Not sure if this is the right forum, but we are currently buying a holiday home which will be finished next year. As part of the process we are switching our current mortgage on our PPR, and topping this up by €60k to put towards the cost of the new house, and then get an investment mortgage for the balance. The plan was not to access the €60k until the new build was completed and the money required sometime in summer 09.
Our mortgage offer is the old AIB rates ( thank LDFerguson), of a tracker of +0.45% for one year and +0.75% thereafter, but we have to draw down within 6 months to get these rates.
Was thinking we might be better off taking the money out now, and sticking it in a one year term savings account to take advantage of these rates. Shopped around, and seems I could get 5.25% gross which would be about 4.2% net, so would be making a small loss, but would the overall benefit be worth it??
Our mortgage offer is the old AIB rates ( thank LDFerguson), of a tracker of +0.45% for one year and +0.75% thereafter, but we have to draw down within 6 months to get these rates.
Was thinking we might be better off taking the money out now, and sticking it in a one year term savings account to take advantage of these rates. Shopped around, and seems I could get 5.25% gross which would be about 4.2% net, so would be making a small loss, but would the overall benefit be worth it??