BoI Mortgage Rate Renewal?

abnormalnorman

Hi,

Time to renew my BOI Mortgage repayment rate (current rate expires end of Feb), and offered the following:

VARIABLE LTV <=60% RATE of 3.9%

3 Year Fixed LTV <=60% RATE of 3.0%

1 Year Fixed LTV <=60% RATE of 2.9%

2 Year Fixed LTV <=60% RATE of 2.9%

5 Year Fixed LTV <=60% RATE of 3.0%

10 Year Fixed LTV <=60% RATE of 3.3%

Iv about €90k left to pay in it.

Any advice on which rate to go with?

downburst

https://www.boards.ie/discussion/2058278449/boi-mortgage-rate-renewal

How many years do you have left? a forecast at the moment suggests 3 more hikes, somewhere between 1.25% to 1.5% extra by year end. GDP forecasts show next year very slow, but possible they could reduce .25 to .5 or more early 2024. Looking back at the 2000 to 2010 period base rates were around 2 to 4%. That shows what is normal, the last 10 years are not normal. For what it is worth, and I have paid off my mortgage, so no skin in the game, the 5 year looks acceptable given your low balance left. But if you want a bit of risk given the low balance the 2 has it's merits.

abnormalnorman

https://www.boards.ie/discussion/comment/120073465#Comment_120073465

10 years left in it.

downburst

https://www.boards.ie/discussion/comment/120073582#Comment_120073582

Well the bond market on 10 year euro bonds is about 3.2%. So without getting into debates with anyone, one can expect that as a good guidance plus or minus a .5% of where the market expects rates to be over 10 years. Source: 10-Year Eurozone Central Government Bond Par Yield Curve (ycharts.com)

abnormalnorman

https://www.boards.ie/discussion/comment/120074177#Comment_120074177

Thanks . But with that, which rate / duration do you suggest going with at the moment?

BronsonTB

Your asking the BOI team here which BOI rate you should go with??

Think you would need to be asking for independant advice in the finance forum instead.

Are you able to swtich providers, those rates are all on the high side?

Bank of Ireland Reps

https://www.boards.ie/discussion/2058278449/boi-mortgage-rate-renewal

Hi there.

Thanks for getting in touch with us.

Please contact our colleagues in the Mortgage team on 016113333 between 9am to 5pm Monday to Friday where we can offer further advice on this.

Thanks,

Declan

abnormalnorman

https://www.boards.ie/discussion/comment/120085055#Comment_120085055

sorry. Didnt realise this was BOI Forum