R
Rocky1500
Guest
Hi, my wife and I just started building a house (first time buyers 2 young kids) and are currently drawing down a €300,000 mortgage to pay for the build etc. My question is that I'm not sure whether to stick with the current var. rate with the EBS of 2.5% or to fix for 10 years at 4.5%?? Doing the maths its going to cost ~€400 pm extra to fix. Prob with fixing is I'm loosing flexibility of paying of early (if I can) and obviously the extra cost if rates dont change too much. I was thinking an alternative would be too take this extra 400 and save it ?? that way if rates did go up significantly I could use this to help. I'm just wondering if anyone could give advice on whether this would be a good idea and if so what kind of savings interest rate would make sense? I see EBS are offering 4.5% on a Family savings account... Thanks..