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Mortgages

  • 24-03-2011 8:53am
    #1
    Katz83
    Registered Users, Registered Users 2 Posts: 91 ✭✭


    Hi i am just enquiring whether i should go with a fixed or variable rate mortgage. We are building our first house so would be drawing down in stage payments. if i go fixed for 5 years payments would be €512.00. if i go variable €440.00. This is over a 20 years period 80.000

    If i do go fixed does that mean i have to draw down the full amount of the mortgage. As we are only going to draw down what we need. And am i garanteed the fixed rate once i sign my loan offer. Also is there anything else i should know before i decide to go fixed.,


Comments

  • #2
    Ogham
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭Ogham


    Hi - those repayment amounts are based on the assumption that the variable rate remains the same - which is pretty unlikely at the moment.
    If you don't want to worry about rate increases for the next 5 years - then go for the fixed rate. It will help you budget better while you are building.
    The variable rate could rise to more than the fixed rate during the next 5 years - it's a gamble .
    Ask if they will fix half and do half on variable .


    www.moneyguideireland.com


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