HI
First off, I signed the mortgage forms with BOI last week but will not be drawing down for 6 to 8 weeks.
Can I go back and make changes to it?
If so,
Should we set the fixed term for a long or short period?
Background:
Married couple - First time buyers - income €100 combined.
Loan to Value 90%.
Current contract 5 yr fixed at 3.75% - Variable was 4.45% on that day.
I had been advised that with ECB rate pretty much as low as possible (Maybe 1 more drop) that in reality it will rise in about 2 years time so the fixed for 5 yrs made sense, however I heard a little of the guy on the Matt Cooper show on Wednesday saying the ECB may be coming to the Irish banks and telling they must lower their rates to become competitive and he advised not fixing any mortgages for more than 1 year.
What do people think?
Thank you.
First off, I signed the mortgage forms with BOI last week but will not be drawing down for 6 to 8 weeks.
Can I go back and make changes to it?
If so,
Should we set the fixed term for a long or short period?
Background:
Married couple - First time buyers - income €100 combined.
Loan to Value 90%.
Current contract 5 yr fixed at 3.75% - Variable was 4.45% on that day.
I had been advised that with ECB rate pretty much as low as possible (Maybe 1 more drop) that in reality it will rise in about 2 years time so the fixed for 5 yrs made sense, however I heard a little of the guy on the Matt Cooper show on Wednesday saying the ECB may be coming to the Irish banks and telling they must lower their rates to become competitive and he advised not fixing any mortgages for more than 1 year.
What do people think?
Thank you.