First post here from a novice, so please excuse my ignorance.
I am an EBS Mortgage customer (own home but in negative equity to the tune of €70k unfortunately €328k loan - €260k value) on a SVR of 4.33%.
I have been toying with the notion of fixing my mortgage for a period of two or three years at 3.8%, which would reduce my monthly repayments by €100/month. My main concern is that I expect the SVR to fall this year, but how significantly will they be reduced?
Would the the SVR be likely to be cut by significantly more than 0.5% over 24 or 36 months for me to regret the short term benefits?
I can't find much online by way of forecasting future rates and I understand it is impossible to do, but any advice is sought, nonetheless.
I am an EBS Mortgage customer (own home but in negative equity to the tune of €70k unfortunately €328k loan - €260k value) on a SVR of 4.33%.
I have been toying with the notion of fixing my mortgage for a period of two or three years at 3.8%, which would reduce my monthly repayments by €100/month. My main concern is that I expect the SVR to fall this year, but how significantly will they be reduced?
Would the the SVR be likely to be cut by significantly more than 0.5% over 24 or 36 months for me to regret the short term benefits?
I can't find much online by way of forecasting future rates and I understand it is impossible to do, but any advice is sought, nonetheless.
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