I had asked this on boards but I'm hoping to get some more advice here.
We are only one year into our mortgage (just under 90% LTV) and for our first year fixed at 3.55% with BOI. That term is about to end (this week) and we are having a hard time deciding what to do next. We definitely want to fix but can't decide between
The 3% seems very good, but to fix at ten knowing our repayments stay pretty much identical to what they are now is also appealing. You would imagine ECB rates will start to claim this year or next, but by how much and if Irish banks will follow proportionately is obviously another matter (let alone any potential effects of Brexit or the likes of Italy's fragile system on the EU).
How are other people approaching this decision?
We are only one year into our mortgage (just under 90% LTV) and for our first year fixed at 3.55% with BOI. That term is about to end (this week) and we are having a hard time deciding what to do next. We definitely want to fix but can't decide between
- fix for 5 years at 3%
- fix for 10 years at 3.5%
The 3% seems very good, but to fix at ten knowing our repayments stay pretty much identical to what they are now is also appealing. You would imagine ECB rates will start to claim this year or next, but by how much and if Irish banks will follow proportionately is obviously another matter (let alone any potential effects of Brexit or the likes of Italy's fragile system on the EU).
How are other people approaching this decision?