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Choosing mortgage rates - advice.

  • 15-12-2018 12:40pm
    #1
    Mountain_M78
    Registered Users Posts: 38 ✭


    when we had our mortgage approved we were provisionally offerd rates.
    obviously, these can fluctuate. (we are first time buyers)
    Im aware PTSB may have slightly higher rates than competitors but we got approved by them and went with them.

    i am totally clueless on the issue and would greatly appreciate some advice.
    obviously rates for jan 2019 will be different to the ones which were based on summer 2018.as we get closer towards drawdown its a choice that has to be made soon.

    the one we looked at was 3.25 - 5 year fixed. APRC 3.9 per cent (whatever that means) there were also various fixed offers - 3 yer 3.15 / 2 year 3.60 /

    the way were thinking was that fixed, for as long as possible is a good start and more stability in knowing exactly what we are paying .

    The "discounted" variable rates are 1 yr 3.70 (aprc 4.26)
    also there are "managed" variable rates of 4.30 with APRC of 4.42.

    im not sure if anyone can advise me , based on past experience , whether fixed or variable is better.

    or am i over - thinking it and is there a negligible difference between these rates over the first few years of our mortgage?

    any advice GREATLY appreciated!


Comments

  • #2
    bungaro79
    Registered Users, Registered Users 2 Posts: 1,213 ✭✭✭bungaro79


    Are you using a broker or doing it yourselves? Either way, get onto the bank and ask them to show the rates and the actual cost per month and you might feel more comfortable seeing the actual amounts. Even if you go with a fixed rate, the breakage fees aren't as bad as before so if the rates were to change then you could see if this might be an option.


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