best mortgage

[karenkarenk]

we've had our mortgage fixed for the past 5 years- it is due to finish that fixed period in december. i want to know what is the best thing to do at this point as our mortgage will rise by 25 % ....alot. by december we will be on a variable rate and we really need to get a lower rate than what we'vw been offered by BOI. which comes in around 5.6%. in need of urgent informed information- thank you!

 

[ClubMan]

You'd need to post some more details such as:

Outstanding mortgage amount and term
Approximate value of the property
Do you need to fix due to cashflow issues?
Have you considered a competitive tracker rate?

See the many existing thread on the whole fixed versus (competitive) tracker/variable rate question.

 

[karenkarenk]

hi, theres 325,000 on the mortgage over 30 years-approx 26 left on that now, we,ve been estimated at 550,ooo as of this summer....but with the way things are at the moment....? fixed might be better for us but with an expected upturn in a year or two i shouldnt think we'll fix for long-- things are tight due to young toddler and me not working... any informed info is much appreciated. thanks

 

[DonKing]

Karen, I would definitely start shopping around. Two years ago I was offered a tracker of 0.7% above ECB by Halifax on my mortgages.

When Halifax sent transfer forms to BOI and First Active, both BOI and FA contacted me and said they would match Halifax.

I think I got a good deal at the time. I don't think you will get anything like that now but i could be wrong. I know 2 years ago NIB were giving 0.5% above ECB but I was happy to stay with FA/BOI at 0.7% (the devil you know).