Finished Fixed Rate Mortgage

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lemeister

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My two year fixed rate (2.99%) mortgage with ICS is up next month and I've been offered a range of options to choose from on the expiry of the fixed term.

They are:
Variable 3.55%
1Yr Fixed 3.29%
2Yr Fixed 3.39%
3Yr Fixed 3.49%
5Yr Fixed 3.85%
10 Yr Fixed 4.49%
Tracker Variable (ECB + 1.3%)

Any opinions on which of these might be the best value in the medium term? I could absorb ECB interest rate increases of up to 4% in this time without being too badly affected.
 
The fixed rates for the 5/10 have come down substantially. Problem for most is that they are wondering will they come down further (possible); and given that there has been 24 months straight without a change in ECB rate..will it continue (possible) and will it come down further.

Are you sure you dont qualify for their tracker 110? Which is the most common.
 
WizardDr said:
Are you sure you dont qualify for their tracker 110? Which is the most common.
Click to expand...

It wasn't one of the options they offered me, but I could certainly ask them. Is there any special criteria in order to qualify for this rate?
 
Alot of lenders try only offer you the +1.3% tracker when you finish the reduced fixed rate - i got warned from BOI that you may not get the +1.1% tracker after the reduced fixed rate term is finished..although i could not find out why?
 
Negotiate hard with them - they will give you the best deal they have if you convince them you're on the point of switching to another provider. Mention the deals you've been "offered" by Ulster Bank and NIB which include part funding of your legal expenses.
 
Might sound obvious, but have you checked the AAM 'Best buys' list? What's your loan to value? You should be able to do better than ECB +1.3%.
 
My one year fixed rate mortgage with ICS is up next month and I've been offered a range of options to choose from on the expiry of the fixed term.

They are:
Variable 3.55%
1Yr Fixed 3.29%
2Yr Fixed 3.39%
3Yr Fixed 3.49%
5Yr Fixed 3.85%
10 Yr Fixed 4.49%


Any opinions on which of these might be the best value in the long term?
 
That's a really poor variable rate they're offering you.

As CCOVICH says you should check the best buy list and see what's the best variable/tracker they're offering.

Then you follow my advice above and negotiate tough.

I have no views on their fixed rates but that variable is extortion pure and simple. For perspective, a lot of people on this site appear to be on NIB's 2.79% tracker. There are lots of other lenders offering comfortably under 3% or marginally over but 3.55% is a shocker.
 
Thanks all for the advice and opinions. I'll put the war paint on and prepare for battle.
 
CCOVICH said:
What's your loan to value? You should be able to do better than ECB +1.3%.
Click to expand...
Is loan to value based on the current market value of the property or the value when the mortgage was first taken out?
I hadn't considered this before as I have only 2 years paid on the mortgage, and if it is based on the original property value then I wouldn't be anywhere near the 60% target.
If it's on current market value though, I might be getting fairly close to the mark.
 
AFAIK-if your remortgaging, it's based on current market value. Not sure what the situation is in your case, i.e. your keeping the same mortgage, but changing the rate option. You might be better off remortgaging if you can.
 
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