banks + lending rates

[nashmach]

Excellent post by 6600 and I recognise the formula there too! Being pedantic, there will be a slight difference to the numbers with monthly repayments so it's not just a straight divide by 12.

A couple of other things I would say too.

Make sure and do a few stress tests (I think you are in sucklers Limestone Cowboy) so perhaps the following:
Interest rates rise by 3%
Weanling prices fall by 20%
BPS falls by 20% due to inspections/ new CAP
Remove disadvantage area
Allow for a delay in BPS by six months
TB outbreak meaning you can't sell stock for six months
Costs increase by 10%
And then possibly some combination of the above.

You can tailor the above to your situation but it will give piece of mind.

6600 also covered the additional costs of the deal. Don't forget to factor in other costs, such as cleaning up the ground, draining, fencing, stocking it and any knock on impacts it might have such as on a stocking loan or overdraft.

I know the above sounds pessimistic and is me showing my conservative side but thought it was no harm to mention it.

Best of luck with it.

 

[6600]

Just remembered this online calculator, it is really good and quick and you can slide the different variables over and back and see what answer comes out. It also factors in monthly repayments so should satisfy Nash's need for accuracy.

https://www.drcalculator.com/mortgage/

@nashmach I don't worry too much about exactness when doing budgets, there are so many factors out of your control that accuracy to the penny is pointless. The main point about a budget is that you do it yourself.

 

[nashmach]

Just remembered this online calculator, it is really good and quick and you can slide the different variables over and back and see what answer comes out. It also factors in monthly repayments so should satisfy Nash's need for accuracy.

https://www.drcalculator.com/mortgage/

@nashmach I don't worry too much about exactness when doing budgets, there are so many factors out of your control that accuracy to the penny is pointless. The main point about a budget is that you do it yourself.

Agree completely on the accuracy point. Just me liking spreadsheets

 

[ptfarmer]

My mortgage is coming up for review next year and I hope to take full advantage of any offers out there. Its maddening though that we still have by far the highest rates in the EU:curse:

 

[6600]

My mortgage is coming up for review next year and I hope to take full advantage of any offers out there. Its maddening though that we still have by far the highest rates in the EU:curse:

A friend of mine had his tracker mortgage with PTSB and switched a few months ago to AIB. The interest rate AIB offered was 0.5% lower and they paid the legal fees. He is still on a guaranteed tracker and the rate is something sub 2%, something which would never be available to new customers now but they signed the agreement and stuck to the conditions so good luck to them. His monthly repayment fell by over €100. I did suggest keeping the repayment the same so the loan would be paid off quicker (30 year mortgage) but human nature being what it is he couldn't see the sense of that.