Mortgage fixed rate term

FIAT 450

FIAT 450

Well-Known Member
Our mortgage fixed term is up this month. Was offered a 3 or 5 yr at 2.75%, or fix for one yr at 2.9%. with the current climate and so much sh#t going on in the world not sure what to do. I know there is better to be got else where and we went with a mortgage broker and got aload of info and all the bits he wanted and he basically said cos of the farm and cos my wage was partially made up of rent the farm paying me for land it was to complicated and to stay put. Alot of it is done for tax reasons and now time is against us but think it something to revisit with someone more clued in and half think go for a yr and try again. All I be saving is 16e a month by fixing for 3yrs
 
FIAT 450 said:
Our mortgage fixed term is up this month. Was offered a 3 or 5 yr at 2.75%, or fix for one yr at 2.9%. with the current climate and so much sh#t going on in the world not sure what to do. I know there is better to be got else where and we went with a mortgage broker and got aload of info and all the bits he wanted and he basically said cos of the farm and cos my wage was partially made up of rent the farm paying me for land it was to complicated and to stay put. Alot of it is done for tax reasons and now time is against us but think it something to revisit with someone more clued in and half think go for a yr and try again. All I be saving is 16e a month by fixing for 3yrs
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Great that you know the interest rates for the next 3 yrs 🙃, your €16 could easily translate into €216 a month with a couple of extra %

I would be going with whoever would fix the longest term under 3%
 
Ozzy Scott said:
Great that you know the interest rates for the next 3 yrs 🙃, your €16 could easily translate into €216 a month with a couple of extra %

I would be going with whoever would fix the longest term under 3%
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My back is against the wall now with time and having to pick a term length. 16e Over 3yr it's 500 odd euro. If I stay paying what I am at 2.9% I'd only knock 9months off the length of the mortgage. Half thinking lock for the yr and give myself more time next yr to source a better deal. Some banks are offering rates in the low 2s high 1s area.
 
FIAT 450 said:
Our mortgage fixed term is up this month. Was offered a 3 or 5 yr at 2.75%, or fix for one yr at 2.9%. with the current climate and so much sh#t going on in the world not sure what to do. I know there is better to be got else where and we went with a mortgage broker and got aload of info and all the bits he wanted and he basically said cos of the farm and cos my wage was partially made up of rent the farm paying me for land it was to complicated and to stay put. Alot of it is done for tax reasons and now time is against us but think it something to revisit with someone more clued in and half think go for a yr and try again. All I be saving is 16e a month by fixing for 3yrs
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Not sure what your LTV ratio is but there are some preferential long term fixed rates available if you shop around
 
I fixed mine for 5 years at 3% a few years ago, it hasn't really proved it's worth yet, but as said already, inflation is on the rise and interest rates will follow, 2.75 seams a good rate and can't see them falling any time soon.
 
Bog Man said:
If the Governments decide they want to slow down inflation. This time around the governments owe the money so inflation might suit them and make the rest of us poorer.
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I don't believe Governments have much control over things at the moment, a runaway train springs to mind.
Reminds me of the stories of one my brother's father inlaw, he was train driver in the states. Before setting out they would have to figure how much power they needed, for the load being hauled. He often would have had 1 Million Hp on tap, always the deciding factor in the amount of hp needed was the biggest downhill gradient. It is very rarely that pulling the load uphill is an issue, holding it back going down is always the problem.
 
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Lock in for as long as you can. It's impossible for interest rates to stay as low as they are considering the fed have said there will be many interest rates hikes this year. I'd be looking at locking in for 10 years if at all possible
 
2.75 is quite expensive. We just moved provider and are now fixed for 5 years at 2%. Who are you currently with? We moved from BOI to AIB, there was just no dealing with BOi, even the girl we were dealing with told us to move as they were not at the races at all. We were at a fixed of 3.2%. By changing provider we still pay the same per month but have knocked I think 5 years off the total length.
 
Blackwater boy said:
2.75 is quite expensive. We just moved provider and are now fixed for 5 years at 2%. Who are you currently with? We moved from BOI to AIB, there was just no dealing with BOi, even the girl we were dealing with told us to move as they were not at the races at all. We were at a fixed of 3.2%. By changing provider we still pay the same per month but have knocked I think 5 years off the total length.
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We are with EBS. The cheapest we were told of was 1.9%. ya that what we were told too regarding knocking a few yrs off the over all length. Do you mind me asking did you use a broker or go about it yourself?
 
FIAT 450 said:
We are with EBS. The cheapest we were told of was 1.9%. ya that what we were told too regarding knocking a few yrs off the over all length. Do you mind me asking did you use a broker or go about it yourself?
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Did it ourselves, actually my wife did it all I just kept agreeing!! Well worth shopping around as rates are probably as low as they will ever be
 
I was always told don’t fix as it’s always ends in banks favour however it is certainly tempting in current climate to lock it in for long term if a good rate can be got. 2-3% is not expensive but like others said don’t see rate rising short term but over 10 years you could see some benefit.

On accelerated payments if you have low interest rate I wouldn’t worry too much about accelerated payments. The opportunity cost of having that money should be considered for example on your farm or other investment’s.
 
Is there an oportunity to pay off some then fix remaining sum.
I cant see interest rates going down anymore. Not guaranteed to rise but very likely .
 
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