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Do mortgage repayments usually go up or down?

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    #32
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    You have to think interest rates could go up by 1 or 2 per cent in the future ,
    IF you can afford to pay off a loan even 5 years early you can save alot of money,
    on the total amount you pay back on the mortgage .
    Most people are on standard variable rate mortgage,s .


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    #33
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    riclad wrote: »
    You have to think interest rates could go up by 1 or 2 per cent in the future ,
    IF you can afford to pay off a loan even 5 years early you can save alot of money,
    on the total amount you pay back on the mortgage .
    Most people are on standard variable rate mortgage,s .

    1 or 2% ????
    Normalisation would be a 4.5-5% increase in base rates.
    The current interest rates are an abnormality- they may be around for a while- but with the ECB printing 80 billion a month, and a statement that there will be no further cuts in rates- don't count on it.


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    #34
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    ON a standard variable rates your payments stay the same ,
    unless interest rates go up or down,
    obviously in 5 years at some point interest rates will rise .
    ITS better to assume your payments will go up at some point,
    maybe save money as an emergency fund .or else try and pay off the loan early if you can afford it .
    People i know for the Last 10 years have not seen much change in the monthy loan payment .


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    #35
    IamtheWalrus
    Closed Accounts Posts: 6,075 ✭✭✭IamtheWalrus


    As the London prices are very high, even for 1 beds, I'm considering buying a place in Dublin to rent out (so that I could move into if/when i move back there).

    Most good condition 1 beds in London cost £400-475k.

    What could I get in Dublin for that price?


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    #36
    sKeith
    Closed Accounts Posts: 13,404 ✭✭✭✭sKeith


    http://www.myhome.ie/residential/dublin/property-for-sale?minprice=500000&maxprice=600000


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    #37
    Dodge
    Registered Users Posts: 10,288 ✭✭✭✭Dodge


    riclad wrote: »
    i don,t think the interest rates have changed much since 2004 .
    .

    yes they have. My mortgage is lower now than when we were on a special introductory rate at the start in 2003. It is currently at about 55% of what it was in 2008.

    so while we're close to what we started with, it did increase significantly in between.

    There is literally no way it can get lower for us


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    #38
    IamtheWalrus
    Closed Accounts Posts: 6,075 ✭✭✭IamtheWalrus


    I've been told that for me to buy a property in Ireland with an Irish mortgage provider, I'd need to get a 'non-resident mortgage', have a deposit of 65% with a buy-to-let rate of 5%+.

    I think that rules me out of that endeavor.


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