EBS Fixed Rate 3.15% How long to fix

Futurelookin

Registered User
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As the title suggests, I'm going to fix.
I have a split mortgage so can only obviously fix the active part. Amount is approx 220K over 22 years. I'm tending towards the two year fix for the same rate but would welcome opinions on whether there is likely to be a movement in the interim on variables.

Just out of a PIA and would like to maximise my potential to save to avail of the discount off the warehoused mortgage when lump sums are paid in.

Thanks.
 
I fixed with EBS for 1 year. Today is the first day on the new rate with a saving of €38.08 per month.
 
I fixed with EBS for 1 year. Today is the first day on the new rate with a saving of €38.08 per month.
Thanks Paid,

Can I ask mortgage amount and term to get an idea if the savings for me would be similar or is there another way to calculate?
 
I'm just hedging my bets. Like yourself I cannot switch so the only way to save is to fix.

I don't want to be locked into a 2 or 3 year fixed rate only for there to be increased competition in a year's time after Michael McGrath's bill passes (and banks compete on rates not cashback offers) or some German bank or Irish Credit Unions enters the market.

I could be wrong of course.....
 
I'm just hedging my bets. Like yourself I cannot switch so the only way to save I is to fix.

I don't want to be locked into a 2 or 3 year fixed rate only for there to be increased competition in a year's time after Michael McGrath's bill passes (and banks compete on rates not cashback offers) or some German bank or Irish Credit Unions enters the market.

I could be wrong of course.....

I understand your reluctance however, seeing other posts here, saying breaking a fixed rate now is not costly or possibly free. In that case, why not 3 years if no penalty for breaking and you have both options.
 
We just fixed for 1 year today. Down from 3.7% to 3.15%. The property is in negative equity of about 10-15k and depending on which auctioneer values it we could be at break even now. Hoping in 12 months-18months to be in a position to sell as being a landlord is a pain in the ..... even with good tenants.
 
We just fixed for 1 year today. Down from 3.7% to 3.15%. The property is in negative equity of about 10-15k and depending on which auctioneer values it we could be at break even now. Hoping in 12 months-18months to be in a position to sell as being a landlord is a pain in the ..... even with good tenants.
This is fantastic to see a real case of someone in negative equity being able to switch to the fixed rate. I thought it was possible in theory since they removed the LTV bands in their latest rate changes, so great to see a real case.
@Brendan Burgess this is another example of how people can benefit from better rates with existing lenders that we've been discussing previously. In theory BoI should also be the same now even for those in negative equity if we could find a customer to prove it.
 
Think im probably like a lot of people out there: overpaid for a house in 2007 with a 30 year term currently on the 3.7% rate with EBS. I have put a massive effort into reducing my personal debt over the last 3 years, I've been overpaying by €100 per month and saving every penny I can and using annual bonus made a lump sum payment of €10k last 2 years (no foreign holidays or avocado toast for me). There' lots of talk about switching to fixed rates (3.15%) but I feel I'm making good progress as is. My goal is reduce down the overall term and get this monkey off my back sooner rather than later. I do see how reducing down monthly payments could be seen as attractive, but I'm looking at the linger game. I'll plan on doing this again in 2018 and as long as i have extra cash unless someone tells me I'm crazy
 
Think im probably like a lot of people out there: overpaid for a house in 2007 with a 30 year term currently on the 3.7% rate with EBS. I have put a massive effort into reducing my personal debt over the last 3 years, I've been overpaying by €100 per month and saving every penny I can and using annual bonus made a lump sum payment of €10k last 2 years (no foreign holidays or avocado toast for me). There' lots of talk about switching to fixed rates (3.15%) but I feel I'm making good progress as is. My goal is reduce down the overall term and get this monkey off my back sooner rather than later. I do see how reducing down monthly payments could be seen as attractive, but I'm looking at the linger game. I'll plan on doing this again in 2018 and as long as i have extra cash unless someone tells me I'm crazy

Are u serious? So you are happy to pay rate of 3.70% instead of getting the 3.15% rate? Guessing you owe €200,000 on your mortgage, you would save approximately €91 a month moving to the lower rate, thus saving €1,100 a year. You are doing a repayment every 2 years so fix for 2 years, save yourself €2,200 and then do you repayment of a lump sum.
 
Hi C

You could move to another lender which allows you to fix some of the mortgage and have a variable rate on the balance. Then you can overpay the variable.

How much is your mortgage?

What is your total overpayments per annum - roughly?

If your mortgage is €200k, you are paying an extra .55% of €200k which is €1,100 a year.

If you are overpaying by €11,000 a year, you are saving about €400 a year.

So it's better to have the lower rate on your entire mortgage.

Brendan
 
My statement is due end of January, but Jan 2016 balance was €166k, I managed to a lump of €10k (2 payments of €5k) plus the €100 extra per month so €1200 and then the regular
 
Thanks, I could fix for a year, save my €100 and make lump sum when fixed rate ends. Saving on interest but still flexible to a point
 
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