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Mortgage rate Renewal time

  • 02-06-2006 5:58am
    #1
    Saruman
    Registered Users, Registered Users 2 Posts: 11,389 ✭✭✭✭


    I got my mortgage last year and its time to renew. I can go to variable or i can pick various fixed rates.

    variable: 3.990%
    1 year fixed 4.290%
    2 year fixed 4.390%
    down to fixed till 2016 at 4.990 %
    OR i can go tracker ECB + 1.25% at 3.750%

    Anyone in the know have any idea of what way i should go? Will rates rise pretty high and 4.990% might be best?


Comments

  • #2
    masterK
    Registered Users, Registered Users 2 Posts: 2,757 ✭✭✭masterK


    The perceived wisdom seems to be that rates will rise be between .5 and 1% in the next year. Beyond that it's impossible to predict what will happen. From the rates you have provided the 2 year fixed may be the one to opt for.

    It's also worth remembering that it has become fairly straightforward to switch to another financial institution as there are better rates to be had elsewhere, a lot of them willl cover your legal costs if you choose to switch.


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