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Help - Mortgage Advice Needed

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  • 02-09-2019 10:37am
    #1
    Johouse
    Registered Users Posts: 16 ✭


    Well after a lengthy search we have finally gone sale agreed. We need to take out 416,000 of a mortgage. I know this is a huge amount of money so it’s really important we get a good mortgage rate. The rate we have been provided by our broker is 2.5 per cent fixed over 5 years (UB). 1500 cash back. Does anyone know - does this sound the most competitive. Any opinions / feedback really welcome and appreciated.


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    #2
    Creamy Goodness
    Registered Users Posts: 26,578 ✭✭✭✭Creamy Goodness


    You're better off posting here

    However a bit of advice is to go to bankers.ie to compare all the mortgage providers and their various packages are. Some give good cash back but have terrible rates. some have great rates and no cash back.

    Since a mortgage is something that quite unique to your situation it's best for you and only you to do the math and see if it's the best for your situation.


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    #3
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    What LTV do you have?

    I'm getting 2.25 with KBC (no cashback) but I've a large deposit, with a 60% LTV from the get go.

    Most banks have tiers anyway, so if your LTV is 80% or above, you won't get their best rates.


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    #4
    ashes2014
    Registered Users Posts: 89 ✭✭ashes2014


    Fixed rates appear to be quite good value for money now, but thats usually because they are expecting the variable rate to drop.

    Fixed rate offers security but variable could save you money if rates go down.


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    #5
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    ashes2014 wrote: »
    Fixed rates appear to be quite good value for money now, but thats usually because they are expecting the variable rate to drop.

    Fixed rate offers security but variable could save you money if rates go down.

    Fixed rates have been cheaper than variable for the past 5 years or more. I don't think you can infer the above anymore.

    Banks obviously like the security of having their customers on fixed rates too, I think they're doing it for their own reasons.

    Anyway, I'd fix because the Variable rates are punative right now, you could easily end up over spending just for the illusion of flexibility, when in reality all the banks are behaving the same way in pushing their customers onto fixed rates.


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    #6
    Johouse
    Registered Users Posts: 16 ✭Johouse


    Thanks all for the helpful replies. LTV is 80 per cent. We could probably raise slightly more if this made a significant difference but will stretch us. Happy to go with fixed rate if this seems the best route. Looked at bonkers and didn’t bring back the favorable rates our broker is quoting. Not sure why this is.


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