We tried that thing of letting the market run itself and it bankrupted us.
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Yeah, but if youâre looking for best rates I wouldnât be going near BOI. Theyâve been very slow to pass on rate cuts and theyre more interested in short term gimmicks it seems. Fine if youâre with them but I wouldnât switch there.
Right, itâs time for people to stop letting the fear of what might happen dictate people from living their life. You need to do what is right for you.
If you are married and / or have kids, economics is not what should be the number 1 motivation for you.
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This is in progress
Currently applying for a Mortgage & was horrified at reading KBC & BOI was better value above. Iâve found AIB by far the cheapest in my circumstances.
Subprime happened . Inbred trailer thrash donât get mortgages any more . Sorry bucko .
Yawn. 
Please confirm if Iâm right in thinking AIB have the best Mortgage rates out there currently in Ireland. Also, should I be looking at a Fixed Rate or Variable?
Thanks.
Interesting. I bank with aib but from online perusal KBC seem the best.
and the rest in Limerick
I donât have a clue, pal. Sorry I canât be of more help.
Was listening to a conversation about this the other day on radio. I donât know who has the best variable rate. But apparently most banks these days are setting their variable rates higher then fixed. The obvious reason is to encourage the customer to fix. If I was you I would fix @carryharry. Going variable will have no advantages medium term. Banks in general are very quick to put up variables when interest rates rise. However unlike tracker mortgages, they are not legally obliged to reduce rates when they go down. You will get some form of security if you go fixed rate for the moment.
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Iâve been told that AIB would be more inclined to pass on a reduction in the Variable rate due the Government having an interest in the Bank. Is this bullshit?
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Theyâd certainly be more "morally " obliged, but when is the last time you saw a bank take a moral stance on anything. Iâm still in favour of fixing @carryharry. There are so many different aspects that can effect it. While interest rates are at a historical low, there is only one way for them to go. As I said in my previous post, Banks are not obliged to pass on any rate cuts to variable rate holders but will almost certainly be very quick to add on any increases. A tracker is not an option for obvious reasons. Fix chief. Remember if and when things improve and you get a bit more competiveness in the market, you can always at least explore the option of changing banks.
If I was borrowing tomorrow and got the option of a 3 to five year fixed rate, I would take it.
Remember if our friend Donald does half the building he says heâll do in the States, it will have a knock on effect on inflation on a global scale and by default interest rates.
The best value rate mortgage on the market at the moment is a BOI 3 year fixed @ 3.1% with 2% cash back.
KBC offer 2.99% for the same period which is cheaper but do not offer the 2% cash back, you also have to switch your current account to them which isnât a big deal unless you need to go into the bank for some reason because there arenât a huge amount of them.
Ulster bank offer the same 2.99% rate for mortgages over âŹ200k, with a âŹ1500 bonus to cover legal fees.
*You need to have an LTV of 80% or less for all three.
If you were to roll onto a variable at the end of the three years and assuming rates are the same (which they wonât be), that you couldnât fix at a better rate (possible) and couldnât move your mortgage (hassle some) then youâd be best off with KBC.
The best value variable at the minute is KBC @ 3.1%., same T&Câs as above.
After that in variable terms AIB @ 3.3% is the best.
AIB may well reduce their variable rate but against that;
- They are already cheap compared to others.
- Interest rates are unlikely to go down any further.
- Youâve no security that the mortgage wonât go up on you at anytime (unlikely at the moment but who knows what next year will bring).
- Variable rate holders are the only ones who can be squeezed if margins move against the bank.
The reason you would generally take a variable rate is that it should by rights be lower than a fixed rate as youâve no security as to what the repayments will be. As I stated above the only reason this should happen in a normally functioning market is if the banks expected interest falls (which seem unlikely given we are already more or less at the lower bounds of possible rates).
There was talks up to a year ago of KBC pulling out of Ireland altogether but they seem to be doubling down of late opening new branches etc so that seems unlikely.
Itâs all a gamble really, but the fact that itâs cheaper to fix and at least youâll know what your paying would push me towards a fixed rate for at least three years, but thatâs a personal preference, as I donât think variable rates will fall a whole pile more (particularly for those offering lower rates already), but thatâs just an opinion as I said. Iâm no mortgage expert by any means btw itâs just something I was looking at myself recently
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I have a tracker rate. EBS actually give me money every month. Itâs wonderful.
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Ditto. With Ulster Bank myself
Fixed rates make the most sense now, if you can get themâŚthe cunting banks wont give you 10 years like they do in Germany though.
Having to go again in 1-3 years is a jokeâŚthereâs nothing really fixed about that.
Goes without sayingâŚthe shorter the term of your mortgage the betterâŚdifference between 25 & 35 years for us was 96k on a modest loan.
In 25 years that 96k wonât be worth a wheel Barrow full of fags. Borrow away.
Easy say that on a tracker mate.
Who wants to be paying a mortgage in their 60s.