Hi there,
We've recently gone sale agreed on a house for €530,000 and will be borrowing €440,000. We are early 30s with no dependants and our combined salary is €112,000. We would obviously be hoping to pay off the mortgage as quickly as possible to get to a more comfortable 3.5 times our salary but we are also conscious that interest rates may rise in the next few years. We were considering a 3 year fixed at 2.55% with aib so that if we needed to break early and fix for longer we would have less of a breakage fee than a longer term fixed but we would still have the ability to overpay after 3 years if interest rates remain the same? We are first time buyers and would really appreciate any opinions or feedback on this. Thanks!
We've recently gone sale agreed on a house for €530,000 and will be borrowing €440,000. We are early 30s with no dependants and our combined salary is €112,000. We would obviously be hoping to pay off the mortgage as quickly as possible to get to a more comfortable 3.5 times our salary but we are also conscious that interest rates may rise in the next few years. We were considering a 3 year fixed at 2.55% with aib so that if we needed to break early and fix for longer we would have less of a breakage fee than a longer term fixed but we would still have the ability to overpay after 3 years if interest rates remain the same? We are first time buyers and would really appreciate any opinions or feedback on this. Thanks!