Should I And can i fix my Mortgage Payment

[mick087]

At the moment im with the ESB My Mortgage payments are around 760 per month, my interest 4.23.as ive a variable Mortgage.
Is this a good time to take out a 5 year fixed mortgage ive heard that even on a fixed they can raise it if they wish.Thats of course if the EBS let me fix it.
Also, does this seem like a good price to be paying for the following
Life Assurance 23 euro month
payment protection 40 euro per month

All advice is welcome

 

[tilly&milly]

I have just been quoted this by the EBS:

3 yr at 5.2%
5 yr at 5.65%
10 yr at 6.15%

I am currently on a variable and unemployed. I really don't know what to do. That is a massive rise in repayments.

The EBS say they expect to follow suit on the 1% rise.

I don't know whether to go interest only and take the fixed rate or gamble with staying on the variable.

 

[Soarer]

I certainly wouldn't "gamble" on the variable.
You've already heard from the horse's mouth that they're gonna raise interest rates by 1%, and every man and his dog reckons the ECB is gonna start increasing interest rates twoards the end of the year.
So the only way interest rates are going, is up.

If you can, fix it for the 5 years, and give yourself some breathing room. During that time, if you've an extra few quid, throw it into a saving account. That way, once you come off the interest only in 5 years time, at least you'll have a few bob to throw against the principal so repayments won't be as steep as they could've been.