Interest rates advice

Discussion in 'Mortgages and buying and selling homes' started by rochforn, 8 Nov 2018 at 12:48 PM.

  1. rochforn

    rochforn Registered User

    Posts:
    9
    Last edited: 9 Nov 2018 at 12:05 AM
    Guys.
    First time buyer with PTSB, 70% LTV.
    Two options
    Fixed for 3 years at 2.9%
    Variable 3.4% for 12 months

    I'll be in a position to overpay the mortgage by maybe double some months so would it be more wise going with the variable rate to allow me to do so. I intend switching after 6 months to a year anyhow so not worried about coming off the discounted variable...
    Any advise appreciated

    Thanks
     
    Last edited: 9 Nov 2018 at 12:05 AM
  2. HollowKnight

    HollowKnight Registered User

    Posts:
    23
    The variable rate with AIB would be 2.95% for your LTV.

    But UB have fixed options 2yr at 2.3% and 4yr at 2.6%. UB allow you to overpay by 10% of the balance each year.

    Avoid PTSB.
     
  3. mugsymugsy

    mugsymugsy Registered User

    Posts:
    41
    Got to agree with the above unless you are planning mutiple switches better offers out there than PTSB.
     
  4. rochforn

    rochforn Registered User

    Posts:
    9
    Thanks guys appreciate the info..
    The reality is PTSB gave me the highest loan offer with an exception so I could avail of the help to buy scheme nobody else was coming close so it was a no brainer, 15k rebate and 4500 cash back. Yes I will switch asap but not many banks will take me on with minumum stays from Ebs @12 months, UB 6 months BOI 12 months for good cashback deals.
    So my question still stands which of the two options given would u guys go for?
    Thanks
     
  5. Bronte

    Bronte Frequent Poster

    Posts:
    12,755
    Clearly if you're planning to
    a) switch
    and
    b) overpay

    then you have to go the variable route.
     
  6. cliqueentour

    cliqueentour Frequent Poster

    Posts:
    56
    EBS and KBC have no minimum requirements to be with yr current lender.