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Mortgage Options - Fixed or Variable

  • 07-07-2009 1:41pm
    #1
    Lemlin
    Registered Users, Registered Users 2 Posts: 22,255 ✭✭✭✭


    I'm looking at getting 160k to 170k over 30 years. The mortgage is to build and I already have 30k savings to put towards the house. I'm getting the site as inheritance.

    Planning to go with AIB and just wanted some advice. The repayments seem to range from 630e a month (avariable) right up to 780e (fixed).

    Was wondering if people could give some advice on what they've found best?


Comments

  • #2
    Lambsbread
    Closed Accounts Posts: 442 ✭✭Lambsbread


    It really depends on the individual. I went for 2 years fixed as I thought (well still think) that interest rates are very unlikely to go any lower.

    Also, it was my first house so i wanted to try and fix the payments while I get my feet on the ground. The last thing i would need is a 1 or 1.5 % increase in rates that would put a hole in my pocket.

    It really depends on what you think interest rates are going to do. If you take a variable rate and rates increase 1% can you afford it?


  • #3
    Lemlin
    Registered Users, Registered Users 2 Posts: 22,255 ✭✭✭✭Lemlin


    Lambsbread wrote: »
    It really depends on the individual. I went for 2 years fixed as I thought (well still think) that interest rates are very unlikely to go any lower.

    Also, it was my first house so i wanted to try and fix the payments while I get my feet on the ground. The last thing i would need is a 1 or 1.5 % increase in rates that would put a hole in my pocket.

    It really depends on what you think interest rates are going to do. If you take a variable rate and rates increase 1% can you afford it?

    Would they increase that much though? The ECB have said that they don't plan to change interest rates until at least late next year.


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