3 year or 5 year fixed rate?

Ashb

Registered User
Messages
5
Hi there,
Finally coming off a high variable rate with Pepper, & have KBC loan approval.
€240,00 left to repay, LTV is within 60-80% bracket.
Can avail of KBC 3 year fixed @ 2.6% or 5 year fixed @ 2.65%.
Any advice on whether to go for 3 year or 5 year fixed?
Thanks
 
Why not get approval from Ulster bank? They have the lowest fixed on the market @2.3% over 2 years .They are offering €1500 to switch .
 
I am in the exact same boat as you Ashb, agonising over or 3 or 5 yr fix.

The 5 really makes sense for peace of mind but there is a very small part of my brain that dreams of moving from suburbia to the country side in the future. 99% certain that a move wont be an option in the next 3 years but on a 5 year outlook..maybe (if the stars align)

Am I right in saying that break costs depend on the prevailing market breaks at the time of breaking? i.e. if rates have gone down -v- when you originally fixed a breakage cost will not apply and vice versa? or is it the otherway.

Opening mortgage balance is only €150k so perhaps I won't get hammered by a significant breakage fee anyway if I did need to break the term
 
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