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mortgage rates etc

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  • 01-10-2015 11:08pm
    #1
    sm213
    Registered Users Posts: 280 ✭✭


    OK so I haven't the foggiest what all this lingo means or how it affects a mortgage and seeing as we are planning on getting one in the next couple of years I should find out.
    People seem to talk about fixed and variable rates and various percentages.
    My understanding is that these are interest rates.
    My question is could someone explain what these are in simple terms?
    And how changing from one to the other would be good/bad?


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    #2
    Bank of Ireland: Sharon
    Closed Accounts Posts: 315 ✭✭Bank of Ireland: Sharon


    sm213 wrote: »
    OK so I haven't the foggiest what all this lingo means or how it affects a mortgage and seeing as we are planning on getting one in the next couple of years I should find out.
    People seem to talk about fixed and variable rates and various percentages.
    My understanding is that these are interest rates.
    My question is could someone explain what these are in simple terms?
    And how changing from one to the other would be good/bad?

    Hi Sm213,

    Sharon here from the talk to Bank of Ireland forum

    Just noticed your post and thought I could give you some info.

    With mortgages there’s two main interest rate types – variable and fixed. A variable interest rate is subject to change and will rise and fall over the term of the mortgage. This means that the mortgage repayment may change throughout the mortgage term. You also have the option to make additional repayments with a variable rate mortgage and can change to a fixed rate if required.

    A fixed rate mortgage has a rate fixed for a specified period of time. This means the monthly repayment amount will remain the same during the fixed period. We offer fixed rates over periods from 1 year to 10 years.

    We have a mortgage FAQ section for first time buyers here which might come in useful!

    Hope this helps, if you have any further questions for us we have a talk to forum on Boards here.

    Thanks,

    Sharon


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