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mortgage up for renewal

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  • 05-07-2011 8:47am
    #1
    ajp
    Closed Accounts Posts: 2 ✭


    hi

    my mortgage is up for renewal in october 2011. i am just wondering what would my best options be. i am currently on a 3 year fixed. do i have to stay with my lender (aib) or can i shop around for the best option for me.


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    ajp wrote: »
    hi

    my mortgage is up for renewal in october 2011. i am just wondering what would my best options be. i am currently on a 3 year fixed. do i have to stay with my lender (aib) or can i shop around for the best option for me.

    To shop around you would need to get another lender to buy out your current mortgage with AIB. Rare these days.

    A mortgage renewal is not like insurance renewal. You have a contract with AIB for the full term of the mortgage. the renewal is just a change in terms of repayments (ie. fixed or variable)

    If you can get a good fixed rate would be good to fixed for 3-4 years. Reason being is variable rates will go up over the next few years. The fixed rates are higher than variable but allows more certainty over the medium term.


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    #3
    ajp
    Closed Accounts Posts: 2 ✭ajp


    chris85

    thanks for the info. will look into it with my bank so.


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