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Mortgage Rates - Fixed or Variable

  • 23-09-2020 8:39pm
    #1
    bodyguard1
    Registered Users Posts: 127 ✭✭


    I am looking for advice regarding a Mortgage I have with Permanent TSB currently I am on a 3 Year Fixed Rate of 3:30 % which is due to expire on October 5th I have a mortgage balance of around €62,000 with 12 Years remaining, my current monthly repayment including life insurance is €595.00. The current value of the property is €250,000 - €275,000

    They have sent me out a list of rates as follows;

    Option Rate Monthly Repayment
    Variable Rate 3.70 % € 557.52
    2 Year Fixed 3.10 % € 539.31
    3 Year Fixed 2.95 % € 534.81
    5 Year Fixed 3.00 % € 536.31

    The question is giving the current economic climate is it wise to go for a 3 Year Fixed Rate or will variable rates reduce.

    Thanks in advance for any feedback.


Comments

  • #2
    KingCong
    Registered Users Posts: 224 ✭✭KingCong


    They are all terrible rates, there's much better offered by other banks, you should really switch. KBC for example would offer 2.25% and 3k cashback that would leave you with about 1500 - 1800 net after the solicitors fees. Avant are another option, you'd get a rate of 1.95% though no cashback. Take a look on https://www.bonkers.ie/compare-mortgages/


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