Brendan B offered his qualified advice last May that nobody should fix for any period over one year, at any rate over 3%, in order to escape a high SVR. So far following that advice would have proved to be a pretty expensive mistake and BOI would have to reduce their SVR pretty radically - and pretty quickly - to change the position.
Could they not fix for 1 year, and then fix again for the same period after coming off that?Brendan B offered his qualified advice last May that nobody should fix for any period over one year, at any rate over 3%, in order to escape a high SVR. So far following that advice would have proved to be a pretty expensive mistake and BOI would have to reduce their SVR pretty radically - and pretty quickly - to change the position. I can't see this happening but I guess time will tell.
Brendan B offered his qualified advice last May that nobody should fix for any period over one year, at any rate over 3%, in order to escape a high SVR. So far following that advice would have proved to be a pretty expensive mistake and BOI would have to reduce their SVR pretty radically - and pretty quickly - to change the position. I can't see this happening but I guess time will tell.
My general default position is that people should not fix. Most of the time that is right. But some of the time, it will be wrong.
I still felt that your core conclusion was a bit strong.
I'm currently on 2.4% on a home mortgage, (not Ireland)
"I think a Bank of Ireland customer should fix, but not yet. I hope that the Minister for Finance is not happy with the rate cuts announced and that he will put pressure on all the banks to reduce rates further. It may then be correct to fix."
So someone who did not fix at all has lost money, so far and probably will be behind at the end of the two year period. I think that they should now fix at 3.65% for one year if they are over 90% LTV. If they are below that, they should switch from BoI.
I am disappointed that rates have not fallen more as a result of our campaign. But I am still hopeful that they will fall further.
That's really what I was getting at Brendan and I think we are now in violent agreement.
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Is that not a tad strong, we are talking interest rates, not politics, don't you just disagree rather than taking it to a whole new level with that word?
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