Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Mortgage rates

  • 19-10-2015 2:38pm
    #1
    peaceboi
    Registered Users, Registered Users 2 Posts: 587 ✭✭✭


    Our 5 years fixed mortgage rate of 4.1% with EBS is ending this month. We have the following options to choose from.
    standard variable rate of 3.7%
    2 years fixed =3.6%
    3 years=3.65℅,
    5 years 3.8℅
    Your thoughts please:-)


Comments

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


    SVR of 3.7% and overpay the "saved" 0.4%. Don't pocket it.

    Or switch to another bank! Or see if EBS will put you onto a cheaper LTV rate if they offer them and allow you to.


  • #3
    danmanw8
    Registered Users, Registered Users 2 Posts: 229 ✭✭danmanw8


    Chris_5339762 wrote: »
    SVR of 3.7% and overpay the "saved" 0.4%. Don't pocket it.

    Or switch to another bank! Or see if EBS will put you onto a cheaper LTV rate if they offer them and allow you to.

    By that logic, why not recommend the 2 Year fixed and over pay the "saved" 0.5%?

    Although historically fixed rates have always been higher than variables so when it's lower you have to question that bank's expectations of the SVR. ie they will probably fall.
    I'd be inclined to stick with the SVR and take peaceboi's advice on overpaying


  • #4
    peaceboi
    Registered Users, Registered Users 2 Posts: 587 ✭✭✭peaceboi


    Chris_5339762 wrote: »
    SVR of 3.7% and overpay the "saved" 0.4%. Don't pocket it.

    Or switch to another bank! Or see if EBS will put you onto a cheaper LTV rate if they offer them and allow you to.

    Thing is we got 2 more years of the mortgage relief, so switching would make it void.


  • #5
    tommyboy2222
    Closed Accounts Posts: 914 ✭✭✭tommyboy2222


    peaceboi wrote: »
    Our 5 years fixed mortgage rate of 4.1% with EBS is ending this month. We have the following options to choose from.
    standard variable rate of 3.7%
    2 years fixed =3.6%
    3 years=3.65℅,
    5 years 3.8℅
    Your thoughts please:-)

    My 5 year fixed rate with PTSB is ending this month and my options are :

    4.5% SVR
    7.5% 2 yr fixed
    8.75% 5 yr fixed

    so you are in a better place than me !!


  • #6
    Seve1980
    Registered Users, Registered Users 2 Posts: 5 ✭Seve1980


    peaceboi wrote: »
    Thing is we got 2 more years of the mortgage relief, so switching would make it void.

    Your mortgage relief (trs) moves with your switch so you can still claim it.


  • Advertisement
  • #7
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    You only fix when you think they may increase rates. With the absolute state the european economy is in. The chance of an interest rate hike within 2 years is non-existant. Within 5 years probably not either. I dont think the 0.1% saving is enough to fix for 2 years.


  • #8
    Chris_5339762
    Registered Users, Registered Users 2 Posts: 6,064 ✭✭✭Chris_5339762


    danmanw8 wrote: »
    By that logic, why not recommend the 2 Year fixed and over pay the "saved" 0.5%?

    Because in general, you can't overpay on the fixed. Gotta do some maths, the overpaying+SVR will reduce the monthly payment over two years and may result in you paying less than you would if you fixed at the lower rate.


Advertisement