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AIB Fixed rate or variable?

  • 28-01-2021 2:34pm
    #1
    New2Dubs
    Registered Users, Registered Users 2 Posts: 138 ✭✭


    Currently on a variable rate mortgage of 2.75% and am considering a move to fixed rate (3 years) of 2.35%
    As per my moniker, I’m new in town - my previous mortgage was in UK, so could do with a bit of guidance.
    Much obliged!


Comments

  • #2
    Q&A
    Registered Users, Registered Users 2 Posts: 571 ✭✭✭Q&A


    New2Dubs wrote: »
    Currently on a variable rate mortgage of 2.75% and am considering a move to fixed rate (3 years) of 2.35%
    As per my moniker, I’m new in town - my previous mortgage was in UK, so could do with a bit of guidance.
    Much obliged!


    Best in the market is avantmoney @ 1.95% but you need a low LTV. Depending on your loan amount you might consider other providers that offer cashback.


  • #3
    New2Dubs
    Registered Users, Registered Users 2 Posts: 138 ✭✭New2Dubs


    Q&A wrote: »
    Best in the market is avantmoney @ 1.95% but you need a low LTV. Depending on your loan amount you might consider other providers that offer cashback.

    Thanks for your response.
    Hadn’t actually considered moving lender, but defo worth considering.


  • #4
    Merowig
    Registered Users, Registered Users 2 Posts: 413 ✭✭Merowig


    Avant only accepts mortages for houses in the cities.
    I went myself with AIB and splitted the mortgage - huge part is fixed for three years - a smaller part is variable as I want to overpay the mortgage as well.


  • #5
    Q&A
    Registered Users, Registered Users 2 Posts: 571 ✭✭✭Q&A


    Merowig wrote: »
    Avant only accepts mortages for houses in the cities.
    I went myself with AIB and splitted the mortgage - huge part is fixed for three years - a smaller part is variable as I want to overpay the mortgage as well.

    Yes region specific for Avant and with such a low balance I think cashback would trump a lower mortgage rate but it would depend on the specifics.

    Splitting the mortgage is a nice way of giving yourself flexibility. However, take a look at the following thread. The split option might not have been necessary. Seems they don't/can't charge a break fee for some fixed terms.

    https://www.askaboutmoney.com/threads/calling-aib-customers-who-fixed-before-the-latest-fixed-rate-cuts-in-september-2020.219805/


  • #6
    Merowig
    Registered Users, Registered Users 2 Posts: 413 ✭✭Merowig


    Q&A wrote: »
    Yes region specific for Avant and with such a low balance I think cashback would trump a lower mortgage rate but it would depend on the specifics.

    Splitting the mortgage is a nice way of giving yourself flexibility. However, take a look at the following thread. The split option might not have been necessary. Seems they don't/can't charge a break fee for some fixed terms.

    https://www.askaboutmoney.com/threads/calling-aib-customers-who-fixed-before-the-latest-fixed-rate-cuts-in-september-2020.219805/

    I know that thread - the issue is that there is not break fee for three years mortgages with AIB because the two year mortgage is more expensive - that scenario can change any time though in theory.
    Also one has to obtain in advance the confirmation from AIB about the break free before doing an overpayment - this becomes a bit of a hassle if I overpay every month.


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