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Fixed Rate Mortgage Expiring - What Next??

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  • 28-01-2010 3:04pm
    #1
    PaulPatrick
    Closed Accounts Posts: 13 ✭


    My 3year fixed rate mortgage term is up in August and i was wondering if anyone has any opinion on what the best move would be for me regarding the next step in my mortgage. It is a 35year mortgage.


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    #2
    jimoc
    Registered Users Posts: 634 ✭✭✭jimoc


    I would suggest fixing it again as soon as you can as all the banks are starting to raise their rates independently of the ECB rate.


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    #3
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    I think what jimoc should have said is that PTSB are rumoured to be putting variable rates up and some of the other banks might do the same (no one has put rates up yet).

    www.moneyguideireland.com


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    #4
    jimoc
    Registered Users Posts: 634 ✭✭✭jimoc


    Might be a bit wrong, but didn't PTSB raise their rates by .5% a couple of months ago?


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    #5
    Sleipnir
    Registered Users Posts: 5,514 ✭✭✭Sleipnir


    jimoc wrote: »
    Might be a bit wrong, but didn't PTSB raise their rates by .5% a couple of months ago?


    They did indeed and as a consequence, other other banks might raise their variable rates by more than 0.5%.

    OP, the fixed rates are probably higher than when you last fixed. Have you checked your mortgage providers current fixed rates?


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    #6
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    PaulPatrick wrote: »
    My 3year fixed rate mortgage term is up in August and i was wondering if anyone has any opinion on what the best move would be for me regarding the next step in my mortgage. It is a 35year mortgage.

    August is a good bit away - all the rates available now will not be around then. Unless you want to break out of the fixed rate early - but that will probably incur a penalty. What rate are you paying now and who with?

    www.moneyguideireland.com


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    #7
    PaulPatrick
    Closed Accounts Posts: 13 ✭PaulPatrick


    Im paying 4.99% and with PTSB. I probably will be waiting until August but was just trying to get my head around it instead of leaving it to the last minute. Thanks for all the replies so far.


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    #8
    tony231974
    Registered Users Posts: 160 ✭✭tony231974


    I'm also with PTSB,my 3 year fixed is finish next month.Their new
    fixed rates are 5.7% 3 year and 6.7% 5 year fixed


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    #9
    steps_3314
    Registered Users Posts: 521 ✭✭✭steps_3314


    PTSB are offering sh**e rates to anyone coming off fixed at the moment.
    I came off three years fixed in November and got offered terrible rates.
    One was a tracker and it was pretty poor.
    Went with the 3.65% variable and the b**tards increased it by 0.5% last week.
    Still paying less now than when on fixed (4.79%) but how long before they up it again.
    PTSB are basically taking money from existing variable rate customers to make up for the lack of profit they have being making from customers on the tracker rate.

    Or am i wrong.


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    #10
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    If you got a three year fixed rate, it's likely that your base rate was a tracker rate, but ring PTSB and confirm this with them. If this is the case, then stick with the tracker.

    The state of the loan market will be in a very different place in 7 months' time, so aside from very general advice, I don't think we can really tell you what to do at this point in time.


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    #11
    talkabout
    Registered Users Posts: 695 ✭✭✭talkabout


    Just coming out of a three year fixed rate with EBS this month, was on 5.05 and been offered variable at 2.65 and three year fixed at 4.05 and five years at 4.60. I realise rates will go up and pretty soon but thinking of going variable as they would need to rise very quickly to save any money on going fixed. Any thoughts?


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    #12
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    talkabout wrote: »
    Just coming out of a three year fixed rate with EBS this month, was on 5.05 and been offered variable at 2.65 and three year fixed at 4.05 and five years at 4.60. I realise rates will go up and pretty soon but thinking of going variable as they would need to rise very quickly to save any money on going fixed. Any thoughts?

    Go for the variable - but put aside the difference each month between the 2.65 repayments and the 4.05 repayments (in a savings account). It will be there to use if rates go up. No use paying more to the bank straight away on the basis that rates might go up 2% within 18 months.


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    #13
    talkabout
    Registered Users Posts: 695 ✭✭✭talkabout


    Thanks for the advice Ogham, think that is just what i'm going to do.


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    #14
    pyzon
    Closed Accounts Posts: 178 ✭✭pyzon


    just got my renewal letter from PTSB today was on 5.1% fixed over 3-years, all i got was 4.1% LTV rate and the 4 fixed rates : 2yr 5.25%, 5yr 575%, 7yr and 10yr 6.1% ....very disappointed with that, thought I'd save a least a couple a hundred a month but only works out to be about 100 if that after TRS..PTSB are a joke if you ask me and look at their rates compared to others...I'm not sure if this site is good or not but jeez..they are way out there on their own...!! Has anyone any recent experience of switching mortgages away from PTSB? to...er...anybody but PTSB......

    http://www.jpfs.ie/rates.shtml


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