Which Mortgage to choose from

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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%

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

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

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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

Paraic

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

Regards

Paraic@obrienfinlay.ie
Mortgage Broker