Hello, hoping all of the expertise here can help me?
I'm have purchased a new build house and am waiting on the build to complete (current estimate Sept). My mortgage will be €256k at an 80% LTV over 31 years. I have applications in with AIB (2.95% variable) and BOI (3.3% 10 year fixed with cashback) and am favouring the BOI offer at the moment as I like the concept of fixing.
However, I am wondering if I'm missing a trick by not applying to Ulster (4 year fixed at 2.6%) as the repayments would be almost €100 less per month and they offer the same rates as new customers down the line when I roll off the fixed rate. The downside would be if rates went above 3.3% during the 4 year fixed term, I'd be in a worse position as I wouldn't have insulated.
I would prefer the security of fixed over variable and I don't plan on moving in the first ten years. My hope would be to pay off 10% on top of the repayment per month to bring the overall term down by almost 5 years. I'd also like to save in the first ten years with the aim of putting a lump sum into the mortgage in Year 10 bringing the term down by another 4-5 years).
I do expect rates to go up but am unsure by how much or how quickly this will happen. I'm keen to get opinions on which option people feel is best value (BOI 10 year fixed or UB 4 year fixed)? My preference is to keep repayments manageable for the lifetime of the loan. All advice appreciated!
I'm have purchased a new build house and am waiting on the build to complete (current estimate Sept). My mortgage will be €256k at an 80% LTV over 31 years. I have applications in with AIB (2.95% variable) and BOI (3.3% 10 year fixed with cashback) and am favouring the BOI offer at the moment as I like the concept of fixing.
However, I am wondering if I'm missing a trick by not applying to Ulster (4 year fixed at 2.6%) as the repayments would be almost €100 less per month and they offer the same rates as new customers down the line when I roll off the fixed rate. The downside would be if rates went above 3.3% during the 4 year fixed term, I'd be in a worse position as I wouldn't have insulated.
I would prefer the security of fixed over variable and I don't plan on moving in the first ten years. My hope would be to pay off 10% on top of the repayment per month to bring the overall term down by almost 5 years. I'd also like to save in the first ten years with the aim of putting a lump sum into the mortgage in Year 10 bringing the term down by another 4-5 years).
I do expect rates to go up but am unsure by how much or how quickly this will happen. I'm keen to get opinions on which option people feel is best value (BOI 10 year fixed or UB 4 year fixed)? My preference is to keep repayments manageable for the lifetime of the loan. All advice appreciated!