To fix now or wait ?

Discussion in 'The Fair Mortgage Rates Campaign' started by jenbenny, May 22, 2015.

  1. jenbenny

    jenbenny New Member

    Owe 247k over 37 yrs and in negative equity.

    Currently on SVR of 4.58% with EBS, due to reduce to 4.2% (?) after recent announcement. I can fix it for 2 years at 3.6% which in my opinion seems a good call.

    Should I wait for further reductions or fix now? Any advice appreciated.
  2. pguyo

    pguyo Registered User

    Should your interest rate not be 4.33% now and reducing by 0.38% in june after announcement two weeks ago?
    It was 4.58% before the announcement before Christmas of a 0.25% reduction.
    Apologies if I am wrong but friend has a mortgage with them and he keeps me updated.
    There is a 3.5% 1 year fixed available from EBS.
    Its hard to know whether to fix now or wait.
    I would mabe wait until nearer the end of summer and see the way things are then.
    My friend was going to fix at 3.8% after the announcement at Christmas but held off. He is going to hold out until September.
  3. Clonback

    Clonback Frequent Poster

    Wait until the end of summer.Fixed rates will fall as well as variable.
  4. Mackemdub

    Mackemdub Frequent Poster

    wait until the banks announce their new rates, could be foolish to fix before then, they shouldn't go up
  5. jenbenny

    jenbenny New Member

    Thanks all - Yes Pguyo you are right - I was reading the rates off an old letter.

    Now tempted to even go for 1 year fixed at 3.5% but I reckon I will hold out as advised!
  6. jim

    jim Frequent Poster

    If banks do reduce their fixed rates, as is suggested, will this only be for new business?
  7. jenbenny

    jenbenny New Member

    Sorry for reviving this thread but wondering if anyone has any input as EBS wont entertain me over the phone and dont give anything away.
    I ended up fixing for 1 year in 2015 with EBS which ended in August 2016, I reverted to SVR 3.7% and now tempted to fix again for 1 year @ 3.5% but unsure whether SVR could potentially go down any time soon, or indeed their fixed rates?

    Anyone any input or info appreciated.
    ce2016 likes this.
  8. gnf_ireland

    gnf_ireland Frequent Poster

    I am not sure EBS will lower their SVR or fixed rates for existing customers. They appear to be competing on the 2% cashback model at the moment and can see them doing this for the next while.

    However, this is my personal view alone. The 2% cashback crew will always keep their rates higher than those who do not offer it !
  9. Techhead

    Techhead Frequent Poster

    I am in the same boat. reduction would be nice. My advice. Stay on the variable and switch to AIB.

    EBS is a failed entity and there rates have been higher than AIB in the past. If you can make a move I would make it.