How long to fix for with BOI?

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random10

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Given recent discussions on this forum, it seems minister Noonan won't be putting any more pressure on banks to reduce rates and it doesn't look like BOI will be reducing their SVR anytime soon. Since we are at 4.5% we feel it makes sense for us to fix. We can get 1/2/3 year at 3.6% or 5 years at 3.8%. We are facing into a very expensive few years expecting our first baby in a few weeks and will hopefully have 2/3 children so childcare will be a huge expense for us and fixing and having certainty is appealing to me. Any ideas on how long we should fix for, what would you do?
 
Nobody can accurately predict future interest rates but we can certainly project future expenses.

If I was in the OP's position, I would take the two year fix based on everything we actually know today.
 
You are coming into a period when certainty in your major outgoings would be beneficial. I'd agree with Sarenco, fixing for 2 years would make sense. Looking at interest rates over a long period of time 3.6% is not excessive.
 
So this weekend marks the end of our two year fixed rate with BOI at 3.6%. Think that worked out well for us. Baby number two on the way with a possibility of number three in 2 years time so money is going to be tight with Childcare for next few years. We were going to fix with boi for 2/3 years at 3% but now it seems ulster bank at 2.6% is best rate. Would people in my position switch to ulster bank?
 
random10 said:
So this weekend marks the end of our two year fixed rate with BOI at 3.6%. Think that worked out well for us. Baby number two on the way with a possibility of number three in 2 years time so money is going to be tight with Childcare for next few years. We were going to fix with boi for 2/3 years at 3% but now it seems ulster bank at 2.6% is best rate. Would people in my position switch to ulster bank?
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Hi, since you're already with BoI, you don't get the benefit of cash back, so Ulster is the best available rate for you if you qualify for the 2.6% rate. You'll get 1500 cash back which will cover your legal fees.

You need to weigh this up against the possibility that you'll be on BOI's SVR for a few months while going through the process of switching to UB. I'm not sure of current timeline but I expect switch process would take about 3 months if it's straight forward.
 
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