Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Best Mortgage Lenders - Interest Rates

Options
  • 08-06-2009 11:18am
    #1
    donaghs
    Registered Users Posts: 2,702 ✭✭✭


    Hi, Sorry if this isn't the best place to post, probably earlier threads on this but was looking for up-to-date info.

    Basically I'm wondering the simplest way of find out who has the lowest interest rates at the moment? (i.e. without having to individually phone or check websites of each bank and building society). Is there a financial advise website that publishes this info?

    Thanks, Donagh.


Comments

  • Options
    #2
    Small Change
    Closed Accounts Posts: 83 ✭✭Small Change


    Try http://www.itsyourmoney.ie/


  • Options
    #3
    irlrobins
    Registered Users Posts: 7,544 ✭✭✭irlrobins


    ^ Doesn't have a comparison of mortgage rates as far as I can tell.

    Try Money Guide Ireland or mortgages.ie. Another good source is Irish Times business section on a Fri. They do a rundown of all the best buys including mortgage rates.

    Currently AIB have the best rates for most products, in particular for FTB's.


  • Options
    #4
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    AIB are cheapest alright, 2.66%!

    However they, along with PTSB, are not providing many mortgages. AIB stress-test whether you can afford your repayments if interest rates rise above 5%, PTSB to over 6%.


  • Options
    #5
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    tenchi-fan wrote: »
    AIB stress-test whether you can afford your repayments if interest rates rise above 5%, PTSB to over 6%.

    that is ridiculous, 5-6% are the normal interest rates, should they not be stress testing to see if you can handle an above normal rate. 7-8% should be stress tested, and even then they're not unbelievably high rates.


  • Options
    #6
    Carawaystick
    Registered Users Posts: 8,779 ✭✭✭Carawaystick


    Senna wrote: »
    that is ridiculous, 5-6% are the normal interest rates, should they not be stress testing to see if you can handle an above normal rate. 7-8% should be stress tested, and even then they're not unbelievably high rates.

    The maximum euro interest rate was 4.75%, from Oct '00 to May '01
    This is over 10 years of interest rates, so how is normal higher than the entire 10 year range?


  • Advertisement
  • Options
    #7
    irlrobins
    Registered Users Posts: 7,544 ✭✭✭irlrobins


    Yes but banks add their margin on top of the ECB rate. For example, the ECB rate is 1% at present. But the lowest variable rate for new customers to day is 2.65% with AIB


  • Options
    #8
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    Carawaystick wrote: »
    The maximum euro interest rate was 4.75%, from Oct '00 to May '01
    This is over 10 years of interest rates, so how is normal higher than the entire 10 year range?

    The only reason we had low interest rates was because of the German economy, the ECB looks at whats going on there and pays no attention to what happens in Ireland.
    The German Central Bank rate was normally about 5-7% when they had control of rates. If you want to look at history longer than 10 years, to see interest rates, i'd look at the continentals. The ECB is too young and a lot has happened in those 10 years to keep rates artificially low. Also the ECB wants an inflation rate of 2%, its currently .6% for the eurozone, yet they keep their base rate at 1%.


    Of course, if we have a devaluation of the Euro, rates might go much higher, remember that the Germans are a nation of savers and aren't all leveraged to the hilt (like us), high interest rates could be welcomed in a stable German economy.

    Anyway, i think 5-6% is not a stress test, its just a test to see if you can pay under normal conditions, to me a stress test should find out can you pay in extra-ordinary circumstances. It wasn't that long ago Ireland had rates of 15-18% (they wont go that high, i hope).


Advertisement