Fixed or Variable

S

SEAN LTL

Registered User
Messages
7
Hi folks,

I am currently in the process of applying for mortgage, LTV is about 73%. Looking at borrowing about €100k or so. Just looking for some advice on whether it is best to fix the mortgage or go with the variable rate. I realise everyone circumstances are different and no one has a crystal ball but just looking for some current advice I suppose. Any input would be greatly appreciated. Thanks
 
Hi Steven,

Have meetings with a few of the banks in the next couple of weeks. Met PTSB last week, 1 year fixed: 3.29%, 2/3 year fixed 3.60%. Variable rate was 3.5% at the moment. Meeting EBS and AIB this week and Ulster Bank next week.
 
Personally the best bit of advice I got many years ago was that you were better of not fixing your interest rate on a mortgage, I was told that those that did ended up paying more interest over the life of the mortgage then those that didn't. This might not apply in todays markets but for me it worked.
 
If you want certainty around the amount of money you will pay each month, then the fixed may suit you. Be aware however that this will cost you.

I don't respect Steven's question, unless he thinks that by a careful caparison of rates you or he can make a better judgement of how rates will move over the term of the fix than the bank can. In my opinion if you think that you are at best taking a completely unnecessary punt or at worst deluded.

Cervelo has it right.
 
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