Help required in selecting a suitable mortgage

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ITGuru

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I would like to know from among the following mortgage types which would be the best one for me. I am taking a loan of 360,000 for 35 years. The broker wont provide an un-biased answer! Is there any govt. body that offer financial advice in this regard?

Variable
a. 1 Homeloan Variable 4.44% 4.5%

b. 2 Year Discount Tracker ECB + 0.85% Rolling to ECB + 1.25% 3.85% 4.3%

c. 3 Year Discount Tracker ECB + 0.95% Rolling to ECB + 1.25% 3.95% 4.3%

d. Tracker125 Available to All* 4.25% 4.3%

Fixed
a. 1 Year Fixed rate until 31/7/2007 Rolling to ECB + 1.25% 4.19% 4.3%
b. 2 Year Fixed rate until 31/7/2008 Rolling to ECB + 1.25% 4.39% 4.4%
 
ITGuru said:
I would like to know from among the following mortgage types which would be the best one for me. I am taking a loan of 360,000 for 35 years. The broker wont provide an un-biased answer! Is there any govt. body that offer financial advice in this regard?

Variable
a. 1 Homeloan Variable 4.44% 4.5%

b. 2 Year Discount Tracker ECB + 0.85% Rolling to ECB + 1.25% 3.85% 4.3%

c. 3 Year Discount Tracker ECB + 0.95% Rolling to ECB + 1.25% 3.95% 4.3%

d. Tracker125 Available to All* 4.25% 4.3%

Fixed
a. 1 Year Fixed rate until 31/7/2007 Rolling to ECB + 1.25% 4.19% 4.3%
b. 2 Year Fixed rate until 31/7/2008 Rolling to ECB + 1.25% 4.39% 4.4%
Click to expand...
Depending on your circumstances, but it seems to be that there is better value out there from a number of lenders. How many agencies does your broker have?
 
ITGuru
Are you sure your "broker" is not The Mortgage Store i.e. the broker arm of Bank of Ireland as those rates look like BOI rates.
 
If its a 100% or 95% mortgage thats an OK tracker rate after the discount period .

It could be BoS too

What % is the LTV , 100%??

80% should be ECB+1.1% no more
70% ECB + 1% no more
60% ECB+ 0.7-0.9% no more
 
The Financial Services Regulator has a [broken link removed] to selecting mortgages. Make sure to ask plenty of questions if it's not very clear to you what's being offerred by the 'broker'.
 
2Pack said:
If its a 100% or 95% mortgage thats an OK tracker rate after the discount period .

It could be BoS too

What % is the LTV , 100%??

80% should be ECB+1.1% no more
70% ECB + 1% no more
60% ECB+ 0.7-0.9% no more
Click to expand...

It is indeed a 100% mortgage. Which tracker then? What if the ECB rates go up again?
 
it will always track up or down with every rise and fall . 1.25% over is not a bad rate and would be 4.25% today with rate rises incoming this year.

a variable usually tracks up but not down so in the long term a tracker is better

If you are worried try a fix at about 4.5% for 2 years or 3 years instead of a tracker or variable and make sure there is no penalty to transfer to a variable at the end of the 2 or 3 years

Do not get a longer fix above 4.5% would be my advice but a year fix at 4.5% would be good business for you .
 
Munsterdude said:
Depending on your circumstances, but it seems to be that there is better value out there from a number of lenders. How many agencies does your broker have?
Click to expand...

Since I am a non-national only ICS would give loan to me !:(

2Pack said:
it will always track up or down with every rise and fall . 1.25% over is not a bad rate and would be 4.25% today with rate rises incoming this year.

a variable usually tracks up but not down so in the long term a tracker is better

If you are worried try a fix at about 4.5% for 2 years or 3 years instead of a tracker or variable and make sure there is no penalty to transfer to a variable at the end of the 2 or 3 years

Do not get a longer fix above 4.5% would be my advice but a year fix at 4.5% would be good business for you .
Click to expand...

What about 2 year fixed and then moving to Discount Tracker ECB + 0.95% Rolling to ECB + 1.25% 3.95%
 
2 year fix 4.4% moving to Discount Tracker ECB + 0.95% looks very nice

nice fix .

what is this "rolling to ****" , the tracker should be 0.95% (good) or 1.25% (not so good)
 
2Pack said:
2 year fix 4.4% moving to Discount Tracker ECB + 0.95% looks very nice

nice fix .

what is this "rolling to ****" , the tracker should be 0.95% (good) or 1.25% (not so good)
Click to expand...

2 Year Fixed rate until 31/7/2008 Rolling to ECB + 1.25% 4.39% 4.4%

Not good ? Could you suggest the best combination?
 
Since I am a non-national only ICS would give loan to me[/COLOR] !:(

All lenders deal with non nationals. Do you have a stamp 4?
 
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