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Interest Rate - switching mortgage?

  • 18-12-2007 12:33pm
    #1
    merrionsq
    Closed Accounts Posts: 95 ✭✭


    Seems as if my bank are putting up the interest rate on my variable rate mortgage by 0.1% in the new year. That'll make it 5.59%.

    This is with one of the big 4 Irish banks. I don't consider myself "sub-prime", i.e. two people in steady jobs paying it back. Reckon its not too bad, or is it time to finally look at switching?:confused:


Comments

  • #2
    Rosielee
    Closed Accounts Posts: 86 ✭✭Rosielee


    Hi Merrionsq

    I had the same dilemma as yourself recently. I was paying 5.25% on a variable loan and I asked the EBS If I could remortgage and change to a tracker rate. Despite my good history with them, they refused on the basis that i didnt owe them enough to warrant changing to a tracker !!! crazy I know ... well i shopped around and decided to go with Halifax who offered me 4.4% tracker for the first year and 4.65% after that. My advice is to shop around and go with the crowd who will save you the most money longterm. To be honest I was very disappointed with the attitude of EBS that they didnt want to keep my business, but looking back im sorry i didnt switch earlier....

    Best of Luck !


  • #3
    BobbyD10
    Registered Users, Registered Users 2 Posts: 620 ✭✭✭BobbyD10


    That sounds like a standard variable rate.

    Ring the bank and ask for them to change you to a tracker mortgage.

    Most fixed rates are less than that rate also, so enquire about that also.


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