I posted this on another thread back in Sep’22. (Original info copied below)
Had a 1.5% tracker with Pepper and ECB rates had gone up a couple of times so I wanted to fix to keep monthly repayments down.
I ended up fixing in Dec’ 22 for 4yrs @ 2.2% with BOI.
Brendan was recommending I avoid BOI and I was trying to switch to Avant but unfortunately I was too late to avail of better lower rates so went with 2.2% that BOI were offering.
Was a struggle to make a decision to switch at times with constant back and forth on my part but happy now I did.
ECB rate is currently at 3.0% and still going up with another 0.5% increase forecast for Mar’23.
My mortgage repayments have gone up €90pm fixing for 4yrs vs c.€600pm if I stayed on the tracker which would have been 4.5% now (1.5% tracker + ECB 3.0%)
Had to make act to keep costs down now.
I’m sure in 4yrs time I’ll be switching again but it is what it is.
Will aim to make a lump sum payment in 4yrs time to improve the LTV and get the best interest rate I can.
Posting this update to help others make a decision- know I found it quite stressful at the time!! Good luck
Mortgage info as of Sep’22
1) Existing tracker margin: 1.5%
2) Amount outstanding on your mortgage: €340,000
3) Remaining term: 26yrs
4) Lender: Pepper (originally BOSI but never distressed/defaulted)
5) Value of your home: €420,000
6) Might you trade up or overpay your mortgage? Unlikely to trade up but will probably overpay at a later stage
7) Do you face any barriers to switching? No
8) What rates are you considering fixing at? 2.2% fixed for 4yrs with BOI
9) Does your house have a high BER rating which might qualify it for a lower rate? Check it here or estimate it if necessary. No it’s C3
Had a 1.5% tracker with Pepper and ECB rates had gone up a couple of times so I wanted to fix to keep monthly repayments down.
I ended up fixing in Dec’ 22 for 4yrs @ 2.2% with BOI.
Brendan was recommending I avoid BOI and I was trying to switch to Avant but unfortunately I was too late to avail of better lower rates so went with 2.2% that BOI were offering.
Was a struggle to make a decision to switch at times with constant back and forth on my part but happy now I did.
ECB rate is currently at 3.0% and still going up with another 0.5% increase forecast for Mar’23.
My mortgage repayments have gone up €90pm fixing for 4yrs vs c.€600pm if I stayed on the tracker which would have been 4.5% now (1.5% tracker + ECB 3.0%)
Had to make act to keep costs down now.
I’m sure in 4yrs time I’ll be switching again but it is what it is.
Will aim to make a lump sum payment in 4yrs time to improve the LTV and get the best interest rate I can.
Posting this update to help others make a decision- know I found it quite stressful at the time!! Good luck
Mortgage info as of Sep’22
1) Existing tracker margin: 1.5%
2) Amount outstanding on your mortgage: €340,000
3) Remaining term: 26yrs
4) Lender: Pepper (originally BOSI but never distressed/defaulted)
5) Value of your home: €420,000
6) Might you trade up or overpay your mortgage? Unlikely to trade up but will probably overpay at a later stage
7) Do you face any barriers to switching? No
8) What rates are you considering fixing at? 2.2% fixed for 4yrs with BOI
9) Does your house have a high BER rating which might qualify it for a lower rate? Check it here or estimate it if necessary. No it’s C3