ics fixed rate-anyone get out of it.should we?

R

rania

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we have 7yr fixed rate,5yrs left,5.9% with ICS.
anyone gotton out of the fixed rate with them?
whats the likelhood of interest rates going up?
why are rates low now?
we thought with a recession rates go up like in the 80;s,so thoguht we were being sensible, but we are paying 400euro more per month than a variable.
what would you do, stay with it, or try to get out of it?
 
Check with ICS what penalty they would charge you if you decide to switch to variable and post it here. That's relevant information before anyone can comment on whether or not it's a good idea.
 
anyone gotton out of the fixed rate with them?
Previous posters have reported very large penalties to get out. Don't think any were ICS though.

whats the likelhood of interest rates going up?
Most people think they will stay low for a while. But most people though house prices would never fall ,so you never know.

why are rates low now?
Recession, credit crisis.

we thought with a recession rates go up like in the 80;s, If I remember correctly there was high inflation in 80s , but now we are looking at deflation. Some people do say that high inflation will kick in soon, but I don't agree.

so thoguht we were being sensible,
You were, you protected yourself against high inflation / interest rates. Like car insurance , just because you don't crash doesn't mean the money was wasted.

but we are paying 400euro more per month than a variable.
That's the price of the insurance.

what would you do, stay with it, or try to get out of it?
I would try and get out , but I suspect the bank won't be too keen.
 
Does anyone know what kid of fixed rate they offer now?
I am considering fixing mine as I am wondering are we starting to see the begining of the end of the recession and thus the fixed rate may rise. Just my own opinion.
 
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