Fixing to 5.75% :(

You're welcome sillo.
Good luck with the new house - don't forget to shop around for the related insurances.
 
Listening to the BBC wake up to money this morning they talked about mortgage rates and inflation etc. They don't think the ECB will raise rates until later this year, they also thought that even though banks want to raise rates they are afraid to do so as customers are so stretched already, that was about the UK economy but the same could be said of Ireland.
 
I didn't hear that BBC programme this morning, but would be slightly wary of taking comfort from what they were saying and applying it to Ireland ..... It's just my view that the banks in this country will do with impunity whatever it takes to suck in cash to repair their bottom lines / reserves. In the UK banks might be more hesitant, fearing a backlash from either Government or the public.

I do agree that it seems an ECB rate-rise has been pushed back to the second half of the year.
 
Hey im in same boat. My fix is up. Im with EBS and ther variable is 3.83 i think now while there fixed 5yr 5.65 according too their website. Im in 2 minds what to do. I can afford 5yr fixed. Im thinking of just putting what i save on variable into a saving account at approx 4% and just go with variable.
 
Given the gap is almost 2%, it make your decision trickier than Sillo's. If you stick with the variable it would certainly make sense to start putting away money now in anticipation of rate rises.

There might not be ECB rate increases over the next 12 months but when they do start increasing you could see increases of 3% i.e. your variable rate could easily go up to 6%-7% by the year after next.
 
Thanks DerKaiser. Ye i was thinking that myself too.Its a catch 22 situation. I expect EBS to increase there variable soon. If they do i will prob then go to fixed.
 
For what it's worth I'm with NIB and my current 5 year fixed (3.8%) is up in a couple of weeks.

Before Xmas I was quoted the following fixed rates for the new term:

2 year 3.4%, 3 year 3.6%, 5 year 3.95%

I spoke to my Customer Adviser in NIB a couple of weeks ago in relation to making the change to be told the fixed rates had changed to:

2 year 3.7%, 3 year 3.9%, 5 year 4.4%

I had made a decision on this and contacted my CA this week in relation to same only to receive the reply that she had just been notified by head office that the FRs were going up from Jan 24 to:

2 year 3.8%, 3 year 4.1%, 5 year 4.6%.

So clearly a lot of volatility here. Not sure if they are trying to milk the fixed rate customers to cover bad debts or if it's a reflection of the market. But either way has thrown me into turmoil. BTW the variable rate at 3.4% has remained unchanged throughout. Are they afraid to raise this in case it leads to defaults I wonder?

Phil
 
6.1%

I'm in a similar situation to fuzzy10 ....stuck with PTSB. Offered 2yr 5.25%, 5 yr 5.75%, or 7 or 10 yr at 6.1%.

Had a fixed for 2 years that I lost out on, then switched to variable - which was good at making up some ground. Worried though about increases, couldn't handle much more & can't move to another lender.

From what I can tell, it seems the 5 yr might be a good idea - but if things are likely to go up to 6-7% should the 7 and 10 yr options be considered?
 
We fixed two years ago at 5.5 % for 10 years.
Have been kicking myself ever since, until I read this thread.

So far we have lost out big time by fixing buy maybe we wont over the next 8 years.
 
racer said:
Hey im in same boat. My fix is up. Im with EBS and ther variable is 3.83 i think now while there fixed 5yr 5.65 according too their website. Im in 2 minds what to do. I can afford 5yr fixed. Im thinking of just putting what i save on variable into a saving account at approx 4% and just go with variable.
Click to expand...

Where would you get this rate?
 
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