Variable to 2 Yr Fixed ?

F

FredoR

Registered User
Messages
7
Hi,

We recently wrote to BoI to request some give in the 4.5% variable interest rate we're paying. We have been offered a 2 yr fixed rate of 4.0%.

In light of Michael Noonan saying that he's prepared to introduce legislation to give the [broken link removed] control of variable mortgage interest rates, do you think we should be taking up this offer ?

What are the chances variables will dip below 4.0% in the next 2yrs ?

Rob
 
I'm about to take a variable rate, I would guess that since all the banks are reducing their fixed rates it seems inevitable that they will drop

Also with a variable there's the opportunity to pay additional sums off the mortgage
 
BOI reduced my variable rate to 4%.I suggest you request same and stay variable for the next few months until rates move downwards.Keep in touch with the SVR campaign postings
 
Thanks all. Our LTV isn't great as we moved last year carrying negative equity with us. Doing so meant we lost our mortgage relief benefit which, along with the current rate, is hammering us.

Clonback, I assume you must be in a different boat regarding the LTV. We're now just about breaking even with the subsequent rise in the property we went to.
 
Actually scratch that, I went into BoI to sign docs and they put me down for a 2yr fixed at 4% without asking me!!

I went ahead with it anyway as I don't plan on paying extra off for at least two years, but I have a gut feeling they are trying to push everyone to take a fixed rate and brushed off all the SVR campaign stuff and said BoI wont budge and even if they did, they wouldn't drop the SVR to below what the 2yr fixed is (4%)
 
BOI best variable rate currently is 3.9% and they want everybody to fix at 3.8% for 2 years.
This is a clear sign that they expect variable rates to drop.
 
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