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Which mortgage?

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  • 18-12-2009 11:52am
    #1
    stephenwinder
    Registered Users Posts: 9 ✭


    What type of mortgage would you guys recommend to buy a house next year? Fixed (for how many years?), tracker or variable?


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    #2
    penexpers
    Closed Accounts Posts: 4,038 ✭✭✭penexpers


    You won't get a tracker anymore (or if you do the margin will be 2.5%+).

    Go fixed if you want to know exactly how much your mortgage will cost over the period. Don't go fixed to try and "play" the bank - the bank will always win.

    Go variable if you understand the risk that rates might go up (or down) and are happy to accept that risk.


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    #3
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    penexpers wrote: »
    Go variable if you understand the risk that rates might go up (or down) and are happy to accept that risk.

    Go variable if you understand the risk that rates WILL go up


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    #4
    MatureStudent
    Registered Users Posts: 33 ✭MatureStudent


    Ask about splitting it - it probably means 2 accounts and 2 direct debits, a bit messy at the start making sure tax relief is properly applied etc, but it's worth considering.


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    #5
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,490 Mod ✭✭✭✭Cabaal


    Sponge Bob wrote: »
    Go variable if you understand the risk that rates WILL go up

    It is a fact they WILL go up, they sure as hell won't be going down any further


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    #6
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,490 Mod ✭✭✭✭Cabaal


    stephenwinder wrote: »
    tracker

    These are not available anymore and likely will never be atleast for the foreseeable future, banks want people of them as often the bank can make a loss


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    #7
    dudara
    Registered Users Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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