Interest rates advice

Discussion in 'Mortgages and buying and selling homes' started by rochforn, 8 Nov 2018.

  1. rochforn

    rochforn Registered User

    Last edited: 9 Nov 2018
    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

    Last edited: 9 Nov 2018
  2. HollowKnight

    HollowKnight Frequent Poster

    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 Frequent Poster

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

    rochforn Registered User

    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?
  5. Bronte

    Bronte Frequent Poster

    Clearly if you're planning to
    a) switch
    b) overpay

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

    cliqueentour Frequent Poster

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