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Fixed rate vs variable rate

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  • 22-09-2009 8:07pm
    #1
    cailin deas1
    Closed Accounts Posts: 3 ✭


    Hey Folks

    I know this is a question asked over and over but i was hoping for some educated advice. I bought a property at the height of the market (no regrets i was in the frame of mind of buying and nothing would have stopped me) I am currently on a fixed rate mortgage which is expiring in the next few weeks and i have received a letter from my lending institution detailing their options. I have no choice but to stay with this bank as i am in negative equity. My question to all ye lovely people is should i go fixed again (i like knowing what my repayments will be every month) or go variable.

    the options available are:
    4.20% fixed for 2 years
    4.30% fixed for 4 years
    4.95% fixed for 5 years
    3.75% variable (must take out a current account with the bank)
    or
    3.85% standard variable rate.

    I would really appreciate your advices

    cailin deas1


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  • Options
    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    with the rates their offering you you would have to go with the 5 year fixed that variable rate on offer is shocking


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