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mortgage advice??

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  • 19-08-2008 5:31pm
    #1
    kieran75
    Registered Users Posts: 40 ✭


    Hi,

    A question for any mortgage experts...

    I am coming off a fixed rate mortgage now...and am wondering what my best option is from here.

    I see that there are interest rate cuts expected next year...so is it advisable to go for a tracker or variable rate mortgage at moment rather than fixed.

    Thanks...


Comments

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    #2
    miju
    Banned (with Prison Access) Posts: 8,486 ✭✭✭miju


    to be honest no one knows where interest rates are going over the next 1-2 years. so no-one not even a broker could give you an accurate answer.

    at best it would be an educated guess


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    #3
    dinneenp
    Registered Users Posts: 8,114 ✭✭✭dinneenp


    I'm in the same boat- best new offer of 5.2% fixed for 2 years.
    But it's all guess work again...


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    With the falls in property prices you may be stuck with your current mortgage providor. You need to find out what your options are- if you are contacting a broker- make sure they are independent (and not tied to a particular lender). Alternately contact several of the major providors yourself to see what is open to you.

    Recent statements from the ECB have indicated that their 2% inflation target will remain to the fore, irrespective of other economic indicators. This was a deliberate comment to try to cool speculation regarding the possibility of interest rates starting to fall next April/May. Its not safe to assume they will either rise or fall- none of us have crystal balls......

    If I were in your position and could lock in at 5.10/5.20% for 2 years, I'd do it, and re-evaluate the lie of the land two/three years down the road. Its totally unrealistic to expect a return to 2-3% rates though........


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