PTSB mortgage, Stay with fixed or move to LTV

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salaried

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Hello, First of all well done to Brendan on his appearance on prime time. I would appreciate any feedback on choice of mortgage given to me by the PTSB, Our 5 year 4.85% fixed mortgage is up this month and these are our options. LTV Variable rate 6.05% . 2 year fixed rate - 7.25%. 5 year fixed rate - 8.75%. Can anyone help me on this, Or is there a reason I should choose one over the others, Any help would be appreciated, Regards, Salaried.
 
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I am finding it very hard to see PTSB being 'allowed' to hike their variable rate higher than those fixed rates over the next few years due to the socio-politico climate, so I would say the variable is the clear choice.
 
Bugler thanks for your reply, Its appreciated, thedaras, My wife is not the type to grasp the nettle and switch even though I am sure we could, I am still uncertain as to which mortgage to sign up to given that we need to sign by the 28th of this month.
 
If you can switch you should - AIB or BoI have the best rates, both have their own criteria for switching. There was something about this specifically in last weekend's Sunday Times. What is your wife's opposition to switching?

If you absolutely must choose from PTSB's offerings then go with the variable. They are already taking flak for their rates as they are, they won't rise beyond those fixed rates in that time period IMO.
 
AIB won't take on a switch.

In general, you can only switch if your mortgage is 80% or less of the current property value. Your existing repayment record also needs to be pristine and you need to qualify on incomes. While it will cost you for legal fees and a valuation (think ball-park €1,100 combined) it could be worth it in reduced repayments if you get a much better interest rate. But you'd need to work out, or take advice on your specific figures to see if the cost is justified by the benefit.

Liam D. Ferguson
 
Bugler, Thedaras, And LDF thank you for your input, We are going with the variable and are hoping to switch somewhere down the line as our Ltv is within the criteria, Thanks again.
 
I'd look into switching now - herself won't need to do / worry about anything. If you can switch, the switcher will do everything and all you do is sign the papers.
 
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