I'm in a similar situation to the OP rolleregg.
Bank of Ireland mortgage, just over €400k outstanding, 30-year term, on 4.55% variable. Repayments were too high so we were on a partial-principal arrangement for a while. Just came off that, so now back on full principal, but with a new deal that extended the term from 25 back to 30 years in order to make it affordable.
Separate to that, I wrote a letter complaining about the rate, and I was pleasantly surprised that they called to offer alternatives. (Happy to share the letter if it would be useful to anyone.)
Here's what they've offered:
- 4.2% variable
- 3.8% 1yr fixed
- 3.85% 2yr fixed
- 3.95% 5yr fixed
We were hoping to move to KBC soon anyway, once we have can show six months of clean full repayments on our application.
If we do aim to move later in the year — since KBC's switchers deal is live until December — is there any downside to fixing at 3.8%?
Is there any advantage to taking the two-year option at 3.85%?
Thanks in advance!