Results of Mayo property study by Ulster Bank are revealed
Published:
MAYO homeowners looking to kick-start their finances in 2019 should consider looking at switching to a lower fixed rate mortgage to potentially save thousands of euro a year for the duration of the fixed rate.
With the average asking price of a home in Mayo rising by 10.4% in the year to December 2018 to stand at €154,284i, mortgage holders could see significant savings by switching and fixing for two, four or seven years with Ulster Bank, which offers the lowest fixed rate mortgages in Ireland in each of these categories.
For example, a customer with a €123,427 mortgage (80% of the average asking price of €154,284) over 20 years on a Standard Variable Rate of 4.5% could save €138.77 per month or €1,665.24 per year for two years by switching to Ulster Bank’s two-year fixed rate of 2.3%. Because Standard Variable Rates can go up as well as down, by fixing their mortgage rate, customers can be certain of their monthly repayments for the duration of the fixed rate.
A specific example of a property sold recently in Castlebar can be found in the table below. Based on a loan-to-value band of 80% over 20 years, the following repayments would apply:
Mobile Mortgage Manager Niall Mac Sweeney is available to meet outside of work hours and in a place convenient to customers to discuss Ulster Bank’s mortgage rates.
Customers can ask about mortgage rates through the Ulster Bank branches in Ballina, Belmullet, Castlebar, Claremorris and Westport, the Direct Mortgages telephone line on 1850 424 365, online and via brokers.
Commenting, Ann Mullins, Ulster Bank Branch Manager in Ballina, said: “Our 2.3% two-year fixed rate mortgage has proven hugely popular since we introduced it to our customers in Mayo last summer.
"Whether it’s first time buyers or people switching mortgages, there’s an understandable attraction surrounding Ireland’s lowest fixed rates. We encourage any customer, new or existing, to talk to us about getting the best value for their mortgage.”
Recent figures from the Banking and Payments Federation Ireland showed while the number of homeowners re-mortgaging and switching remains relatively low, approvals rose on a year-on-year basis in November 2018 – by 33.0% in volume and by 19.7% in value terms.
