Choosing a rate

[Buy Buy Buy]

Hi,
I would love some advice as to which is the best rate to go on. Myself and partner have just put a deposit on a apartmenmt in malahide at €380,000. I'm thinking about taking the first year discounted rate and then a 3 yr fixed term rate going forward(mortgage is with AIB and won't be in the apartment until late 2007/2008). Does anyone think otherwise. Also how do I calculate my monthly repayments? thanks

 

[ClubMan]

See the many, many existing threads about fixed versus variable. Choose the rate which will offer you the longest term value for money. In my opinion forget about one years discount rates and concentrate on those that are competitive longer term. And only fix if you really need to.

 

[Molly]

the rate that applies to your mortgage will be the rates at the time of drawdown. i.e when the cheque issues, in your case 07/08. Bearing in mind there is an ecb rate increase predicted in December and another rate increase predicted for spring 07. Lenders are constantly changing rates , products etc so it will be difficult to forecast/guess what rates will apply / be available late 07 or 08. doesn't really matter what rate you get approval for now, you will have to revisit it and reconsider the rate applicable on the loan offer before drawdown.

You can calculate the repayment based on today's rates on

here