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to fix....and how long for? trs too?

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  • 06-09-2010 10:30pm
    #1
    ilovebiccies
    Registered Users Posts: 34 ✭


    hi there....new to this site and am hoping i am using it correctly. just wondering if anyone can offer some advice...

    Q1....we bought our house in 2006...wondering if our trs only lasts seven years which is for all first time buyers or are we entitled to it until its abolished on dec 31st 2017...which is what i seem to think from reading this on a mortgage info site.

    Q2...we currently pay a variable rate mortgage of 4.65 and want to fix it. we have the opportunity to fix for 2,5,7 or 10 years. i am leaning towards the 7 as it would be a nice security and only at 6.1 per cent so therfore would be at that with another two or three increases.

    i dunno if i am making much sense but basically i am wondering if people think the banks are still going to have a fair few increases over the coming years or will things start coming down again in two or three years?


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    #2
    love porter
    Closed Accounts Posts: 16 ✭love porter


    The goverment brought in new legislation last year that trs would be kept on for a further time, depending when you purchased, and different % of trs depending on how long.

    Your rate is crazy high for a standard variable-- if you have any equity on your home I would look to switch mortgage provider ( i know its not easy in the current enviroment) but if you have enough equity and have a steady income it is possible and then you could save a whole lot of money.

    I wouldnt be in two much of a rush to fix at that price anyways, cause it is way higher that most and your provider cant go that far ahead of its competitors


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    #3
    ilovebiccies
    Registered Users Posts: 34 ✭ilovebiccies


    thanks porter for your reply....yeah they are high alright but sick of them going up every few months. we came off our fixed rate last november and they have gone up three if not four times since then:mad:

    i have equity....NEGATIVE EQUITY!!!!...so therefore we cannot switch providers as the wont touch you if your in negative equity.


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    #4
    elchanco
    Registered Users Posts: 329 ✭✭elchanco


    Hi ilove...

    Im in a similar position with that shower... PTSB.

    Came off a 2year fixed & not offered a tracker.
    I now have the unenviable decision of staying on 4.65 variable or fixing! (5.25 2yrs, 5.75 5yrs).

    My own personal view is, stay on variable until those gangsters decide to up their fixed rates,than make a decision. PTSB have you by the balls,the joys of negative equity!!

    Good luck..


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    #5
    fiestaman
    Registered Users Posts: 1,146 ✭✭✭fiestaman


    in my view i cant see interest rates up at 7% in the next 2-3yrs,if that happens then half of house owners will not be able to pay. id hold out on the variable as if you fix at 6.1 you will have a lot of money payed before the variable rate reaches 6.1. also on the paper on friday it said that ECB will not be touching rates until 2012 at least. just my opinion.


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    #6
    ilovebiccies
    Registered Users Posts: 34 ✭ilovebiccies


    thanks for the replies guys...yeah elchanco those are the rates i have been offered too....feckers!!!

    was planning on waiting to see if they up it one more time befoe i fix because the fixed rates they are offering have been he same for quite some time(whats the bets they wil change them just when i decide to fix!!!)

    was talking to a customer service agent wheni called to order the fixed term application form and he reckoned it would def be going up at least twice next year...arrrggghh. god damn it i wish i stayed on tracker from the beginning...


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    #7
    elchanco
    Registered Users Posts: 329 ✭✭elchanco


    I know your pain...!!! If rates hit 6-7%, im up **** creek without a paddle!


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    #8
    ilovebiccies
    Registered Users Posts: 34 ✭ilovebiccies


    see ya there elchanco.....can you swim????


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    #9
    elchanco
    Registered Users Posts: 329 ✭✭elchanco


    Swim! By then I will be more likely to drown!


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    #10
    fiestaman
    Registered Users Posts: 1,146 ✭✭✭fiestaman


    was talking to a customer service agent wheni called to order the fixed term application form and he reckoned it would def be going up at least twice next year...arrrggghh. god damn it i wish i stayed on tracker from the beginning...[/QUOTE]

    they love doing that to get you to fix long term, trust me there might not even be a bank left in this country in two yrs, id hold out.


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    #11
    fiestaman
    Registered Users Posts: 1,146 ✭✭✭fiestaman


    elchanco wrote: »
    I know your pain...!!! If rates hit 6-7%, im up **** creek without a paddle!

    Exactly.. so will the whole country so if nobody can pay whats the point in having them high.


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    #12
    ilovebiccies
    Registered Users Posts: 34 ✭ilovebiccies


    this is exactly why i cant understand why they keep putting the interest rates up.

    i know banks need to make money for their mess and its from us they want it but serioulsly would it not be common sense to keep the rates low and afforadable and that way most people would be able to keep up their repayments rather than increasing the and pushing everyone to the limit until eventually people cannot afford to pay them. is a monthly payment better than nothing at all????????


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