Mortgage Rates Help

Hi,
We are deciding on which lender to choose for our mortgage at the minute. We are taking out EUR 190,000 over 35 years. We have been approved by AIB, Bank of Ireland,EBS, UlsterBank & Permanent TSB. The problem is which rate to choose - Variable, Tracker or Fixed.

We had decided to go with the tracker but now the advice we are getting is to fix. Bank of Ireland have fixed rate for 2 years 3.85% & APR 3.8%. Any advice will be appreciated.Thanks

Shame you missed the NIB fixed rate of 3.29%, finished a couple of weeks ago. I believe the latest fixed rate is 3.6 for 2 years with them, however you must have the application form in very soon as this rate is likely to go up again. I would recommend fixing personally if you can get a fixed rate of 4 % or lower. Make sure though you have no intention of selling the property or topping up the mortgage in the next two years, otherwiswe there will be a hefty penalty which applies to all lenders.

Loads of discussion on fixed vs. tracker dilemma on the site. You can use the search facility.

Who is advising you to fix? The bank? A broker? They may have their own interests at heart when doing so.

General advice is only to fix if you need to be sure of your repayments each month.

I've locked this thread as the topic has been tackled enough in the past.