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Mortgages?

  • 14-12-2007 5:49pm
    #1
    dave1982
    Registered Users, Registered Users 2 Posts: 4,604 ✭✭✭


    Hi all quick couple of questions. I currently have a mortgage on varable interest rate for about 8 months now go letter today saying its rising to 983 (this includes trs) so need advice should i fix my mortgage now or let it at varaible?
    Do anyone know about this stuff?:confused:
    Question 2 what is supplementary welfare allowance housing mortgage interest supplement im applying this at the moment cause in on casual work at moment due to cut backs in work:(


Comments

  • #2
    Oryx
    Subscribers Posts: 19,425 ✭✭✭✭Oryx


    Whether you fix now depends on the rate the bank are giving you for whatever fixed term, versus the chances of the rates continuing to rise meaning a variable rate will cost you more long term. Its a gamble either way. Personally Im staying with the variable, I think the time to fix was about 6 months ago, so for now Im going to watch the rates and see what happens. Be aware that if you need to break out of a fixed rate agreement there are steep penalties.

    Sorry have no idea about your other query.


  • #3
    dave1982
    Registered Users, Registered Users 2 Posts: 4,604 ✭✭✭dave1982


    KtK wrote: »
    Whether you fix now depends on the rate the bank are giving you for whatever fixed term, versus the chances of the rates continuing to rise meaning a variable rate will cost you more long term. Its a gamble either way. Personally Im staying with the variable, I think the time to fix was about 6 months ago, so for now Im going to watch the rates and see what happens. Be aware that if you need to break out of a fixed rate agreement there are steep penalties.

    Sorry have no idea about your other query.

    Thanks do varaible ever go down?


  • #4
    TheDriver
    Registered Users, Registered Users 2 Posts: 12,687 ✭✭✭✭TheDriver


    Why are you getting aletter saying its going up? Thought there was no rise for a while?


  • #5
    jor el
    Closed Accounts Posts: 16,713 ✭✭✭✭jor el


    dave1982 wrote: »
    should i fix my mortgage now or let it at varaible?
    If you fix it then you'll be at a higher rate than the variable, so you'll be paying even more immediately. The reason to go for fixed is if you believe there'll be several hikes in the variable which would make that go above the fixed rate.
    dave1982 wrote: »
    Thanks do varaible ever go down?

    Yes.
    Thought there was no rise for a while?
    The ECB didn't raise rates, but some banks seem to be doing it themselves.


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