Best interest rates just now

poindexter

ronseal:

what banks are offering the best rates just now??

i'm currently have a fixed rate til august next year with KBC and it's killing me, not sure of the rate i'm on but payments are €1150pm.

going to find out other rates among banks, then look at how much i could save if i switch and see if the balance is better than the total cost of leaving my bank. eg, savings maybe of €200pm til next august = €2000 compared to cost of switch whatever that may be



so anyway, what banks are offering best rates


thanks

helimachoptor

If you don't even know what rate your on how will you know if other banks rates are better/worse??

dlambirl

helimachoptor wrote: »

If you don't even know what rate your on how will you know if other banks rates are better/worse??

Exactly. Your gonna have to find that out before you start comparing OP!!

When you do find out what interest rate your paying log onto www.mortgages.ie and they have a list of the current interest rates and what the probable repayments will be after Mortgage Tax Relief is applied

poindexter

helimachoptor wrote: »

If you don't even know what rate your on how will you know if other banks rates are better/worse??

:rolleyes: i know. i just rang the bank there, 5.45%. asked her how much to get out of it, she said €8300 :eek::eek::(

helimachoptor

poindexter wrote: »

:rolleyes: i know. i just rang the bank there, 5.45%. asked her how much to get out of it, she said €8300 :eek::eek::(

Yeah you will really be penalised to break it.

I came off a fixed @ 4.75 last month and am on a tracker though PTSB are still screwing me @ 3% with it.

dlambirl

poindexter wrote: »

:rolleyes: i know. i just rang the bank there, 5.45%. asked her how much to get out of it, she said €8300 :eek::eek::(

Holy sweet f*ck

poindexter

helimachoptor wrote: »

Yeah you will really be penalised to break it.

I came off a fixed @ 4.75 last month and am on a tracker though PTSB are still screwing me @ 3% with it.

dlambirl wrote: »

Holy sweet f*ck

thanks for that i'ts exactly how i feel just now

helimachoptor

poindexter wrote: »

A matter of perspective poindexter, most people who ar eon trackers are on anything from 1.25 % to 3% so i'm on th ehigher end of the scale. I could be saving a lot more money as i'm on ecb +2.25 (max) so obviously PTSB are charging me the max.

For the moment this is fine but if interest rates go up to 4% i'll be paying 6.25%

poindexter

maybe am best just sticking with the rate i'm on now, and once the term is up then go find someone else regardless of what my current lender offers me.

is it possible that a bank will offer a better rate just now, and to get my custom pay the breakage fee for me?? someone in work now asking me this as an option.

helimachoptor

poindexter wrote: »

maybe am best just sticking with the rate i'm on now, and once the term is up then go find someone else regardless of what my current lender offers me.

is it possible that a bank will offer a better rate just now, and to get my custom pay the breakage fee for me?? someone in work now asking me this as an option.

In this climate a bank will not pay your breakage fee. Even in the good days this didn't happen to my knowledge.

poindexter

what is the difference with Rate, APR and CPT in this??

McSpud

I have been monitoring variable rates for the last 6 months & Halifax are the cheapest closely followed by AIB, BoI & EBS. There seems to be a big gap to the rest as Ulster, NIB, PTSB & others have not passed on all the rate cuts.

Small Change

McSpud wrote: »

I have been monitoring variable rates for the last 6 months & Halifax are the cheapest closely followed by AIB, BoI & EBS. There seems to be a big gap to the rest as Ulster, NIB, PTSB & others have not passed on all the rate cuts.

What we are actually seeing at the moment is banks increasing variable rates at the same time as ECB rates are being cut.

Give it a few months and I predict that we will see people who have bitten the bullet and broken out of their fixed rate mortgage crying for the govt to force the banks to let them have their old rate back again

poindexter

Small Change wrote: »

What we are actually seeing at the moment is banks increasing variable rates at the same time as ECB rates are being cut.

Give it a few months and I predict that we will see people who have bitten the bullet and broken out of their fixed rate mortgage crying for the govt to force the banks to let them have their old rate back again

how so??

irlrobins

McSpud wrote: »

I have been monitoring variable rates for the last 6 months & Halifax are the cheapest closely followed by AIB, BoI & EBS. There seems to be a big gap to the rest as Ulster, NIB, PTSB & others have not passed on all the rate cuts.

You clearly haven't mean monitoring close enough. AIB has the best rates in general currently across the types. They're about 1% lower than the Halifax rates at present.

dclare

McSpud wrote: »

I have been monitoring variable rates for the last 6 months & Halifax are the cheapest closely followed by AIB, BoI & EBS. There seems to be a big gap to the rest as Ulster, NIB, PTSB & others have not passed on all the rate cuts.

Halifax increased their rates for new business significantly in the last 10 days, so they are not the cheapest anymore.

D3PO

Small Change wrote: »

What we are actually seeing at the moment is banks increasing variable rates at the same time as ECB rates are being cut.

Give it a few months and I predict that we will see people who have bitten the bullet and broken out of their fixed rate mortgage crying for the govt to force the banks to let them have their old rate back again

yeha sure coz banks are going to increase their margins by 150 - 200% in the next few months :rolleyes::rolleyes::rolleyes:

Small Change

D3PO wrote: »

yeha sure coz banks are going to increase their margins by 150 - 200% in the next few months :rolleyes::rolleyes::rolleyes:

Not so far fetched....Halifax variable rate is now at 3.55, a 255 basis point margin over ECB.
It doesn't take much more for the guy who paid 12K to break out of his 4.8% fixed rate to start crying foul to the government again...

D3PO

Small Change wrote: »

Not so far fetched....Halifax variable rate is now at 3.55, a 255 basis point margin over ECB.
It doesn't take much more for the guy who paid 12K to break out of his 4.8% fixed rate to start crying foul to the government again...

Its absolutly far fetched your also being selective in the rates you want to pick.

the average fixed rate is probably closer to 5.8 % not 4.8% and most variables are well below 3.55

Trampas

Small Change wrote: »

Give it a few months and I predict that we will see people who have bitten the bullet and broken out of their fixed rate mortgage crying for the govt to force the banks to let them have their old rate back again

Of course these people will be looking to break out if the rates went the other way :cool:

99% of people had a choice when they signed up nobody forced them to go fixed

dclare

It's been painful for people on fixed rates seeing ECB rates coming down 7 or 8 times in the last year.

But before biting the bullet and paying a penalty to get out of the fixed rate, you should remember that ECB rates are at an all time low & they won't stay like that forever.

Once economic conditions improve in continental Europe, rates will start to edge back up again. People who pay a big penalty to switch to a variable rate, could start to see their rates increasing in the medium term (and feel like they've been penalised twice).

In fact, there's an argument to transfer out of variable rates and onto fixed rates if you are offered a fairly competitive fixed rate.