How long to fix Ulster bank mortgage for - 4, 5 or 7 years?

D

Dublingal

Registered User
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2
Hi,

Looking for some help. My fixed rate is up for review and we have received a number of options from Ulster Bank.

There is €106,000 left on mortgage over 22 years.

We can fix for:

4 years @ 2.6% - monthly repayment of €527.07
5 years @ 2.8% - monthly repayment of €537.68
7 years @ 2.99% - monthly repayment of €547.89

What is the best option?

The rest of our mortgage is based on a tracker rate and I'm conscious this rate will increase over the next year or so.

Thanks
 
There is no objective best option.

It depends on to what extent you want to insure yourself against potential future increases in interest rates.

The downside is if retail interest rates fall it will be costly for you to take advantage of them.
 
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