Stay Variable, Fix or Move?

dlambirl

Ok,

So my OH took out a mortgage in 2005 with PTSB to build our house. He was on great money at the time and had no problems getting it (Thank God!). We've never had any problems with PTSB, and we've never once missed a payment, even when my OH was out of work for over a year.

So he is back working 3 days per week for the last 4 months and this last month he's full time (5days). I've been in the same job getting the same money this 2 years.

We got a letter from PTSB yesterday informing us of the recent interest rate changes and how our interest rate (variable) has changed to 4.19%. I got OH to ring PTSB this morning to see how much it would be to fix it. The person he was talking to said they could offer him a Variable Rate of 4.25% (WTF - We are getting 4.19% at the minute) or 5.25+ for fixed rate.

We would LOVE to change from PTSB as we feel there are better deals out there - but I suppose the chances of OH getting a mortgage even though we've never missed a mortgage payment with another bank are slim as he is only back working. Would it help situations if I put my name on the mortgage too?

We self built the house, had our own site, so the original mortgage we took out was half the value of the house, and the mortgage is still alot less than what the house is valued at.

Would love anyones opinions - would it be just a waste of time to see about changing mortgages or should we just stay variable with PTSB or just fix it to fcuk!