Reading through these (very informative) threads it seems like all major mortgage providers are charging two separate variable rates.
One for existing customers fixed at whatever they signed on with and one for new business.
Given that rates are falling, this effectively means that any "variable" rate you are offered is effectively fixed. In the event rates rise then it's really upwards only.
This applies for KBC, EBS and BoI from various threads I've seen so far.
Am I misunderstanding things?
I'm looking to get a first time buyer's mortgage and have to say the whole thing is very confusing!
With rates falling, it would seem to be best to ignore the current "variable" rates on offer and just go for whoever actually adjusts rates equally for new and existing business?
Yet everyone still seems to focus on the rates on offer, what am I missing?
One for existing customers fixed at whatever they signed on with and one for new business.
Given that rates are falling, this effectively means that any "variable" rate you are offered is effectively fixed. In the event rates rise then it's really upwards only.
This applies for KBC, EBS and BoI from various threads I've seen so far.
Am I misunderstanding things?
I'm looking to get a first time buyer's mortgage and have to say the whole thing is very confusing!
With rates falling, it would seem to be best to ignore the current "variable" rates on offer and just go for whoever actually adjusts rates equally for new and existing business?
Yet everyone still seems to focus on the rates on offer, what am I missing?