Go fixed or stick with the variable, can't decide!

D

dickvandyke

Registered User
Messages
27
Hi all, bit a dilema, any advice welcome.

Have a choice to go fixed on my mortgage @ 5.09% (5.13% APR) for 1,2,3 or 5 yrs, payment = €1570/month

or...

stick with the variable and ride it out, currently @ 4.75%, payment €1482.21/month...

I'm stumped, what would you do??
 
your variable rate will be about five percent come feb/march so if you have no plans to make any lump sum payments the fixed rate could suit you.
 
Those rates are awful.
Who are you with?
What is your outstanding mortgage amount?
How much is your property worth?
 
There are lots of existing threads on the whole fixed versus variable/tracker question which you should root out and read. There are also lots of existing threads about competitive mortgage rates on offer.
 
Thanks for your responses

Those rates are awful.
Who are you with?
What is your outstanding mortgage amount?
How much is your property worth
Click to expand...
?

As far as I can see the best I could get if I changed would be 4.65% var(On tracker rate over 35 yrs) , not sure about fixed.
With IIB, outstanding amount is 303200.
House is valued at 335000.

Could you recommend any bank in particular? Thanks.
 
I think BOI offer the best fixed rates at the moment but as Clubman says, there are plenty of threads dealing with this. Try Financial Best Buys to get a list of mortgage rates on offer
 
Halifax:

2 year fixed: 4.58%
3 year fixed: 4.69%
5 year fixed: 4.89%

Free switcher with Halifax.

Due to your loan to value, no point switching to a tracker as not much value out there.
 
NorfBank said:
Halifax:

2 year fixed: 4.58%
3 year fixed: 4.69%
5 year fixed: 4.89%

.
Click to expand...

with 2 year - 5 year swap rates getting up towards the 4.20 level in the last week or so (4.26 on a 365 day retail basis), I can't see these rates staying around for long.
 
As far as I can see the best I could get if I changed would be 4.65% var(On tracker rate over 35 yrs) , not sure about fixed.
With IIB, outstanding amount is 303200.
House is valued at 335000.
Click to expand...

Actually bought house for 335000, currently valued at around 450000, this means I qualify for NIB LTV. Think I'll be changing, it would give me start var rate of 4.12% or 4.9% fixed over 2,3 or 5yrs.
 
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