Ending a BOI Fixed rate of 2.90 and rolling to variable 4.15

[Sconeandjam]

I know this is a hard one to predict but I have had BOI on the phone to me twice asking if we would like to fix at 4.15.
What are peoples thoughts on rates and the prediction of variable/ fixed rates on home loans? 60% loan to value and 14years left.

 

[Brendan Burgess]

The bank of Ireland variable is 4.15% and the 2 year fixed is 4.15%.

As you say, it's very hard to predict, but rates are more likely to come down than to go up so I would stay on the variable.

If a rise above 4.15% would put you under financial pressure, then you should probably fix.

It's probably not worth switching to Avant at 3.95% for 3 years.

Brendan

 

[nest egg]

Also worth considering your own financial position. Although less likely, could you afford the mortgage if rates rise?

 

[Sconeandjam]

We were paying 4.5% before we fixed so OK to pay that amount if we really have too. We are paying and extra €60 per month the last year so hoping to increase shortly.