Hello,
This is my situation:
My plan is to pay 40K and then have a split rate mortgage with 35K on a variable rate and the balance on a fixed rate.
Should I pay the 40K now at a cost of 300 eur and wait for the fixed rate period to end in 22 months or should I break the fixed rate now for 1600 eur and get on with my plan of a split rate mortgage? The plan is to pay off the 35K asap, ideally within 3 years.
I'm interested in the 10 years fixed rate @ 3.3% for the security it provides. Even if 3.3% sounds a bit high now, it might be a very good rate in 5 years time if interest rates go up as they eventually will.
What are your thoughts on this?
Thank you
This is my situation:
- 25 years mortgage, a bit less than 22 years remaining to full term (july 2041)
- Current repayment: 1208.10 eur / month
- Balance: 222K
- Rate: 3.45% - fixed for another 22 months
- Bank: BOI
- LTV < 50%
- Current repayment: 1208 eur / month
My plan is to pay 40K and then have a split rate mortgage with 35K on a variable rate and the balance on a fixed rate.
Should I pay the 40K now at a cost of 300 eur and wait for the fixed rate period to end in 22 months or should I break the fixed rate now for 1600 eur and get on with my plan of a split rate mortgage? The plan is to pay off the 35K asap, ideally within 3 years.
I'm interested in the 10 years fixed rate @ 3.3% for the security it provides. Even if 3.3% sounds a bit high now, it might be a very good rate in 5 years time if interest rates go up as they eventually will.
What are your thoughts on this?
Thank you
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