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Variable vs Fixed? Advise pleaseee

  • 21-03-2011 9:53pm
    #1
    miss-bored
    Registered Users, Registered Users 2 Posts: 98 ✭✭


    I am looking for 180k for mortgage for a self build to repay over 30 years.
    I have dropped into a couple of banks but from my findings below I think Permanent TSB may be the best one.
    I have been approved for BOI/ICS, waiting on the other two to come back to me.

    1) BOI/ICS
    3.4% 1 year fixed
    3.7% 2 year fixed
    I have been offered this rate, I have been informed that I will go on variable mortgage after which will range from 3.30% – 3.65% (today's rate)


    2) I dropped into TSB last week, am waiting to hear back from them but they gave me the following rates:
    Permanent TSB 2 year fixed <50% -- LTV 3.10% (RATE) 5.2% (APR)
    Permanent TSB 5 year fixed <50% -- LTV 3.70% (RATE) 4.8% (APR)
    LTV: (loan to value) is the amount you are borrowing relative to the value of the property
    I would be eligible for either (If i got approved) of the above as my property would be valued at double €180 when built.

    3) I only called into EBS today. EBS only offer variable at the moment as the fixed have been completely pulled. They gave me the following figures:
    -Variable (Rate) 3.09% (APR) 3.16% over 25 year term
    -Variable (Rate) 3.29% (APR)3.37% over 25 year term
    LTV: (loan to value) is the amount you are borrowing relative to the value of the property. I will hopefully hear back from EBS next week.

    Would I be mad to take a variable rate mortgage these days? EBS are offering a great one at 3.09% i know this will increase but could it go much higher? I looked at variable rates of the banks above and all seem to vary, i assumed they would be more/less the same.
    In your opinion which of the above banks is offering the best deals?
    Also a fixed period (e.g. 5 years) do you have to go onto variable mortgage or do some offer you another fixed?
    God... I hate mortgage hunting, should i approach other banks now or are they all more/less the same


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