Colm Faherty
Registered User
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- 3
Hi there
I have done some research and tried some formulas but maybe some of the gurus on here can help out.
I bought a house for 270k in 2013 and went on a 2 year fixed 4.49% with a borrowed amount of 205k from BOI. My monthly repayments are €1221.
I am being offered the much improved 3.6% to stay on a fixed 2 year (€1135 monthly repayment) starting in SEP (EDIT: I had previously said Dec) and slightly higher but still good rates for 5/10 year fixed which I'm not really interested in. The document I received also offers the variable rate of 4.5% (€1227 repayment). However this 4.5% rate seems to be in line with BOI's LTV >80%. My LTV (205k/270k) falls into the 61-80% BOI LTV rate which is 4.2% (?)
Anyway, I've read an independent article saying stay away from the 3.6% fixed rates that BOI offer because their variable will soon come down anyway. Personally I think the fixed option at 3.6% looks good. I may also be able to pay off 10k in Dec which of course may make a difference.
Just wondering what option may be the best one to take. Current loan outstanding is around 195k. Apologies if this is a bit convoluted!
I have done some research and tried some formulas but maybe some of the gurus on here can help out.
I bought a house for 270k in 2013 and went on a 2 year fixed 4.49% with a borrowed amount of 205k from BOI. My monthly repayments are €1221.
I am being offered the much improved 3.6% to stay on a fixed 2 year (€1135 monthly repayment) starting in SEP (EDIT: I had previously said Dec) and slightly higher but still good rates for 5/10 year fixed which I'm not really interested in. The document I received also offers the variable rate of 4.5% (€1227 repayment). However this 4.5% rate seems to be in line with BOI's LTV >80%. My LTV (205k/270k) falls into the 61-80% BOI LTV rate which is 4.2% (?)
Anyway, I've read an independent article saying stay away from the 3.6% fixed rates that BOI offer because their variable will soon come down anyway. Personally I think the fixed option at 3.6% looks good. I may also be able to pay off 10k in Dec which of course may make a difference.
Just wondering what option may be the best one to take. Current loan outstanding is around 195k. Apologies if this is a bit convoluted!
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