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Fix or not to fix

  • 27-05-2016 10:36am
    #1
    PFL
    Registered Users Posts: 393 ✭✭


    Hi All,

    Looking for some advice - currently on a variable rate with BOI of 4.55% options to fix include 3.7% for three years and 3.75% for five years. The questions is do people think the variable will drop below this rate or would fixed rates get better?

    All advice appreciated.

    Mark


Comments

  • #2
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    If only we all had a crystal ball! If media coverage is to be believed, rates may drop a little lower in the coming months but it is anyones guess really.

    Personally - I was looking at a fixed rate recently but have decided to hold off fixing for now. I am interested to see how the banks react when Frank Money enter the market. Their blurb state they are aiming for a rate of 2.8%, take that with a pinch of salt.


  • #3
    jameshayes
    Registered Users, Registered Users 2 Posts: 3,772 ✭✭✭jameshayes


    Personally I wouldn't fix either, it is about to get durty in the mortgage market.. Frank Money and Pepper entering the scene and there is talk of more mortgage companies coming to offer products in Ireland it is likely that there will be a price(interest) war. Hold out and wait for a good switch deal in my opinion.


  • #4
    NewCorkLad
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭NewCorkLad


    OP people were asking the same question last year and being advised to hold off but nobody can predict the future.

    I fixed for 2 years last year, I'm now 14 months through it having being paying 0.7%AER less than the variable rate and hopefully I will get the benefit of lower variable rates when the term ends or else i will look to fix again. Look at your repayments on the fixed term rates and decide if you would be happy paying this.


  • #5
    iainBB
    Registered Users Posts: 460 ✭✭iainBB


    Do not fix . it's a fix (scam)


    Read this tread
    http://touch.boards.ie/thread/2057588040/3/#post99737340

    I got down from 4.5 to 3.3 var rate.


  • #6
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Fixing a mortgage rate is not a scam. It can help ensure no surprises over the lifetime of the fixed term. It suits some people and not others.

    If you are not bothered to ask some very simple questions or review your updated mortgage contract, it's hardly the banks fault.
    iainBB wrote: »
    Do not fix . it's a fix (scam)


    Read this tread
    http://touch.boards.ie/thread/2057588040/3/#post99737340

    I got down from 4.5 to 3.3 var rate.


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  • #7
    iainBB
    Registered Users Posts: 460 ✭✭iainBB


    Paisley Bumpy Grinder wrote: »
    Fixing a mortgage rate is not a scam. It can help ensure no surprises over the lifetime of the fixed term. It suits some people and not others.

    If you are not bothered to ask some very simple questions or review your updated mortgage contract, it's hardly the banks fault.


    Fixing not a scam. The practice of fixing right now is. Banks always fix before rate drop. Pull in the sucker's.


  • #8
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    Fixing your mortgage now is a scam? Revelation for you...Banks have a fixed rate on offer all the time.

    I think you need to look up the definition of a scam. :rolleyes:


  • #9
    iainBB
    Registered Users Posts: 460 ✭✭iainBB


    Paisley Bumpy Grinder wrote: »
    Fixing your mortgage now is a scam? Revelation for you...Banks have a fixed rate on offer all the time.

    I think you need to look up the definition of a scam. :rolleyes:
    Of course they do l. who said the did not your making up nonsense. A point less points. Did you even read the above. Why even post.

    The latest drive for fixed mortgage by the main banks before the future drop is the scam.

    Ulster bank just offer with deal with one big switch.. AIB contacted it's customer last month about switch to fixed. ICS sent post to mortgage holders to inform the the can fix. Fixing is a last ditch effort to trick a few people into a fixed rate before drops happen with frank mortgage government on their back.

    Banks all over the world have been doing this for years now. The scam is to get a few customers to fix at what looks like a good rate before they lower their rates. Scam trick. Business. Dirty evil. Call it what you want it's standard procedure to scam people out of money . what your definition please ??


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