Looking for some advice please.
We are currently on a 2.75% variable rate with AIB. Despite the ongoing and impending rate hikes, we hadn't yet taken up a fixed rate as we had planned to trade up this year and were hoping to fix our new mortgage. Unfortunately so far we haven't been able to find the right property, and at this point, it's hard to know how long the process will take.
With more rate rises on the way we're keen to avoid any unnecessary additional interest. I have seen here and elsewhere that break fees are usually quite low/non existent due to rising rates, and I'm wondering if it would be prudent/possible to consider moving to a fixed rate with AIB despite our plans to trade up in the short term.
Would it be likely that there would be significant penalties if, for example we fixed now and moved house (cleared this mortgage and started a new one) in 6 months?
Thanks in advance for any advice.
We are currently on a 2.75% variable rate with AIB. Despite the ongoing and impending rate hikes, we hadn't yet taken up a fixed rate as we had planned to trade up this year and were hoping to fix our new mortgage. Unfortunately so far we haven't been able to find the right property, and at this point, it's hard to know how long the process will take.
With more rate rises on the way we're keen to avoid any unnecessary additional interest. I have seen here and elsewhere that break fees are usually quite low/non existent due to rising rates, and I'm wondering if it would be prudent/possible to consider moving to a fixed rate with AIB despite our plans to trade up in the short term.
Would it be likely that there would be significant penalties if, for example we fixed now and moved house (cleared this mortgage and started a new one) in 6 months?
Thanks in advance for any advice.