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Fixed Mortgage Rates - Options

  • 03-07-2009 11:06am
    #1
    Arddon
    Registered Users, Registered Users 2 Posts: 135 ✭✭


    I have my 100% mortgage with PTSB and fortunately (for now) its a standard variable and the rate is 3.25%.

    Yesterday I enquired about fixing the rate and my options were as follows
    3-year 5.25%
    5-year 5.75%
    7-year 6.1%
    10-year 6.1%

    Obviously I'm not going to be fixing it yet at those rates...

    What are the chances of switching to another lender at fixed rate with better terms?

    Or what are my best options?

    Any worthwhile advice much appreciated.


Comments

  • #2
    Pablod
    Registered Users, Registered Users 2 Posts: 490 ✭✭Pablod


    why would you want to fix it now?
    Although there has been mention of certain parts of the economy levelling off somewhat.
    Its going to be at least the end of this year to early next year before the ECB put the varible rate back up and even at that it won't be anywhere near those fixed rates - they will more than likely increase in the same increments to the way they decreased it, .25 here .25 there then maybe a .50 who knowssss :confused:
    Best bet would be to stay put (in the short term anyway)
    In January 2009 I think BOI ranged from 3.8% for 3yr to 4.6% for 5yr fixed (Ballpark figures)


  • #3
    dah
    Registered Users, Registered Users 2 Posts: 69 ✭✭dah


    Arddon wrote: »
    I have my 100% mortgage with PTSB and fortunately (for now) its a standard variable and the rate is 3.25%.

    Yesterday I enquired about fixing the rate and my options were as follows
    3-year 5.25%
    5-year 5.75%
    7-year 6.1%
    10-year 6.1%

    Obviously I'm not going to be fixing it yet at those rates...

    What are the chances of switching to another lender at fixed rate with better terms?

    Or what are my best options?

    Any worthwhile advice much appreciated.

    Unfortunately as you took out 100% mortgage, your in negative equity due to house prices so you wont be able to move to another bank unless you have substantial savings to bring Loan to value down to circa 85% of todays value of your home.

    In relation to moving to a fixed rate best off waiting until end of year to see what happens.


  • #4
    mikemike
    Registered Users, Registered Users 2 Posts: 107 ✭✭mikemike


    Jesus , those rates seem a bit heavy !!! :eek:

    I asked AIB yesterday the same question , re. moving from variable to fixed ..

    I'm gonna wait and see what the ecb does...

    The rates I got yesterday were ;

    2 yrs - 2.8%

    3 yrs - 3.19%

    4 yrs - 3.57%

    5 yrs - 3.86%

    10 yrs - 4.65%


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