Breaking out of Fixed Term - Should I fix again or go Variable?

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Petrolhead84

Registered User
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30
Hi all,

I have owned my home for 3 years now and my 3 year Fixed Rate mortgage ends in a week's time.

My current monthly repayments are €1,200.

If I go onto the Standard Variable Rate, my monthly repayments will drop to circa €930. However, if I fix for another three years, my monthly repayments will be €1,075.

What should I do? I'm only 25 and haven't a clue about interest rates, etc.!
 
that link does not seem to be working NorfBank. I'm also in same boat as the other poster so interested in what link you meant.
 
Have you tried looking in to switching mortgages? Banks offer they're best rates to new customers so coming off a fixed rate rate period with your existing bank means you will not be offered they're best rate. I am presently looking in to switching mortgages. It is possible as long as you are not in negative equity and are still in employment. Some banks, such as AIB and bank of Ireland do not seem to be taking switchers but EBS and some others are. The rate I am being offered for variable rate with my existing bank is the same as the two year fixed from a new bank, if I get it. For me it could mean about 120 a month in savings so it is worth looking in to if you can.
 
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