Hi - my 3 year fixed is now up and moving to standard variable with ESB. Looking for some advice on whether to go with fixed again or to go for variable elsewhere. Appreciate any help!
Did you get a letter from EBS outlining what your rollover options are now? If you could post them here, e.g. Standard Variable Rate, XX%, monthly repayment €Y, that would help people to comment.
I am in a similar boat as the OP but I am with BOI.
My current fix rate is 3.79%
BOI have offered the following rates
Var Rate - 4.5%
2 year fix - 4.69%
3 year fix - 4.89%
5 year fix - 5.29%
I asked my accountant for his advice and he suggested the var rate. Reason being in his words -
"One thing I remember from my college days was that if the fixed was close to the variable rate the banks were not expecting a rate rise any time soon. If there was a big gap then the banks were expecting the variable to go way up and therefore they would only give you a fixed rate if it was far higher than the current variable."
He also said that I should be prepared to fix at short notice down the line.
Can you fix at short notice and still get a good fix rate?
It seems to me that your Accountant was asleep at the back of the room in his college days. You should ask him if he is authorised to give such advice.