I know this topic has been covered but please bear with me! I took a mortgage of 380k over 30 years out last August with ICS. Currently our rate is a 2 yr discount rate of 2.09% (or €1456.56 a month). My husband was temporarily let go in January and so far no sign of things picking up and no work out there for him. I'm a civil servant and have a sneaky feeling I will be taking another wage reduction in the next budget.
I enquired about fixing and was offered the following:
2 years at 3.15% (€1670 pm)
3 years at 3.6% (€1760 pm)
5 years at 4.25% (€1900 pm)
I worked out with TRS that the actual money I'd be paying would be an additional €155 a month if I went for the 5 years instead of the 2. Or an additional €300 a month over what I'm paying now.
Should I fix or stay put? When I took out the mortgage initially we were paying €2,160 a month, can't remember the rate. If it went back to this I wouldn't be able to meet the repayments by myself. We will be renting a room out for €400 a month by the end of August so if I did fix this would cover the difference. I'm just terrified that if I fix I might regret it in a few years.
I'd appreciate any advice. Thanks
I enquired about fixing and was offered the following:
2 years at 3.15% (€1670 pm)
3 years at 3.6% (€1760 pm)
5 years at 4.25% (€1900 pm)
I worked out with TRS that the actual money I'd be paying would be an additional €155 a month if I went for the 5 years instead of the 2. Or an additional €300 a month over what I'm paying now.
Should I fix or stay put? When I took out the mortgage initially we were paying €2,160 a month, can't remember the rate. If it went back to this I wouldn't be able to meet the repayments by myself. We will be renting a room out for €400 a month by the end of August so if I did fix this would cover the difference. I'm just terrified that if I fix I might regret it in a few years.
I'd appreciate any advice. Thanks