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[Article] Homeowners warned that mortgage rates likely to rise

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    #32
    unklerosco
    Registered Users Posts: 7,828 ✭✭✭unklerosco


    Whats the best way to work out a mortgage repayment based on various possible interest rates?? Ie. current rates, 6% or 7.5% etc


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    #33
    bangersandmash
    Closed Accounts Posts: 686 ✭✭✭bangersandmash


    unklerosco wrote: »
    Whats the best way to work out a mortgage repayment based on various possible interest rates?? Ie. current rates, 6% or 7.5% etc
    This is very useful

    http://www.drcalculator.com/mortgage/ie/


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    #34
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    unklerosco wrote: »
    Whats the best way to work out a mortgage repayment based on various possible interest rates?? Ie. current rates, 6% or 7.5% etc

    I'd do calculations based on all 3 scenarios- stress test at up to 7.5% and make accelerated payments while rates are lower, with the intention of returning payments to 'normal' levels as interest rates rise (when presumably you'll have paid off a chunk of your principle).

    Irish rates are going to increase- independently of anything happening at the ECB- you need to prepare yourself for the worst case scenario- and if possible mitigate against it.


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