mortgage renewal.

[marbrifox]

Hi,

My mortgage is up for renewal.

I was on 4.79% fixed for 2 years.
The new options are:
TRACKER VARIABLE ECB + 1.10%N AT 2.100%.
EXISTING VARIABLE LTV RATE PDH AT 2.700%.
AND A 2 YEAR FIXED [PDH] AT 3.150%.

We bought our house on the affordable housing scheme at half the selling price so its still worth a lot in todays market.

So if anyone out there could advise me what option might suite me I would be very grateful thank you.

Either way it seems i cant loose compared to my original 4.79%.

Looking forward to hearing from you.

 

[NorfBank]

If you can get a tracker with a 1.1% margin and you can afford some increases in your mortgage repayments over the next few years then take the tracker. Over the term of the mortgage it will be the best value.

If interest rate increases will overstretch you then you should fix before you get into difficulty. I would advise fixing for the longer term i.e 3 to 5 years. If you do fix just be aware that there may be penalties for

- overpaying
- paying back lump sums
- redeeming (paying off ) or switching the mortgage

during the fixed period.


www.moneybackmortgages.ie