Mortgage Advice FTB

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Freddie

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I'm a single first time buyer (public servant) getting a mortgage with BOI.
My mortgage will be 391,000 over 30 years.
I was going to go with a 2 year fixed rate of 3.4%, making my monthly payments 1731 euro and then any month I can afford it, I was going to save what I could. So although with saving rates the way they are I still wouldn't be getting 3.4% with dirt etc I would be making up some of the short fall.
Other options are 3 year fixed of 4.04 payments of 1872
5 year fixed of 4.64 payments of 2000 approx

Or should I split between having a certain % of the mortgage variable and the rest fixed allowing me to make overpayments in the months I can afford it.

I can pm anyone my salary and other personal information if that helps.

Eddie Hobbs and the like are all saying to fix right now into the longest period you can for?
 
I am not a fan of fixing but with base rates so low at the moment and the very likely hood that they will rise at some stage in the near/medium term I would be inclined to fix say 70% of the mortgage and the 3 yr looks good. The reason I would leave a portion on variable is that it will allow for overpayment if you want to.
Are these the best fixed rates on the market.
Have you enough left at the end of the month to pay all bills, live a little and take holidays as it seems a very high mortgage to be taking out.
 
First questions is why BOI?

There are much lower interest rates available elsewhere.

[broken link removed]
 
In a similar position with BOI last year, I fixed for 5 years on 70% and left the other 30% variable in order to make overpayments.
 
Thanks for all the replies. I just got onto [broken link removed] and was speaking to a really helpful guy.

Unfortunately I'm due to sign soon so I don't have the time (vendor is not going to wait any longer as I've already delayed) it would take go with [broken link removed].

But for anyone out there like me who is new to all this I would definitely give these guys a call. I have no connection whatsoever, the first time I heard about them was today.
 
Freddie this is a hugh purchase and a large commitment for a number of years. If it means getting a better deal on your mortgage and potential savings of thousands of euro I would take the time. It's not as if there are hundreds of buyers. You should have all the stuff you need for a mortgage application handy so you should be able to sort alternatives quickly.
 
niceoneted for me personally it was probably going to be the different between
AIB 5 year fixed - 4.39 and BOI 5 Year fixed - 4.64 and AIB initially would lend me what I wanted but when I went back after 3 months the max they would lend me is 360,000

With the advice from [broken link removed] and for my circumstances I'm going to take the BOI variable rate mortgage of 3.35 (http://www.*****************.com/mortgages) and overpay this as if I'm on the 5 year fixed rate of 4.64
 
Does anyone have an opinion on below? I'm completely new to all this.

With the advice from [broken link removed] and for my circumstances I'm going to take the BOI variable rate mortgage of 3.35 (http://www.*****************.com/mortgages) and overpay this as if I'm on the 5 year fixed rate of 4.64
 
bren1916 said:
In a similar position with BOI last year, I fixed for 5 years on 70% and left the other 30% variable in order to make overpayments.
Click to expand...


Bren1916 do you mind me asking what interest rate you're on now for 5 years?

Did you consider taking the BOI variable rate mortgage at the time (now 3.35) and overpaying this as if you were on the 5 year fixed rate (now 4.64)?
 
Hi Freddie,

I got 3.99% fixed for 5 years just before it went up last Summer.
As no-one knows where the rates will be in 5 years time - I felt it was a gamble really no matter which way I went, although I took the view that the banks would certainly raise of their own accord and obvioulsy the ECB has only one way to go with their base rate.

To overpay doesn't sound like a bad idea to me but it's quite difficult to maintain every month, as this is what I try to do with the variable portion of my mortgage.

Brendan.
 
Hi Brendan,

Thanks for the reply. I know exactly what you mean about the gamble either way!
 
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