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Are short term fixed rate mortgages worth it at the moment?

  • 25-06-2019 1:55pm
    #1
    dano1066
    Registered Users, Registered Users 2 Posts: 37 ✭


    My current fixed rate is up in September and I am trying to decide how long I should fix for next time around. I'm with Bank of Ireland and while they aren't the best at the moment, it isn't worth my while switching right now.



    The best deal at the moment is to fix for 1 or 2 years @ 2.9% . I am currently on 3% and its grand. I'm less interested in short terms savings and want to do my best to avoid getting nuked down the road. So I'm stuck. Should i go for 2 years and enjoy a few extra euro or should i fix for a longer period?


    From what I have read, the outlook is that the ECB rates will rise in 2022 and this will impact us. Fixing 2 years seems good for now and then fix for a longer term in the future, but I'd say the long term rates will be dreadful come 2021 with the bank unsure of what is to come. Should i just bite the bullet now and go for 5 years @3.2%? What are the odds of things going sour in 2022?


Comments

  • #2
    iluvfatfrogs
    Registered Users, Registered Users 2 Posts: 618 ✭✭✭iluvfatfrogs


    Regardless of predicting what'll happen down the line, there is a 0.35% difference between the AIB 5 year rate & BOI 5 year rate, so I'd imagine there is substantial savings to be made on an anyways significant mortgage, by switching to AIB (ignoring any preferences to specific banks)


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