Changing mortgage after fixed rate expiry

R

Riaa

Guest
I'm currently looking for a new mortgage. Would like to fix for 5 years.

With savings etc I can avail of the <50% LTV offers.

So my options are:
BOI: 4.64% Follow on rate: 3.35%
AIB: 5.35% Follow on rate: 3.22%
PTSB: 3.70% Follow on rate: 5.20%

So PTSB's 5 year fixed of 3.70% is the lowest initial rate that I can see but their follow on rate is 5.20% which is much higher than the other two options.

My plan is to go with PTSB for the first 5 years and then to review it after that. If a better offer exists elsewhere at that stage I can switch to it.

Is my plan over simplistic? In general is it easy/possible to switch mortgages between institutions?

Any advice appreciated. Thanks.
 
Hi Riaa, have you double checked on your original mortgage document whether you were entitled to be offered a tracker after your fixed rate was up. This was the case with us. When we came out of our 3 year fixed late last year, we should have been offered a tracker by the bank, but were not. We did not realise it at the time, but it has all been sorted since and we are on one now. Just thought it might be worth reading over the original mortgage document before fixing.
 
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