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Switch to Fixed ???

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    #2
    OMD
    Registered Users Posts: 2,458 ✭✭✭OMD


    It's a no brainer. Have they a 10 year rate?


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    #3
    Johnny Bitte
    Registered Users Posts: 1,099 ✭✭✭Johnny Bitte


    OMD wrote: »
    It's a no brainer. Have they a 10 year rate?

    Why so, are interest rates set to rise soon?

    I m on 3.65% with ICS.


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    #4
    OMD
    Registered Users Posts: 2,458 ✭✭✭OMD


    The_Goose135 wrote: »
    Why so, are interest rates set to rise soon?

    I m on 3.65% with ICS.

    Variable rates are expected to rise to between 4.5 & 5.5% depending on lender by the end if this year. On top of that ECB are expected to start raising rates by the end of the year. It is very likely that by this time next year most lenders will offer variable rates of over 5.5%


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    #5
    Idbatterim
    Registered Users Posts: 17,852 ✭✭✭✭Idbatterim


    Id say its a no brainer, the banks are screwed and lending money out for cheaper than they are borrowing it!


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    #6
    pat1981
    Registered Users Posts: 200 ✭✭pat1981


    Boi quoted me 5 year fixed 5%, 3 year 4.2%.
    The rate aib quoted you is a no brainer afaik. My variable rate is 3.25%. I am going to fix 2 years 3.75%.


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    #7
    Agent J
    Registered Users Posts: 1,909 ✭✭✭Agent J


    No brainer.

    Grab that rate now. Even if it involves breaking into the bank on a sunday to sign the paper work.....(Not really.... )

    Tbh, im sorta suprised they are still offering it.


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    #8
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    Jesus I'm calling BOI Monday to see what they'll give me on my BTL. I'd love a ten year rate < 6 percent instead of my variable. Rates are going back to 6-8 levels within 5 years IMO.... inflation will hit 3-4 maybe 5 percent... so a long fix may be a genius move.


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    #9
    Johnny Bitte
    Registered Users Posts: 1,099 ✭✭✭Johnny Bitte


    Hey,
    Just called ICS got 4.05 for 2 years, 4.5 for 3 and 5.3 for 5 years.

    how high do you see the variable going? Your own opinion of course, no one can know for sure!


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    #10
    OMD
    Registered Users Posts: 2,458 ✭✭✭OMD


    pat1981 wrote: »
    Boi quoted me 5 year fixed 5%, 3 year 4.2%.
    The rate aib quoted you is a no brainer afaik. My variable rate is 3.25%. I am going to fix 2 years 3.75%.

    Why not fix for 5 years at 5%? Assuming you cannot change lender, I would fix for the longest time available at these kind of rates. I cannot see any circumstances where variable rates will average less than 5% for next 5 years. .


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    #11
    warrenaldo
    Registered Users Posts: 500 ✭✭✭warrenaldo


    I am considering the option of
    1) 4 year fixed 4.19%
    2) 5 year fixed 4.39%

    The difference between the 2 rates is 35 euro a month.

    If I saved the difference for the 4 years thats 1680.

    Then in year 5 i could put that 1680 towards paying the extra ionterest assuming its higher than 4.19%.

    1680 would cover me for a 1.5% increase on top of 4.19%.

    So, that would be 2.2% more than what we are on now!

    Difficult to know what to do!


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  • Options
    #12
    OMD
    Registered Users Posts: 2,458 ✭✭✭OMD


    warrenaldo wrote: »
    I am considering the option of
    1) 4 year fixed 4.19%
    2) 5 year fixed 4.39%

    The difference between the 2 rates is 35 euro a month.

    If I saved the difference for the 4 years thats 1680.

    Then in year 5 i could put that 1680 towards paying the extra ionterest assuming its higher than 4.19%.

    1680 would cover me for a 1.5% increase on top of 4.19%.

    So, that would be 2.2% more than what we are on now!

    Difficult to know what to do!

    It is a good way to look at it but I think your figures are slightly off. By the looks of it you have a mortgage around the 250,000 mark? A 1.5% increase in rates would cost you 1.5% of the outstanding mortgage which would be about 3,000. It appears less when you look at mortgage calculators as the extra cost is spread through the remaining term of the mortgage.


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    #13
    subway
    Closed Accounts Posts: 6,131 ✭✭✭subway


    http://www.google.ie/search?sourceid=chrome&ie=UTF-8&q=site:boards.ie+get+out+of+fixed+rate

    this is just general statement and not aimed at anyone in particualr
    whatever you do, do your homework and know the consequences of your decision.
    lots of people will lock in to a fix now as a reaction to the rate increases but, like other posters before, will not be happy with what they sign up to


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    #14
    nb83
    Closed Accounts Posts: 41 ✭nb83


    does anyone know how long a fixed rate quote is valid for? i rang ptsb on the 3rd of Feb to get the letter posted out to me with the rates and did not receive the letter in the post till the 8th. The letter is dated the 3rd and the rates valid for 7 days, is this 7 days from the date of the letter or 7 days from receipt of the letter?
    I sent the letter back on the 10th and got a letter yesterday saying that I wasnt within the 7 days, but how could that even be possible if i got the letter on day 5!
    Some advise on this would be great.


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