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Which Mortgage to choose from

  • 23-08-2006 12:50pm
    #1
    TestLink
    Registered Users, Registered Users 2 Posts: 815 ✭✭✭


    I would like to know from among the following mortgage types which would be the best one for me. I am taking a loan of 360,000 for 35 years. The broker wont provide an un-biased answer!

    Variable
    a. 1 Homeloan Variable 4.44% 4.5%

    b. 2 Year Discount Tracker ECB + 0.85% Rolling to ECB + 1.25% 3.85% 4.3%

    c. 3 Year Discount Tracker ECB + 0.95% Rolling to ECB + 1.25% 3.95% 4.3%

    d. Tracker125 Available to All* 4.25% 4.3%

    Fixed
    a. 1 Year Fixed rate until 31/7/2007 Rolling to ECB + 1.25% 4.19% 4.3%
    b. 2 Year Fixed rate until 31/7/2008 Rolling to ECB + 1.25% 4.39% 4.4%


Comments

  • #2
    uzami
    Closed Accounts Posts: 507 ✭✭✭uzami


    whats the value of the purchase?

    your broker should talk to you to identify your particular requirements and then recommend a product and give reasons why he has recommended that product.


    Personally I think the 2 year fixed looks attractive. PM me and i'll give you reasons why


  • #3
    Paraic
    Registered Users, Registered Users 2 Posts: 20 ✭Paraic


    Hi
    They look like ICS rates!
    So you're mortgage broker should be able to give you access to all the mortgage lender rates.

    I think you've made a small mistake with the rates as well!
    The 1yr discount Tracker is 0.85% and then goes to 1.25% above ECB
    The 2yr discount Tracker is 0.95% and then goes to 1.25% above ECB

    I would lean towards the 2yr discount period but it really depends on your particular circumstances. If your not planning in altering your mortgage over the next 4years, the Tacker @1.10% above ECB works out the best in the long run.

    Regards

    Paraic@obrienfinlay.ie


  • #4
    TestLink
    Registered Users, Registered Users 2 Posts: 815 ✭✭✭TestLink


    Paraic wrote:
    Hi
    They look like ICS rates!
    So you're mortgage broker should be able to give you access to all the mortgage lender rates.

    I think you've made a small mistake with the rates as well!
    The 1yr discount Tracker is 0.85% and then goes to 1.25% above ECB
    The 2yr discount Tracker is 0.95% and then goes to 1.25% above ECB

    I would lean towards the 2yr discount period but it really depends on your particular circumstances. If your not planning in altering your mortgage over the next 4years, the Tacker @1.10% above ECB works out the best in the long run.

    Regards

    Paraic@obrienfinlay.ie

    They are indeed ICS rates. So is the following the best option keeping in mind the possible ECB interest rate hikes?

    ICS Tracker110 Loan > Eur 250K Rate(4.10%) APR(4.2%)

    I got the latest rates from http://www.mortgagestore.ie/html/rates.asp


  • #5
    Paraic
    Registered Users, Registered Users 2 Posts: 20 ✭Paraic


    Yes
    The 1.10% above ECB will work out the cheapest in the long run!

    Regards

    Paraic@obrienfinlay.ie
    Mortgage Broker


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