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Long Term Fixed Mortgages

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  • 01-03-2012 2:47pm
    #1
    highgiant1985
    Registered Users Posts: 1,777 ✭✭✭


    I've been looking at a number of mortgage produces offered by banks and the longest fixed term I can find is 5 years.

    Do any banks out there offer longer fixed rates? e.g. 10 years/15years?

    I can see it is common in other countries to have longer fixed terms and while I'm sure banks price fixed rates so they are unlikely to lose I would value the comfort of knowing what my rate would be for 10 years and being able to budget for that as opposed to relying on ECB rates.


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    #2
    phormium
    Registered Users Posts: 3,340 ✭✭✭phormium


    No, very long term fixed have never been a feature of the Irish market. Some banks used to do 10 yr fixed but I don't think there is anyone at the moment.


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    #3
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    National Irish Bank offer a 10 Yr fixed rate of 5.5%, no other lender has a 10 yr fixed rate product at the moment.


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    #4
    Hairymilo
    Registered Users Posts: 17 ✭Hairymilo


    My advice...Do not fix for 10/15 years!! It could be 10/15 years of real pain and sleepless nights if the rates do go against you!!! Irish banks are flutered, meaning they will have to keep domestic rates as high as regulation allows them for the most partover the next 10-20 years in order for them to buy there way out of the incredible debt there in!!

    Like yourself i wanted long term security 5 years ago when rates were climbing..I am coming off 5 yr fixed this summer..biggest mistake of my financial life but I wasnt to know we were on the cusp of a world recession...

    Be very careful, even more so if you have a young family as you will all be tied to whatever binding arrangement you sign up for!!! And MAKE SURE TO READ THE SMALL PRINT of any agreement you sign!!! It may come back to bite you in the arse some day..

    Goodluck!


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