Mortgage-Coming off fixed rate "IT HURTS" Help!

Mixednuts

Registered User
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166
Hi,
I am coming off a fixed rate Mortgage in 2 weeks time and I have received a letter from my Mortgage provider with new rates and I must say they Hurt.....

I am looking at a 1.7 % rate increase which is a about a 250 euro per month bigger hole in my pocket !

I have a LTV of around 51%

I have been shopping around to see if I can get a better rate but my question is this ....

I have been offered a "tracker" mortgage (.8% + ECB) i never used a "tracker" mortgage and would like some advice if this is the way to go or fix again for a number of years (an option would be 5.35% over 5 yrs ) .
I realise that this is a very open question and I dont expect anybody to have a crystal ball (oh how that would be great!) but am i imagining things when i say we are at a bit of a cross roads and a possible interest rate cut is on the cards at the next meeting of the Darklords in Europe ?

All advice is welcome no matter how small you think it may be , i look forward to your reply.
L.
 
if you can wait untill your LTV is <50% you can get a rate of 4.45 with AIB or shop around the others it will save you a few bob
 
if you can wait untill your LTV is <50%
Your LTV may go up as well as down. Current mortgage offers for low LTV may not be available for much longer, given the rising cost of inter-bank borrowing. I wouldn't wait.
 
Hi,
I am coming off a fixed rate Mortgage in 2 weeks time and I have received a letter from my Mortgage provider with new rates and I must say they Hurt.....

I am looking at a 1.7 % rate increase which is a about a 250 euro per month bigger hole in my pocket !

I have a LTV of around 51%

I have been shopping around to see if I can get a better rate but my question is this ....

I have been offered a "tracker" mortgage (.8% + ECB) i never used a "tracker" mortgage and would like some advice if this is the way to go or fix again for a number of years (an option would be 5.35% over 5 yrs ) .
I realise that this is a very open question and I dont expect anybody to have a crystal ball (oh how that would be great!) but am i imagining things when i say we are at a bit of a cross roads and a possible interest rate cut is on the cards at the next meeting of the Darklords in Europe ?

All advice is welcome no matter how small you think it may be , i look forward to your reply.
L.

[broken link removed]

November 23, 2007
The Irish Independent said yesterday “Homeowners got a massive boost yesterday when two leading banks cut the interest rates they charge on mortgages
Hardly a massive boost - just a small attempt to get some free publicity.
The BOI tracker rate for LTV under 50% or loans over 500K is now ECB plus 0.65% - which is still higher then the rate on offer from NIB of ECB plus 0.5% on LTV of 50% .
Their 2 year fixed rate stays at 4.89% - same as it was in October just 0.01% lower than NIB’s. But if your LTV is 50% or less you can get 4.88% fixed for 2 years from NIB.
Halifax lowered som fixed rate mortgages
2 Year was 5.20% now 4.90% (still higher than BOI )
3 Year was 5.24% now 4.99% (NIB better on LTV under 80%)
5 Year was 5.44% now 5.24% (only NIB better than this for LTV under 80%)

[broken link removed]

November 6, 2007
As at November 6th 2007 the lowest 3 year fixed rate mortgages in Ireland are:
Bank Of Scotland (end date 31/10/2010) LTV <95% 4.89 %
AIB 3 Year Fixed() 5.15 %
Permanent TSB (New Business) 5.2 %
EBS 5.24 %
Ulster Bank ( till 30/09/2010) 5.25 %
 
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