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

M

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%
Click to expand...
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.
 
Mixednuts said:
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.
Click to expand...

[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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