To fix now or wait ?

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

  1. jenbenny

    jenbenny New Member

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    4
    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

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    34
    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

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    262
    Wait until the end of summer.Fixed rates will fall as well as variable.
     
  4. Mackemdub

    Mackemdub Frequent Poster

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    86
    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

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    4
    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

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    325
    If banks do reduce their fixed rates, as is suggested, will this only be for new business?
     
  7. jenbenny

    jenbenny New Member

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    4
    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

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    742
    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

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    72
    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.