Mortgage / fix?

[jimmyd]

Hope Im posting in the right section:

I took my mortgage out 1 year ago for my self build 1st home and I am living in it now -
Mortgage was for €120,000 for 30 years with AIB (expires 21/12/2034)
It is a tracker mortgage and the rate is 3.75%
There is mortgage interest relief paid automatically into my bank account monthly @ €66.66 (€66.66*12 = €799.92 so 20% of my single persons allowances of €4000) which I assume wil be rising this year since the allowance has risen.

With another 2 or 3 expected interest rises to come this year would I be recommended to fix my mortgage for a few years?

 

[CCOVICH]

Re: Mortgage / fix??

jimmy-there are many existing threads on the question of whether to fix or not.

Very simply

1. Only fix if you need to know your repayments with certainty
2. Any fixed rates on offer reflect the expected future direction of base rates.

 

[Philip2005]

I have an aib tracker mortgage.€100,000 <60% My rate is 4.45%. Are you sure your not paying that.

The mortgage interest relief only affects people with large mortgages save over 300,000.

27 years seems like a very long time to be paying your mortgage.If you are in a position to pay extra you could save alot of money and really shorten the years left of your mortgage. Iam overpaying at the moment.
I hope to go from 21 years to 10 years left.

 

[jimmyd]

@Philip2005 - no it's defn 4.75% , i rang aib today and they said i have to write to them ask ask them to reconsider my rate