Mortgage is with PTSB. This time last year we switched from the SVR (4.5%) to their MVR (4.3%). Just got our end of year statement and for the first time in years, the remaining mortgage is just lower than what the house was valued at this time last year (about 97% LTV).
There was a letter enclosed saying we couldn't switch between LTV rate bands (which wouldn't apply anyway as we'd still fall within the same band), but that "you may be able to avail of lower LTV interest rate bands from another regulated entity based on an up to date valuation". From looking at other houses around the area, I don't think there would have been much change in a valuation, so I'm guessing it'll be a few years yet before the LTV is low enough to be able to switch.
But anyway, they've also included fixed rate information and it's for either 2, 3 or 5 years, each one is 3.7%. It seems like an obvious choice to me to fix, as it's a lower rate - but is there anything I might be missing? Any reason to not fix? I'm not really good with figures or anything mortgage related, so I appreciate any advice. Thank you.
There was a letter enclosed saying we couldn't switch between LTV rate bands (which wouldn't apply anyway as we'd still fall within the same band), but that "you may be able to avail of lower LTV interest rate bands from another regulated entity based on an up to date valuation". From looking at other houses around the area, I don't think there would have been much change in a valuation, so I'm guessing it'll be a few years yet before the LTV is low enough to be able to switch.
But anyway, they've also included fixed rate information and it's for either 2, 3 or 5 years, each one is 3.7%. It seems like an obvious choice to me to fix, as it's a lower rate - but is there anything I might be missing? Any reason to not fix? I'm not really good with figures or anything mortgage related, so I appreciate any advice. Thank you.