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Mortgage interest rate options

  • 29-03-2011 4:59pm
    #1
    thegreengoblin
    Registered Users, Registered Users 2 Posts: 2,139 ✭✭✭


    I own a one-bedroom apartment in Dublin 8 which I am renting out. The current interest rate of 3.990% expires in April and my current repayment is €760 per month, which is pretty much what I am getting on the rent. My mortgage company, ICS, have given me the following options:

    Existing Var LTV Rate PDH 3.650% - €740.76 (Est standard repayment)
    2 Year Fixed 4.050% - €768.55
    3 Year Fixed 4.500% - €800.49
    5 Year Fixed 5.300% - €859.04

    I would be looking at the 2 Year Fixed rate, more so as I am renting it out
    and it would be the closest figure to the rent amount but I could possibly stretch my repayments to the 3 Year Fixed rate also.

    I'm excluding the variable rate in all of this as I assume, from what we're all hearing anyway, that interest rates will just keep going up for the forseeable future.

    Any advice is much appreciated.


Comments

  • #2
    Chris_5339762
    Registered Users, Registered Users 2 Posts: 6,064 ✭✭✭Chris_5339762


    I'd go three years. Its €30 per month more.

    On a €150k mortgage of approximately those rates, its about €100 extra per month per percent of increase. Work out figures from there.


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