A
Ann1977
Guest
I want to start a discussion on the pros and cons of fixing your mortgage interest rate. I feel with the current interest rate climate there has to be a lot of people in a similar situation to me at the moment.
Myself and my partner (both ftbs) bought our home in September 2005 for €330,000. We had our deposit and we borrowed €297.500 for 35 years at a fixed 1 year interest rate of 2.25%. The repayments currently are €951 per month. Our combined earnings are €60K and we have no savings.
With the impending flurry of interest rate rises expected I rang our mortgage provider this morning (perm tsb) to find out how much we could fix our mortgage for today.
The quotes I got (after the tax relief is deducted) are as follows:
2 year fix (4.65%) - €1450 monthly repayment
3 year fix (4.85%) - €1487 monthly repayment
5 year fix (4.99%) - €1515 monthly repayment.
So my question is should we fix today and how long should we fix for?
I also have one other question to ask - the property is valued at €380K today, if we were to sell to go back renting what would it cost us both today and then in the future (ie. when we buy our next home as we won't be ftbs anymore). I know there is a full thread on this but the actual costs of selling up are not mentioned.
Any comments would be very much appreciated.
Thanx,
Ann.
Myself and my partner (both ftbs) bought our home in September 2005 for €330,000. We had our deposit and we borrowed €297.500 for 35 years at a fixed 1 year interest rate of 2.25%. The repayments currently are €951 per month. Our combined earnings are €60K and we have no savings.
With the impending flurry of interest rate rises expected I rang our mortgage provider this morning (perm tsb) to find out how much we could fix our mortgage for today.
The quotes I got (after the tax relief is deducted) are as follows:
2 year fix (4.65%) - €1450 monthly repayment
3 year fix (4.85%) - €1487 monthly repayment
5 year fix (4.99%) - €1515 monthly repayment.
So my question is should we fix today and how long should we fix for?
I also have one other question to ask - the property is valued at €380K today, if we were to sell to go back renting what would it cost us both today and then in the future (ie. when we buy our next home as we won't be ftbs anymore). I know there is a full thread on this but the actual costs of selling up are not mentioned.
Any comments would be very much appreciated.
Thanx,
Ann.