Fix for 10 years at 3.3%

NollagShona

Post tracker world mortgage 3.9% variable

Bank offer 3% 5 or 10 years fixed at 3.3% as my LTV is now below 60% (closer to 50%)

Def think I should go 10. Any opinions?

Dont Be at It

Thread on AAM on the topic here:
https://www.askaboutmoney.com/threads/10-year-fixed-mortgages.206771/

I'm with you - think it's a very attractive offer.
My only concern is that today's announcement by the government might put downward pressure on fixed rates in the near future. Locking in at 3.3%, while decent, would be a bit of a sickner if rates were to drop in a couple month's time.

Hasmunch

Switch to AIB,
The variable rate for LTV <50% is 2.75%. Think the next band is 2.95%

Don't know about the likelyhood of rates rising though.

PokeHerKing

NollagShona wrote:

Def think I should go 10. Any opinions?

I'm in the process of fixing with KBC for 10 years @ 2.95, with a similar LTV.

ForestFire

NollagShona wrote: »

Post tracker world mortgage 3.9% variable

Bank offer 3% 5 or 10 years fixed at 3.3% as my LTV is now below 60% (closer to 50%)

Def think I should go 10. Any opinions?

Are you currently on a tracker?

If so why are you coming off of it?

mugsymugsy

I'm thinking of checking with bank. We have 3 years left on fixed at 3.85% but will have to way up costs of breaking with what can be saved over the time. I would be very surprised if we could get near 3% fixed rate in 3 years time.

NollagShona

ForestFire wrote: »

Are you currently on a tracker?

If so why are you coming off of it?

No. I’m on a “post-tracker world” mortgage.

If I had a tracker I wouldn’t have a 52% LTV

ForestFire

NollagShona wrote: »

No. I’m on a “post-tracker world” mortgage.

If I had a tracker I wouldn’t have a 52% LTV

no problem, Just checking there are a lot of people "post tracker world" that should not have ever been there....I think there is a 1 billion redress scheme for that....

NollagShona

ForestFire wrote: »

no problem, Just checking there are a lot of people "post tracker world" that should not have ever been there....I think there is a 1 billion redress scheme for that....

Yes and I hope they all get suitably and swiftly compensated

April 73

PokeHerKing wrote: »

I'm in the process of fixing with KBC for 10 years @ 2.95, with a similar LTV.

I’ve just had a valuation done on my house to get a lower rate with KBC. We’ll be less than 50% LTV. Is this rate including the 0.2% discount for a current account with KBC? Did they volunteer this rate to you?
It’s a good deal & I would definitely go with this if it’s offered to us. We’re in our forever home so not too worried about fixing for 10 years.

Samuel T. Cogley

PokeHerKing wrote: »

I'm in the process of fixing with KBC for 10 years @ 2.95, with a similar LTV.

April 73 wrote: »

I’ve just had a valuation done on my house to get a lower rate with KBC. We’ll be less than 50% LTV. Is this rate including the 0.2% discount for a current account with KBC? Did they volunteer this rate to you?
It’s a good deal & I would definitely go with this if it’s offered to us. We’re in our forever home so not too worried about fixing for 10 years.

We fixed for ten years with KBC. The 2.95% rate is including the 0.2% discount and is <50% LTV. The 50-60% LTV band is very similar if not the same. Rate was volunteered and they're doing slightly better rates for new punters AFAIK.

To answer the OP there are better deals out there.

NollagShona

The cost of changing mortgage (legal fees etc) would negate any saving between KBC and BOI for me so prob go the 10 year fixed with BOI

stimpson

NollagShona wrote: »

The cost of changing mortgage (legal fees etc) would negate any saving between KBC and BOI for me so prob go the 10 year fixed with BOI

KBC offer €3,000 towards legal fees for switcher up to 31st March.

Cuddlesworth

NollagShona wrote: »

The cost of changing mortgage (legal fees etc) would negate any saving between KBC and BOI for me so prob go the 10 year fixed with BOI

Couple of things.

You say your at a 52% LTV. Is that the mortgage based off a current house valuation? I think the best thing you can do is get yourself below 50 as quick as possible. Either through a new house valuation or using savings you might have.

April 73

Samuel T. Cogley wrote: »

We fixed for ten years with KBC. The 2.95% rate is including the 0.2% discount and is <50% LTV. The 50-60% LTV band is very similar if not the same. Rate was volunteered and they're doing slightly better rates for new punters AFAIK.

To answer the OP there are better deals out there.

Thanks so much. Great to have that confirmed.

NollagShona

Cuddlesworth wrote: »

Couple of things.

You say your at a 52% LTV. Is that the mortgage based off a current house valuation? I think the best thing you can do is get yourself below 50 as quick as possible. Either through a new house valuation or using savings you might have.

I never said 52%...

Cuddlesworth

NollagShona wrote: »

Bank offer 3% 5 or 10 years fixed at 3.3% as my LTV is now below 60% (closer to 50%)

NollagShona wrote: »

No. I’m on a “post-tracker world” mortgage.

If I had a tracker I wouldn’t have a 52% LTV

NollagShona wrote: »

I never said 52%...

Must have misinterpreted the above. If your loan was valued against the property 15 years ago, then its pretty likely that your current selling value puts you well under 50%. And the best interest rates will always be under 50%, so it would be best to revalue now even with your current provider.

NollagShona

Cuddlesworth wrote: »

Must have misinterpreted the above. If your loan was valued against the property 15 years ago, then its pretty likely that your current selling value puts you well under 50%. And the best interest rates will always be under 50%, so it would be best to revalue now even with your current provider.

5 years ago.

NollagShona

Cuddlesworth wrote: »

Must have misinterpreted the above. If your loan was valued against the property 15 years ago, then its pretty likely that your current selling value puts you well under 50%. And the best interest rates will always be under 50%, so it would be best to revalue now even with your current provider.

I mistyped 50-60% LTV

GingerLily

I think it's a good time to fix OP, I have fixed myself

thereality

I personally would not fix. Our mortgages are still far too high compared to mainland Europe. The Government just announced a mortgage scheme, that will put downward pressure on banks. A few pension funds are claiming that they want to issue mortgages here. With ECB until likely to hike rates for about a year.

I would wait 6-9 months to see what happens in the market. You could definitely refinance your variable in the meantime

PokeHerKing

NollagShona wrote:

The cost of changing mortgage (legal fees etc) would negate any saving between KBC and BOI for me so prob go the 10 year fixed with BOI

As another poster has said, KBC are offering 3k to switch and the advisor I'm dealing with said he'd be 99% sure they'll extend the offer past the current march deadline as they have done this a few times already.

I switched to AIB variable last year and after legal fees and valuation I still pocketed 600e of their 2k switching fee.

PokeHerKing

thereality wrote:

I personally would not fix. Our mortgages are still far too high compared to mainland Europe. The Government just announced a mortgage scheme, that will put downward pressure on banks. A few pension funds are claiming that they want to issue mortgages here. With ECB until likely to hike rates for about a year.

Have to admit the government's 2% offer definitely has me rethinking the 10 year but then again I just can't seeing it being a loser over that length of time.

Tis a gamble at the end of the day.

dar100

PokeHerKing wrote: »

As another poster has said, KBC are offering 3k to switch and the advisor I'm dealing with said he'd be 99% sure they'll extend the offer past the current march deadline as they have done this a few times already.

I switched to AIB variable last year and after legal fees and valuation I still pocketed 600e of their 2k switching fee.

How much did legal fees cost? I'm looking for someone cheap to do the switch

PokeHerKing

dar100 wrote:

How much did legal fees cost? I'm looking for someone cheap to do the switch

1200e with O'Brien Ronayne Sols in Tallaght village

Colking

Does anyone have any experience with Direct Law Solicitors for switcher legal fees ? They're quoting €450 + VAT.

It should be straightforward after having it done before I'd have thought ?

NollagShona

I took 3.3% for ten years. My mortgage isn’t huge so wasn’t worth the hassle changing for a few euro.

dar100

Colking wrote: »

Does anyone have any experience with Direct Law Solicitors for switcher legal fees ? They're quoting €450 + VAT.

It should be straightforward after having it done before I'd have thought ?

Anyone??? thats a grand price, with my breakage fee of 2, 500 and that price for solicitor I could cover all costs with the 3,000 kick back from KBC for switching, I assume KBC give the whol 3,000 regardless how much is spent on legal fees?

RTT

dar100 wrote:

Anyone??? thats a grand price, with my breakage fee of 2, 500 and that price for solicitor I could cover all costs with the 3,000 kick back from KBC for switching, I assume KBC give the whol 3,000 regardless how much is spent on legal fees?

dar100 wrote:

Anyone??? thats a grand price, with my breakage fee of 2, 500 and that price for solicitor I could cover all costs with the 3,000 kick back from KBC for switching, I assume KBC give the whol 3,000 regardless how much is spent on legal fees?

Yes. They'll just lodge it to your account.

dar100

RTT wrote: »

Yes. They'll just lodge it to your account.

I'll go that route, however, if I inform AIB of the situation do you think they'll counter offer?

RTT

dar100 wrote:

I'll go that route, however, if I inform AIB of the situation do you think they'll counter offer?

I've no idea. You could try that and see what they say. Best of luck.

Paddytheman

PokeHerKing wrote: »

1200e with O'Brien Ronayne Sols in Tallaght village

Dealt with Elaine for our mortgage, pleasure to deal with...

Mango Joe

Came here to ask the exact same question - mortgage is about 60k remaining with 15 years left.

Currently 3.9% SVR with BOI paying €450 a month - Am strongly considering fixing for 10 years at 3.3%.

Had decided against idea of switching to KBC and the likes due to legal fees etc but is this poor judgement with above figures? Just wasn't sure it made sense?

Finally there's an option of agreeing an overpayment now and THEN fixing - BOI say they'll honour this so it's a bit of a best of both worlds scenario to me - Overpaying €85 a month knocks off 3 years and saves me €3500 in interest.

Finally would it be best to sit on this for 6 months and take a better deal then.... Or is this crystal ball territory?

What would you do ye wise and learned people of boards.ie!!!???

Any advice appreciated.

Samuel T. Cogley

You can overpay 10% with KBC so €6,000 over the ten years.

Highly doubtful of better deals in six months but yes it's crystal ball territory IMHO.

Villa05

Mango Joe wrote:

Finally there's an option of agreeing an overpayment now and THEN fixing - BOI say they'll honour this so it's a bit of a best of both worlds scenario to me - Overpaying €85 a month knocks off 3 years and saves me €3500 in interest.

I'm in the same boat as you and fixed with maximum overpayment was on 4.1%,
The size of the mortgage put me off switching and I think I am slightly under KBC income requirement to qualify for a mortgage with them

Realgonekid

FYI that 2.95% fixed for 10 years will only be available until the end of April 2018, It then rises to 3%. We signed for our mortgage last week and need to have the process complete by the end of April as we could be bumped to 3%.