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Advice on my mortgage

  • 14-07-2011 12:31pm
    #1
    JAMCAR
    Registered Users, Registered Users 2 Posts: 180 ✭✭


    ]Hi Guys just looking for some advice on my mortgageI’m coming out of my 5 year fix rate on the 3th aug it was fixed at 4.4% my bank is offering me a variable rate of 6.15%. A 2 year fixed rate of 7.2% and a 5 year fixed rate of 8.5%. I also have to take in to account that I am on going in to the last year of my tax relief and i am in negative equity.Do you think it will be a good Idea to fix for the 2 years or stay on variable do you think the variable rate will go over the 7.2% in 2 yearsI know it’s hard to predict the market but any advice on this would be much appreciated

    Thanks.


Comments

  • #2
    cookie1977
    Registered Users, Registered Users 2 Posts: 6,794 ✭✭✭cookie1977


    A variable rate of 6.15%? What bank are you with? I dont like any of those rates personally.

    here's a list of rates currently out there. I'd definitely be trying if possible to move lenders. Speak to a broker and pray.

    http://www.mortgages.ie/index.cfm/spKey/customers.mortgage_rates.html


  • #3
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    JAMCAR wrote: »
    ]Hi Guys just looking for some advice on my mortgageI’m coming out of my 5 year fix rate on the 3th aug it was fixed at 4.4% my bank is offering me a variable rate of 6.15%. A 2 year fixed rate of 7.2% and a 5 year fixed rate of 8.5%. I also have to take in to account that I am on going in to the last year of my tax relief and i am in negative equity.Do you think it will be a good Idea to fix for the 2 years or stay on variable do you think the variable rate will go over the 7.2% in 2 yearsI know it’s hard to predict the market but any advice on this would be much appreciated

    Thanks.

    Name and shame the financial institute


  • #4
    JAMCAR
    Registered Users, Registered Users 2 Posts: 180 ✭✭JAMCAR


    Thanks for getting back to me guys.
    Unfortunately i can not move banks
    I'm 40.000 in negative equity so that's
    A no go.


  • #5
    cookie1977
    Registered Users, Registered Users 2 Posts: 6,794 ✭✭✭cookie1977


    Those rates are penal jamcar. I dont know your full story but I'd still go speak with a broker. I also dont know if your bank will continue to increase variable rates along with the ecb or not but if you're asking me to choose solely based on your info and you can afford it I suppose I'd pick the 5 year rate. But I'd be crying into my coffee if that was my only option. Sorry :(


  • #6
    taldar
    Registered Users, Registered Users 2 Posts: 38 ✭taldar


    I would also check your original loan agreement and make sure you are not entitled to a tracker. Many many stories of customers having this option and it is not offered to the customer at the end of the fixed term.....

    PS SVR 6.15% = PTSB


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  • #7
    JimiTime
    Registered Users, Registered Users 2 Posts: 7,418 ✭✭✭JimiTime


    Came out of our 5 year fixed in April with PTSB. First was 5.25 then 5.65, then 5.9, and now just got a letter to say it was 6.19. Thats just since April!!!??? The contract says that on a variable rate that 'from time to time' it will increase. Well this is totally taking the p1ss out of 'from time to time' I am sooooo angry. Similar to the OP, I'm in negative equity, so can't move, and the B@stards know it!! They are completely exploiting the circumstance that they were a major part in creating. I can tell you this now, as soon as our tax relief runs out, we're homeless, and not only that, drowned in the negative equity shortfall.

    I'm beginning to think the unions were right about a mortgage strike, these guys are not being in the slightest bit reasonable! I'm all for personal responsibility, but there's a line!


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