My EBS mortgage is going from fixed to variable at end of the month, I read that the expected variable rate decreases are not expected to benefit EBS customers, so am thinking of fixing for another year @3.5% (variable currently 3.7%). Do you think this is wise? Loan valué €250k, 29/35 years remaining. Any advice apreciated, thanks
No EBS Pocket the money themselves rather than passing on benefits to their customers disgraceful. As to fixing I can't advise you - its just a shame this bank isn't for its customers
My EBS mortgage is going from fixed to variable at end of the month, I read that the expected variable rate decreases are not expected to benefit EBS customers, so am thinking of fixing for another year @3.5% (variable currently 3.7%). Do you think this is wise? Loan valué €250k, 29/35 years remaining. Any advice apreciated, thanks
It's not really possible for anybody to accurately predict short-term interest rate movements.
However, for the variable option to come out ahead, EBS would have to cut their variable rate for existing customers by more than 0.2% AND would have to do so quickly enough for the variable option to come out ahead of the one-year fix. And, of course, there's always the possibility that rates will rise.
Possible? For sure.
Likely? Well....
FWIW, if I was in your shoes, I would take that one-year fix in a heartbeat. It's not a bad rate at all (relatively speaking) and the downside risk of being "wrong" is minimal.