Variable v Fixed Rate with Haven

F

FTB1975

Registered User
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175
Hi Folks,

I'm finialising my mortgage offer at the moment and have a couple of options on offer;

232k at 3.54% variable, 4.29% 2 year fixed and 4.19% 3 year fixed (All with Haven)

My broker is pushing the variable but I'm not 100% sure, granted interest rates are low at the moment but are they going to go much lower? Also the security of knowing exactly how much is coming out of my account every month is what's swaying me towards the fixed rate.

I'm not expecting anyone to be able to predict what interest rates are going to do over the next couple of years, just looking for some advs/disadvs on the above.
Thanks a mil
FTB1975
 
who are haven??

you can fix for 10 yrs with aib at 4.3
 
Haven are the brokerage arm of EBS. My guess is the OP is using Haven as they are one of the providers of mortgages under the affordable housing scheme.
 
Hi,
Yes, using Haven as I'm purchasing through the AH scheme. They were the only lender who'd entertain me when I went about looking for a mortgage nearly 12 months ago at this stage.
 
Have a look at some of the recent 'I want to break my fixed rate mortgage' type threads and make sure you know what you may be letting yourself in for if opting for a fixed rate mortgage.
 
Yeah I'm aware of the penalties with breaking out of a fixed rate period I'm just not sure of the advantages of having a variable rate mortgage? Other than the obvious one of rates going down but again I'm not sure how good Haven are at passing on the cuts.

It's all food for thought over the weekend I think :rolleyes:
 
hey, just in terms of haven and passing on the cuts. I have been with them now for 5 months and every cut has been passed on to the variable rate, if that's any help. Although I don't know how interest are going and I wanted to know my monthly outgoings, I'm so glad I went with the variable rate. 5 months ago I was about to sign a five year fixed rate at 5.69% --- repayments nearly twice what I'm paying now!
 
Hi Seonewbie,
Thanks for that....yeah when I started down this long road I was being offered something similar too!
It's good to hear that they're passing on all cuts so far anyway.
Thanks
FTB1975
 
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