Hi after hearing Brendan on Newstalk last week with regard to fixing mortgage rates, I took his advice and rang our Mortgage company the very next day to fix our mortgage for 5 years, only to be told they dont offer such a service, we are will Mars Capital and our current rate is 5.96 from 1st March. Is this allowed? They would not even consider it, we are not in debt, but it is getting tougher each month, its gone up by 400 euro a month.
Mars Capital won't allow me to fix my rate?
- Thread starter Coffey
- Start date
Brendan Burgess
Founder
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Can you switch?
Let your TD and the Central Bank know.
Would you talk to a journalist on the record about it.
I am doing my best to highlight the issue
but I can't get anyone to talk to a journalist. That would really get the story going
Brendan
Let your TD and the Central Bank know.
Would you talk to a journalist on the record about it.
I am doing my best to highlight the issue
My Irish Times article on the Central Bank and mortgage rates
https://www.irishtimes.com/business/financial-services/2023/01/30/central-bank/
www.askaboutmoney.com
but I can't get anyone to talk to a journalist. That would really get the story going
Brendan
Brendans advice seemed to be that switching takes so long and is very cumbersome and by the time you do it rates will have changed again. I’m not sure about talking to a journalist, but will certainly talk to our local TD and the central bank and I’ll CC Mars Capital in the correspondence.
Brendan Burgess
Founder
- Messages
- 53,961
Hi Coffey
If you were with a mainstream bank, I would suggest you fix immediately.
But as you have no fixed rate options with Mars, if you are able to switch, you should look at doing so.
Get approval from AIB and when you are ready to press the button, make the decision based on rates.
The Central Governor made it very clear that he would be concerned if mortgage rates don't rise as it would man that ECB policy was not being transferred into the economy.
So while you might think that a body who has a consumer protection remit, should be discouraging vulture funds from raising rates, it's actually the opposite.
Brendan
If you were with a mainstream bank, I would suggest you fix immediately.
But as you have no fixed rate options with Mars, if you are able to switch, you should look at doing so.
Get approval from AIB and when you are ready to press the button, make the decision based on rates.
The Central Governor made it very clear that he would be concerned if mortgage rates don't rise as it would man that ECB policy was not being transferred into the economy.
So while you might think that a body who has a consumer protection remit, should be discouraging vulture funds from raising rates, it's actually the opposite.
Brendan