Hi,
We've been on a two-year fixed rate with BOI since we took out our current mortgage. This is now coming to an end and we've got a letter detailing the rate options available to us now. These are the relevant details:
2-year fixed: 4.35%
SVR: 4.5%
There are also higher 3- and 5-year fixed rate options available, but we're not interested in those.
It seems to be a no-brainer to go with the 2-year fixed rate, but I was very surprised that the SVR was higher.
Is this normal, or is it possibly an indication that the SVR is expected to move down?
There's another minor question: some of the rates have the abbreviation "PDH" next to them. Anyone got any idea what that means? I scoured the letter for footnotes where it might be explained, but found none.
We've been on a two-year fixed rate with BOI since we took out our current mortgage. This is now coming to an end and we've got a letter detailing the rate options available to us now. These are the relevant details:
2-year fixed: 4.35%
SVR: 4.5%
There are also higher 3- and 5-year fixed rate options available, but we're not interested in those.
It seems to be a no-brainer to go with the 2-year fixed rate, but I was very surprised that the SVR was higher.
Is this normal, or is it possibly an indication that the SVR is expected to move down?
There's another minor question: some of the rates have the abbreviation "PDH" next to them. Anyone got any idea what that means? I scoured the letter for footnotes where it might be explained, but found none.