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Mortgage rate advice

  • 05-01-2011 11:08am
    #1
    BullBauld
    Registered Users, Registered Users 2 Posts: 850 ✭✭✭


    I am nearing the end of the first year of my mortgage with BOI. I borrowed 115k and was on a rate of 2.35% for the first year.

    The bank are now offering me the following:

    Variable - 3.35%
    2yr fixed - 3.75%
    3yr fixed - 4.25%
    5yr fixed - 5.00%

    I was tempted to go with the variable but I'm not sure now. If not the variable would the 2yr fixed be the best option and see again after 2 years?

    Any advice appreciated
    Bull


Comments

  • #2
    fiestaman
    Registered Users, Registered Users 2 Posts: 1,174 ✭✭✭fiestaman


    Anybody got any advice on above thread???


  • #3
    Vego
    Registered Users, Registered Users 2 Posts: 1,011 ✭✭✭Vego


    Im no expert but when the recovery comes rates will go high to counter inflation but this wont happen for another 3-5 years its up to your self tbh


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    Vego wrote: »
    Im no expert but when the recovery comes rates will go high to counter inflation

    Agree and the German economy is already showing signs of a strong recovery which carries the risks of inflation, especially with all the money that governments have pumped into the system to counter the banking crisis.
    Vego wrote: »
    but this wont happen for another 3-5 years its up to your self tbh

    Disagree, it's coming sooner than you think, the head of the ECB Trichet today already starting to bang the drum for increases in interest rates.

    http://finance.yahoo.com/news/ECB-says-ready-to-act-on-rb-2320823805.html?x=0&.v=5

    OP, the banks anticipate movements in interest rates and these are reflected in the fixed rates they quote. My personal opinion is that that two-year rate won't be around for much longer and I'd go for it if I was you, it's only 0.4% above the variable rate.

    I am not a qualified financial adviser so please treat this as a personal comment from a complete amateur, use this information at your own risk.


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