irish nationwide Fixed Rates

i currently am on a variable 3.48% mortgage.

Nationwide dont offer a tracker so the only options i have are to look at fixed (assuming like a lot of ppl that rates will go up!!)

What do ppl think of these :-

1 Year 3.48
2 Year 3.75
3 Year 3.83

Many thanks,

John

Your variable rate is very high compared to other variable rates and trackers on offer. INBS have, in the past, screwed their customers with the rates that they charge and for a long time didn't even have a standard variable rate and didn't pass rate cuts on to all borrowers. You should only fix if you might be hard pressed to meet repayments if rates rise by a few percent. Don't do it to save money. See here.

If you are set on remaining with Irish Nationwide and what is above are your only options then fixing for one year at 3.48 which is the same as your variable rate might make sense as it is probably unlikely variable rates will decrease at this time and the likelihood is that a .25% increase is in the offing.

Thanks for responses. I think that I will fix for the 1 year as mentioned.
I am tempted to fix for 3 years but dont like the idea of being tied in for so long. I wish INBS would demutualise sooner rather than later !!! the end of 2006 is the latest that i have seen.

I also have an investment mortgage with them. I think that I will fix it for 3 years at 4.29%. Am I mad ?

jprender said:

I also have an investment mortgage with them. I think that I will fix it for 3 years at 4.29%. Am I mad ?

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Seems very, very high - Why not move the investment mortgage to another institution and get a much better rate (say 3.3%)? That wouldn't affect any possible windfall (assuming both mortgages are in your name).

Have to check the paperwork but from memory, the two mortgages have been linked together so that if I move one I have to pay a penalty. INBS knew I didnt have much choice at the time and so it was take it or leave it offer. I will have to check what the penalty is but I like the idea of moving the investment to another institution. Somehow I think they might have me by the short and curlys tho !!

Thanks for all replies, this website is great !!!

jprender said:

Have to check the paperwork but from memory, the two mortgages have been linked together so that if I move one I have to pay a penalty. INBS knew I didnt have much choice at the time and so it was take it or leave it offer. I will have to check what the penalty is but I like the idea of moving the investment to another institution. Somehow I think they might have me by the short and curlys tho !!

Thanks for all replies, this website is great !!!

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Are they both variable rates? I can't see how there should be a penalty if they are. Are they suggesting that the already high rate on the home loan might be more were it not for the investment mortgage?

How long ago did you buy both properties? If they have appreciated a bit since you bought them then other banks might be more accomodating now that you would have a lower loan to value percentage. I would actually consider moving both if possible (unless you are factoring in a demutualisation windfall in which case keeping one might make sense)

AIB fixed rate is 3.49% for 3 years which is quite good. You should tell them you are moving to AIB unless they give you a better rate. This generally works!

Better threaten them quickly - that AIB rate is likely to increase within days. BOI are increasing fixed rates at close of business today. The 3 year fixed will probably be around 4%, judging by some of the banks who've already increased.