variable or fixed advice

B

BrigidC

Registered User
Messages
6
Hi, I have been approved a mortgage with Haven offered 2.8% variable or 3.2% fixed for 1 - 3 years. Unsure on what we should take variable or fixed any advice welcome.
Many Thanks
 
You've obviously gone through a broker.
Were Haven the only ones that would approve a mortgage?
 
Yes through a broker, broker applied to Haven only as far as I know .We had previously tried a negative equity mover but this proved to difficult so paying off negative equity now as it was complicated we went through a broker.
 
Confirm with your broker what the process is if you start Variable and then choose to fix (do you need a new valuation, etc).

Haven usually have the same rate changes as EBS, but they haven't got the latest rate drop that EBS had in May (fixed rates dropped to 3%). Given that Brokers have a choice of all the other lenders (except BOI for now), I'd expect that Haven will have to drop fixed rates to 3% to keep market share from Brokers.
 
Haven assess and approve all applications on a variable rate. There is no issue with changing to a fixed rate for your loan offer - you would just need to complete their fixed rate application form (if you did not specify a fixed rate at the time of the original application), which your broker can provide to you.

Haven's rates = AIB's rates. EBS split away some time ago to offer 2% cash back, and now they have lower fixed rates, but their variable rates are higher than those of AIB/Haven.

Best regards,
Dave Curry CFP®
https://www.linkedin.com/in/davecurryirl
 
Dave_Curry_IMC said:
Haven's rates = AIB's rates.
Click to expand...
Ah, of course. Brain freeze mixing up brands - the 2.8% threw me as it's not a standard rate.

All the more reason to stay variable as despite what they say, I think AIB will have to drop rates to compete.
 
You must log in or register to reply here.
Back
Top