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Fixed or variable mortgage?

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  • 13-02-2015 1:35pm
    #1
    rathmoresham
    Registered Users Posts: 9 ✭


    I've just gotten my mortgage approval with Bank of Ireland. The next step is to decide on which mortgage to go for. I'm very confused on whether to take a fixed rate or variable or even a split. My LTV will more than likely be between 70-80percent. €60,000+ deposit and a mortgage of €212,000 Can anyone give me some advice?
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    #2
    Eldarion
    Registered Users Posts: 484 ✭✭Eldarion


    What are they offering the fixed rate at?

    Fixed makes sense if you want to know exactly how much is coming out each month and there'll be no surprises for you. Also people choose fixed if they believe variable interest rates will increase during the specified fixed time period.

    Variable makes more sense if you want to overpay or if you believe that interest rates will continue to come down a bit.


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    #3
    rathmoresham
    Registered Users Posts: 9 ✭rathmoresham


    2 Year Fixed LTV <=75% 3.80% 4.3%
    2 Year Fixed LTV >75% 4.00% 4.5%
    3 Year Fixed LTV <=75% 3.85% 4.2%
    3 Year Fixed LTV >75% 4.00% 4.4%
    5 Year Fixed LTV <=75% 3.95% 4.2%
    5 Year Fixed LTV >75% 4.15% 4.4%
    10 Year Fixed LTV <=75% 4.50% 4.5%
    10 Year Fixed LTV >75% 4.70% 4.7%
    Variable (LTV <=60%) 3.90% 4.0%
    Variable (LTV 61% - 80%) 4.20% 4.3%
    Variable (LTV >80%) 4.50% 4.6%

    The percentage on the right is the actual APR

    Which of these would represent the best value for me with my deposit amount and LTV?


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