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ENDING 5 YEAR FIXED , WHAT TO DO WHAT TO DO ???

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  • 30-05-2011 4:35pm
    #1
    the vicount
    Registered Users Posts: 15 ✭


    hi all , just wondering could somone shine some light on this for me as ,its not one of my strongest areas .
    im comin out of a 5 years fixed in 2 months with a rate of 4.99%, i also had a kinda top up but it was like seperate mortgage account with rate of 4.99% also .
    it was pretty silly at the time , but hey , they were just chucking money at you.
    just wondering can anyone shine some light on what to do ?

    • can i join up the two accounts in august an try get better rate from them ?
    • would i be better just leaving this orginisation altogether an see what others can do for me
    • do i go back into fixed for another 5 -10 years?
    • do i go variable ?
    prob owe the bones of 230,000 between the two accounts , but am hoping to cut term from 40 years down to 30 or 25 , thankfully my finances are little bit better now than when i bought originally .

    would really appreciate the advice from people in the know , and thanks in advance..


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    #2
    the vicount
    Registered Users Posts: 15 ✭the vicount


    surley someone has some sort of advice on this , could really do with the help .
    i taught this would be a common query on this , any info lend a hand please


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    #3
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    Joining the two accounts makes no difference unless they are going to give you a new lower rate which is unlikely. You were probably given a separate account for the top up as your existing mortgage was fixed and to add to it you would have had to break the fixed rate and pay a penalty. Common enough practice to give top ups as separate loans, also usually meant you did not incur more legal fees.

    As to the crystal ball questions of what you should do now, answer is no one knows. Any advice is based on situation as it is today and who knows in these turbulent times what tomorrow brings.

    If you have a good loan to value and very secure employment then you could consider shopping around for another lender, if you are in negative equity or close to it then you're stuck with your present lender. No one can tell you whether to fix for 5 or 10 yrs at the moment, at best it would be guesswork, what rates are you being offered?


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