UK Interest Rates

[marathonic]

It's interesting that, in the UK, you can now get a 10-year fixed rate at 3.04% with no mortgage application fee or 2.94% with a £999 application fee. These deals are available from Nationwide.

Personally, having moved across the border to Northern Ireland 2 years ago, I've now managed to switch to a lifetime tracker at 1.29% above Bank of England Base Rate, i.e. the rate is currently 1.79%. This particular rate is with First Direct.

Will Irish rates ever revert to such low levels? I don't fancy the chances of it happening. I'm considering paying down my mortgage in NI for a few years and, potentially, moving back south when the mortgage required is so low that the high Irish interest rates won't impact me so much.

 

[marathonic]

As of today, the above 10 year fixed rates have been reduced by 0.1% to 2.94% and 2.84% respectively.

There is some serious competition in the UK mortgage market if 10-year fixes are available at such low rates.

 

[smileyanna]

why is there no competition like that here?

 

[Brendan Burgess]

Hi Marathonic

Here are some extracts from a briefing which I did back in November for the Oireachtas Finance Committe and some journalists. You can find the full briefing attached.