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Existing Variable Rate Mortgage Query

  • 04-06-2025 02:01PM
    #1
    whodafunk
    Registered Users, Registered Users 2 Posts: 567 ✭✭✭


    Hi All,

    I am coming close (01/09/25) to the end of my variable rate term which I had fixed at 2.3% which I know is extremely low. I phoned my provider (BOI) and lowest rate they could offer me was 3.45% (between 1 to 3 year fixed). This will result in increased mortgage monthly repayments of between €150-€200 which was a little alarming when I heard at first! Just wondering if anybody has been in similar position recently and can offer any advice? Would it be worth consulting a financial advisor/look to move to another provider?

    Thank you.



Comments

  • #2
    ELM327
    Registered Users, Registered Users 2 Posts: 22,724 ✭✭✭✭ELM327


    3.45% is very good in the current environment. I fixed recently (coming off 1.99%) at 3.6% and even at that it was a green rate.



  • #3
    Trampas
    Registered Users, Registered Users 2 Posts: 8,368 ✭✭✭Trampas


    What rate did you expect it to be? Ecb is 2.25% currently and might get a cut tomorrow. A margin of 1.2%

    That’s nothing crazy



  • #4
    whodafunk
    Registered Users, Registered Users 2 Posts: 567 ✭✭✭whodafunk


    https://www.boards.ie/discussion/comment/123514421#Comment_123514421

    Thanks for your response. Out of interest was that a big increase in monthly mortgage repayments?



  • #5
    SteM
    Registered Users, Registered Users 2 Posts: 7,336 ✭✭✭SteM


    Not much help I know but I don't see anything much better in the market than 3.45% fixed tbh but things may change slightly in the 3 months before your current rate expires.



  • #6
    whodafunk
    Registered Users, Registered Users 2 Posts: 567 ✭✭✭whodafunk


    Thanks for all the replies. I wasn't sure what rate I was expecting to be honest. It's just with everything going up as I'm sure everybody unfortunately has witnessed also, it just means a lot less disposable income available per month and a bit more pressure on the finances to be honest.



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  • #7
    SteM
    Registered Users, Registered Users 2 Posts: 7,336 ✭✭✭SteM


    You're kind of lucky you're only coming off your variable rate now to be honest.



  • #8
    Rocket_GD
    Registered Users, Registered Users 2 Posts: 1,767 ✭✭✭Rocket_GD


    I wish I had a rate of 3.45%, we were locked in at a fixed rate, thankfully for just a year, of 5.5% in order to avail of cashback.

    OP that's not a bad rate at all in this day and age.



  • #9
    whodafunk
    Registered Users, Registered Users 2 Posts: 567 ✭✭✭whodafunk


    thanks everybody for all of the replies - much appreciated.



  • #10
    ELM327
    Registered Users, Registered Users 2 Posts: 22,724 ✭✭✭✭ELM327


    https://www.boards.ie/discussion/comment/123514447#Comment_123514447

    Approx 150 increase, up to 965 or so now



  • #11
    New Scottman
    Registered Users, Registered Users 2 Posts: 276 ✭✭New Scottman


    Just move to a tracker mortgage. My brother has one. His rate is ECB + 1%, so just 3.15% all-in.



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  • #12
    Geuze
    Registered Users, Registered Users 2 Posts: 14,364 ✭✭✭✭Geuze


    https://www.boards.ie/discussion/comment/123535600#Comment_123535600

    The only bank to offer tracker mortgages is Avant.

    That would require the OP to move lender, and involve legal fees of maybe 1,500.

    The Avant tracker mortgage is called Flex, and it is Euribor + 0.90% for LTV below 80%.

    The current rate is 2.08% +0.90% = 2.98%. It is a good rate.



  • #13
    SteM
    Registered Users, Registered Users 2 Posts: 7,336 ✭✭✭SteM


    Yeah, just be build a time machine and move to a tracker.



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