We went for the 10 year fixed at 2.99 simply for the security of knowing your payments for a decade. Itās not inconceivable that the arse could fall out of everything again in 4 or 5 years time but hopefully it doesnāt and thereāll be a nice low variable rate to go into at the end of the 10 years or at least the fixed rate hasnāt gone up too much
2 Likes
Good thinking iād be fixing in at around 3% for a long term myself if taking out a mortgage in the morning. Mate of mine is coming off his fixed to go variable as itās hovering around 2%
Pure madness taking the risk for 1% less. Iād be very alright with it if i was fixed on 3% and it went down to 1.5% say for a few months. Youād feel awful foolish if you came off the 3% and a year later it was 9%. It was 17% in the 80s FFS.
Thought youād be paying in cash.
We mightnt ever see 9% again tbf.
That 10 year fixed is a decent rate alright as long as a fella wouldnt be sitting at home seething if variable rates were 1% cheaper than it for the 10 yearsā¦on a 200k mortgage that would be an expensive insurance policyā¦
I did for the rest
1 Like
Worth looking into for any lads stuck on a higher fixed rate.
yeah 100%
rates, etc will probably be the same as a bank but they did all life ins for us which was a nightmare as every document the wife produced was in arabic
id say we paid them around 175 ish to submit all paperwork and another 120 maybe at the DD- there was a valuation in there as well - from appl to Drawdown 2 months
w,r,t. BOI i felt they were afraid to lend or something - it was like they couldnt make a call - we were spending a fortune getting stuff xlated and shit and there was never any movememt
AIB gave us the mortgage , grand - anyway- 3 weeks later i go into BOI looking for 20k to do a few jobs, come back in 6 months yer man says- KBC had it done the next day
@Bandage are you still the man to ask about getting a mortgage? Iāll be getting one whether I like it or not in the early new year. All advice please from any fellas who know. cc @Julio_Geordio @anyotherfella
Just fix it for the first few years at that low Ulster Bank rate and then revisit. Donāt fall for one of those cash back borderline scams.
4 Likes
Ulster Bank 2 years fixed 2.3% is the lowest out there atm.
Weāre finally starting the switching process away from KBC this week. Neighbour of mine did the same switch to Ulster Bank recently and it was pretty easy. People get put off by all the documentation to switch. Itās actually not that bad if youāre anyway organised.
If your only option is KBC, fully expect them to be the most incompetent group of individuals youāve ever encountered.
I think you need planning permission to get a mortgage.
6 Likes
Plus one.
Never encountered anything like them. I played the role of scrum master in my dealings with them recently. Assigned tasks with defined timeliness for each incompetent cunt and asking for updates at our weekly stand ups. Cunts.
3 Likes
Wait and see if the Italians blow up Europe first. If they donāt Iād be fixing for as long as possible, if they do then rates are going no where for a long time.
Thatās the one I have,easy enough process
Thinking of switching from AIB variable to BOI 10 yr fixed. The APR is higher with the BOI Fixed but there is very little difference between the actual monthly repayment amounts. The BOI Cashback offer makes it even more attractive. What am I missing (apart from the risk that variable rates will go lower)?
What are the actual rates?
Variable rates wont go any lower. However, a fixed rate might exclude you from paying off some of the term early. No issue with variable mortgage in that regard.
1 Like
Interestingly enough I think you can break a fixed term mortgage at the moment with little or no repercussions.
My fixed rate is up in a year and Iāll be looking around to lock in the lowest possible fixed rate available for as long as possible then. Rates canāt stay down here forever. Hopefully the Italians keep up the good work of forcing the ECB to keep rates low for another while in the meantime.
The big difference with a fixed rate is, as you said, you canāt repay additional amount over the repayments, where as you can with a variable, but thatās unlikely to be that much of an issue for most people. You can always just save the money for when the term finishes and pay it off then in a lump. Variable rates can as the name suggests vary then as well.
Whether fixed or variable the important thing is to go through the hassle and switch or break if you arenāt on the best deal. The difference can be very significant.
2 Likes
How long were you in the Fixed? Youāll save a good bit this time around.
Iām really tempted by the BOI 10 year fixed (3.3%) or the 5 year (3%). AIB current variable is 2.95%. The minimal difference along with the cashback suggests a no-brainer but just double checking Iām not missing something.
Permanent TSB are offering better rates at the moment along with both 2% cash back and 2% off the monthly payment. I think 5 year is 2.8% off the top of my head.