Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage-Fixed/Variable

Options
  • 13-08-2012 10:12am
    #1
    Anyone
    Registered Users Posts: 3,376 ✭✭✭


    My fixed rate mortgage is due to expire soon, and I have received the new rates and need to choose.

    Just a question about variable rates, if I choose to go onto a variable rate, can I change to a Fixed rate at any time or am I locked to the variable rate for a certain period?


Comments

  • Options
    #2
    [Jackass]
    Closed Accounts Posts: 9,193 ✭✭✭[Jackass]


    You're free on a variable rate that you can pay as much extra off the mortgage without risk of penalty (in the instance of a lump sum payment or if you decided to change lenders and redeemed the mortgage by taking out a new mortgage with a different lender, i.e switching your mortgage over) and you can switch to a fixed rate at any point in the future.

    Not to give financial advice, you should do the research yourself, but at the moment variable rates tend to be much better value and I personally would hold off fixing until the ECB start making statements about promising growth figures in the EU and perhaps after there are one or two rate increases by the ECB, as it stands, rates don't look like they will be going up any time soon, so a fixed rate is tying you back into a rate that will more than likely be higher than the variable rate for the duration of the fixed period, or at very least work out more expensive over the term of the fixed rate.


Advertisement