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Which mortgage should I pick?

  • 21-08-2017 9:26pm
    #1
    Wesser
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭


    I have been offered Ulster bank at 2.6 fixed for 4 years

    Or

    Bank of Ireland fixed for 3 years at 3% plus 2 % cashback.
    The boi mortgage man told me that I would not be under any obligation to stay with them for any fixed term.

    With boi the repayment would be 100e extra per month but approx 4000cheaper over 4 years. Yet I am fundamentally suspicious if boI!

    Is there a catch here? What should I do?


Comments

  • #2
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    2.6% isn't bad for 4 years to be honest with you.


  • #3
    machalla
    Registered Users, Registered Users 2 Posts: 1,523 ✭✭✭machalla


    I saw a post over on askaboutmoney.com which had worked out the value of the offers. I think the BOI with cashback worked out at a rate of 2.53% with the cashback. If I can find it I'll post a link.

    Found it

    https://www.askaboutmoney.com/threads/how-to-go-about-choosing-a-mortgage-best-buys-tables.204583/
    " It looks like the Best Buy is Bank of Ireland fixed for three years at 3.2%. That is cheaper than their 1 year rate and it is also cheaper than their 5 year rate. The 2% cash back brings the effective rate over three years down to 2.53%"

    Plus you are 3 years fixed there not 4 years.


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