Loan to value savings
If you bought your house a number of years ago you will probably find that your house has risen in value and as a result the debt or loan on your property will have decreased relative to the current market value of your property. You can therefore request from your lender a reduction in your lending rate based on a lower LTV (loan-to-value).
The easiest process is to contact your current lender and ask for this reduction. However, if they are unwilling, you can switch to another lender and the cost of so doing can be minimal as most Banks will offer you either a sum of money towards your legal fees – KBC is offering €3,000 up until September or a cashback deal – PTSB offer a 2% cashback and Bank of Ireland is currently offering 3% of the value of the mortgage cashback.
What to do
If you are in this position, it seems to be a no brainer and if you want to save further money into the future, you could consider using your savings on the repayments to overpay on your mortgage which could save you a large sum in the long term.
John Gaynor & Co.
42-46 Thomas Street