We have fixed rate of 5.08% for next 4.5 years with AIB. There's approx 280k left on mortgage. (30 years)
Given that AIB's Standard Variable is now 4.5% and almost guaranteed to fall further, I am looking for some advice on whether to change or stay fixed.
Am I correct in assuming that the penalty will be approx €6,500 and it will be beneficial to switch if rates average at less than 4.5% over the next 5 years?
In previous recessions and throughout the world, has there been a trend in interest rates once there are signs of recovery. (I know this may be a few years off). Is there any indication of how fast interest rates will rise?
Given that AIB's Standard Variable is now 4.5% and almost guaranteed to fall further, I am looking for some advice on whether to change or stay fixed.
Am I correct in assuming that the penalty will be approx €6,500 and it will be beneficial to switch if rates average at less than 4.5% over the next 5 years?
In previous recessions and throughout the world, has there been a trend in interest rates once there are signs of recovery. (I know this may be a few years off). Is there any indication of how fast interest rates will rise?