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Should we choose fixed or variable rate mortgage?

dudwell · 2013-05-01 10:08:41

Myself and my wife are coming close to signing for our mortgage with the bank but cannot make a decision on whether to fix the mortgage for three years or go with the variable rate. Considering the dropped interest rates by the ECB dont seem to be getting passed on to customers, the situation doesnt look to good for the…

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01-05-2013 11:08am

#1

dudwell

Registered Users Posts: 38 ✭

Join Date: August 2012

Posts: 13

Myself and my wife are coming close to signing for our mortgage with the bank but cannot make a decision on whether to fix the mortgage for three years or go with the variable rate. Considering the dropped interest rates by the ECB dont seem to be getting passed on to customers, the situation doesnt look to good for the future if you're on the variable. The variable rate currently offered to us is 4.29% and the fixed rates offered are shown below. Can anyone suggest a best course of action for us in this situation? Any information is much appreciated.
3 year fixed - 4.89%

5 year fixed - 5.29%

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