Ok then, advise on our sitation. FTB couple. One earner, c. 35k. Other is on Social Welfare. Loan amount 170,000. Repayments will be significently lower than what we currently pay on rent. We're good with money and don't spend frivolously. Aim is to pay as little total interest as possible, but don't want to get caught out if interest rates go sky high, so my thinking was to take a 30 year term with BOI and either go for standard variable (3.1% rising to 3.35% after a year) and over-pay by 200ish a month (obviously less if interest rates go up), or go five-year fixed (4.64%) and put 100-150 a month into a savings account for five years, and when we get back on variable, dump it all in to the mortgage.
because there doesn't seem to be anyone else who compares rate-wise
There are many other factors to consider than just rate.
BOI for example have higher rates for existing customers then new ones - great to begin with, not so great when you want to fix as an existing customer.
If you just decide according to rate, you could soon find yourself rueing that decision. The lender with the cheapest variable rate today might raise it the day after you take out the mortgage.
Rates are important but don't be blinded by them.
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