Fixed rate to end in Nov

Hi all. Our fixed rate is to end in Nov. We will owe around €250k with 21 years left. We currently pay approx €1300 per month. Can anybody point me in the right direction of what decision to make next? Offset looks attractive and in theory could wipe around 8 years off. I don't particulary want the repayments to exceed €1500 per month if possible. Any thoughts would be greatly appreciated.

What is the approx value of your home?
Do you have spare cash / savings ?

Mattb said:

I don't particulary want the repayments to exceed €1500 per month if possible. Any thoughts would be greatly appreciated.

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It really depends on the outstanding mortgage and what the fixed rate was

Approx value of the home is €475k. Probably have about €20k in savings. Outstanding mortgage is €250k. Was paying €1243 on 3.39% fixed rate

Mattb said:

Approx value of the home is €475k. Probably have about €20k in savings. Outstanding mortgage is €250k. Was paying €1243 on 3.39% fixed rate

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You will probably be able to get a mortgage with a loan to value of 50%.

Rates should be around 4.4%-4.75%.
Examples
Over 20 years at 4.6% €1,615.49
Over 25 years at 4.6% €1,419.47

How long have you left on your mortgage?

Thanks Thomas, 21 years left

Tracker is the best option probably for you.
With house values looking like they are coming down - you are looking at an LTV (loan to value ratio) of between 50 and 60%.
As with most borrowers with an LTV under 80% - National Irish Bank are currently offering the best deal (if you ignore short term discount offers).
You would get a rate of 4.52 from NIB - and they pay towards fees. This would be a monthly repayment before any tax relief of 1585 on a 250k mortgage over 20 years.
If you put some of your savings towards the mortgage you could shorten the term and get a slightly lower rate too.
You could one year discounted rates as low as 4.2 from Bank of Scotland (1543 a month) - but this would revert to 5.1 after a year (1663 a month) - so you would soon lose any savings compared to NIB.

Many thanks for the advice. I'll certainly give it some thought.

Try this calculator

Examples
Over 20 years at 4.6% €1,615.49
Over 25 years at 4.6% €1,419.47

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I calc 20 years @ 4.6% to be 1,467.54
........25 years @ 4.6% to be 1,291.50