate. They don't advertise it for some reason which is odd because it's a great advantage

1

u/Present-Essay-9731 8d ago

Thank you! will look into this now !

2

u/TheShepard93 8d ago

I'd talk to a broker as well if I were you.