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Mortgage Rates 2021

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  • 06-02-2021 12:18am
    #1
    budhabob
    Registered Users Posts: 4,824 ✭✭✭


    Hi all,
    We're currently on a variable mortgage rate but looking to move to fixed for 3 years to save a few Bob. Last year's rates still apply, just wondering are we best going for that or waiting on revised rates.
    We're with Haven and will likely be staying with them for various reasons.
    Thanks in advance


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    #2
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,869 Mod ✭✭✭✭L1011


    This is a guessing game, but 2.55% is unlikely to drop much more. 1.95% is the current market leading rate for low LTVs and specific occupations only; and with Irish property being rather poor security for loans we will never get to the sub-1% rates available elsewhere.


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    #3
    budhabob
    Registered Users Posts: 4,824 ✭✭✭budhabob


    Cheers for that, I kinda thought myself the same but haven't been tracking it of late. Might just bite the bullet and move now and save some money


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    #4
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,869 Mod ✭✭✭✭L1011


    Work out what each .1% is worth to you - if you sit six months on your current >2.55% rate and a new rate is 2.35% you may have cost yourself money.

    But this is really all guesswork unless you have a mole deep inside Haven!


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    #5
    Black_Knight
    Moderators Posts: 12,369 ✭✭✭✭Black_Knight


    budhabob wrote: »
    Hi all,
    We're currently on a variable mortgage rate but looking to move to fixed for 3 years to save a few Bob. Last year's rates still apply, just wondering are we best going for that or waiting on revised rates.
    We're with Haven and will likely be staying with them for various reasons.
    Thanks in advance

    Why ask if your just going to stay with haven? What are the reasons?


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    #6
    Chris_5339762
    Registered Users Posts: 5,858 ✭✭✭Chris_5339762


    If you can put a lump sum or some extra savings into your current variable rate mortgage, you might be able to save as much as you would switching to a fixed. Do the sums before you fix.


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    #7
    AngryLips
    Registered Users Posts: 2,681 ✭✭✭AngryLips


    Chris_5339762 wrote: »
    If you can put a lump sum or some extra savings into your current variable rate mortgage, you might be able to save as much as you would switching to a fixed. Do the sums before you fix.


    This is the reason I went with variable originally, but given I've totally failed at putting any additional funds into the mortgage, I'm beginning to lean towards signing into a 1 or 3 year fixed rate and saving any lump sum amounts to repay when the fixed term expires. I actually think this is probably a much more sensible option for most.


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    #8
    Black_Knight
    Moderators Posts: 12,369 ✭✭✭✭Black_Knight


    AngryLips wrote: »
    This is the reason I went with variable originally, but given I've totally failed at putting any additional funds into the mortgage, I'm beginning to lean towards signing into a 1 or 3 year fixed rate and saving any lump sum amounts to repay when the fixed term expires. I actually think this is probably a much more sensible option for most.

    Fixed terms don't always imply you cannot overpay on your mortgage. Ulster bank (ok, maybe don't go with them now considering they might be leaving Ireland) allow you to overpay by 10% of the remaining balance annually. Others do similar options, though I think UB is pretty good in terms of allowing plenty of overpayments.


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