should i fix my mortgage?

M

mc-BigE

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I took out a variable tracker mortgage in Dec2005 with IIB homeloans and my interest rate , like everyone else’s, has gone up from 2.9 to 3.77 today. Every month I get a letter giving me options for 1, 3, 5 year fix rates. Current rate for 5 year fixed is 4.99%, was thinking about switching, especially when there's another increase on the way.

What is the current trend out there, to go for fix mortgage, or stay variable rate and "ride out the storm" of interest rate hikes.
 
mc-BigE said:
What is the current trend out there, to go for fix mortgage, or stay variable rate and "ride out the storm" of interest rate hikes.
Click to expand...

You could go for a switcher to BoSI, which would combine riding out the storm for 2 years with a discounted rate to start with:

Why should I choose a Switch & Save Mortgage?

1. Lowest discounted tracker rate in the market: 3.20% for two years (max LTV 75%, APR 3.70%)
2. Longest discount period in the market.
3. Reverts to competitive Tracker, not standard variable rate (SVR) like other banks
4. Bank of Scotland (Ireland) pay your legal and valuation fees*

* Switch to Bank of Scotland (Ireland) and we will pay up to €1,000 towards your legal or title insurance costs.
Click to expand...

See [broken link removed] for details.

This would be a good option if you are <75% LTV.

Most likely you are if you qualified for IIB Tracker 95 LTV <80%, >300k last Dec.
 
Could I ask a question about switching!? Is there a time limit on when you can switch i.e I am only 3 months paying mortgage?
 
sulo said:
Could I ask a question about switching!? Is there a time limit on when you can switch i.e I am only 3 months paying mortgage?
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Once it's a variable, standard or tracker, there is not a problem with switching. Also, presumably you are talking about PPR here, not investment property? If not, then there may be restrictions.

Why switch so early, didn't you shop around initially?
 
So what is the current feeling? Is switching to a fixed interest a good idea given that today we see another 0.25% hike from the ECB?
 
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