But it's likely that Irish variable rates and fixed rates will fall before that happens.
However, I am wondering if now might be the time to avail of "low" fixed rates as I suspect variable rates may soon start to rise again. for example:
cremeegg
I don't know from your icons whether you are being serious or not.
ECB rates are expected to remain unchanged while QE continues.
Anyway, Irish banks seem to be operating independent of ECB anyway, doing what they want.
When it comes to the question of fixing or staying on variable, you need to look at your own circumstances. Mortgages are long term and you won't always get the best rate but there's no need to worry about it.
I have just recently fixed my BoI mortgage for 3 years. I have a LTV of <60%. Their variable was 3.9% and the 3 year fixed is 3.1%. I am planning on extending soon, so I know I won't be looking to pay off any of my existing mortgage in that 3 year period. The gamble is will rates go down further. ECB rates won't. Irish banks do what they want and I can't see them being forced to reduce their rates. Anything they do will be based on competition and 3.1% is a competitive enough rate in today's market.
Steven
www.bluewaterfp.ie
FTB here interested in peoples views on split rate mortgages, recently got an 80% mortgage worth 240,000. Bank said they are happy to split 190,000 @3.1 fixed and 50,000 @ 4.2 Variable.
This allows us to overpay for the first few years without getting gouged too much by the high interest rate since its on a low value. I feel like this is a good deal unless others see otherwise?
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