Ulster Bank - Fixed versus variable rate?

Would be grateful for your thoughts - just coming off a three year fixed rate with Ulster Bank and have been offered their standard variable rate of 3.85% or a fixed rate of 4.2% or 4.3% for two or three years respectively. Which do you think would be better to take? I am afraid that they will raise the rates over the next while so think it would be better to go for the two year fixed rate but my partner would prefer to go for the variable rate and see what happens. As a compromise we could go for the variable and save the difference between that and the fixed rate - we could then use that to ease the pain if the rates do go up over the next while.

Any assistance or thoughts would be very welcome!

could stay on the variable rate and then move to the fix rate the day before they raise them, they usually give you a short notice period, that's if you want to choose a fix rate

Have you considered a split rate mortgage putting a portion on the variable rate and the rest of a fixed rates - will keep both of you happy.

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kildon said:

could stay on the variable rate and then move to the fix rate the day before they raise them, they usually give you a short notice period, that's if you want to choose a fix rate

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Do they always give you notice before they change the rates ?
And is it enough time to change from variable to fixed if you wanted ?
Thanks.

Does anyone have any info/opinions on my queries in the previous post ?
Three year fixed rate with Ulster Bank is coming to an end so I'll have to be getting some fingers out with making a decision on what to do !
Thanks.

I think they only have to put print it in a national newspaper (correct me if I am wrong), so you may not see it and totally miss the boat.

Thanks Paddy.
And apologies for being pedantic but if I did see it in the paper would I have enough time to change to fixed rate if I wanted to ?

Best bet is to ring your bank. Procedures vary from lender to lender.

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Thanks NorfBank.
I'm gonna give them a ring tomorrow to see when I'll be getting my offer letter as my fixed rate is up this month.

Rang the bank and they gave me the same rates as the OP.
Also told me how much I'd be paying on each rate.
Had thought I'd be paying less to be honest, so I was a bit disappointed.
I think it's cos the TRS amount won't be as much as I'll be paying less interest.