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Sybil13

With Regards Getting A Fixed Rate Does The Same Hold True For Ireland?

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Been telling my daughter who lives in Ireland to get a fix on her mortgage before rates go up. She is with First Direct .

You know what kids are like, they don't like to be told ANYTHING.

Finally went to her mortgage broker this week, I was so relieved, but she came home saying that he said it wasn't worth it. That First Direct Fixes are the highest available so to wait a few months.

I tried to say, "Well Fixed Rate deals are not going to get any cheaper". But she said, "he is the broker obviously he knows what he is talking about."

First Direct to a 5 year fix a 4.5% seemed quite reasonable to me.

I would like to see her tied into a 10 year fix.

Am I wrong or was her broker wrong not to get them into a fixed deal now?

Currently on SVR at about 2.5 %

Its a 25 year mortgage, year 3 ish ( can't remember exactly) , about 150000 euros.

Thanks

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Been telling my daughter who lives in Ireland to get a fix on her mortgage before rates go up. She is with First Direct .

You know what kids are like, they don't like to be told ANYTHING.

Finally went to her mortgage broker this week, I was so relieved, but she came home saying that he said it wasn't worth it. That First Direct Fixes are the highest available so to wait a few months.

I tried to say, "Well Fixed Rate deals are not going to get any cheaper". But she said, "he is the broker obviously he knows what he is talking about."

First Direct to a 5 year fix a 4.5% seemed quite reasonable to me.

I would like to see her tied into a 10 year fix.

Am I wrong or was her broker wrong not to get them into a fixed deal now?

Currently on SVR at about 2.5 %

Its a 25 year mortgage, year 3 ish ( can't remember exactly) , about 150000 euros.

Thanks

...a broker may advise but not lay down the law...and a remortgage to fixed does not have to be with her current lender....it is up to the customer to instruct the broker.... <_<

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...a broker may advise but not lay down the law...and a remortgage to fixed does not have to be with her current lender....it is up to the customer to instruct the broker.... <_<

Sadly I doubt that she could remortgage with another lender, husband on 2 day week along with most of the population in the smaller communities on the west coast.

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A fixed rate mortgage can be a good idea, sure, but not necessarily.

Assuming you have reverted to the Nationwide's 2.5% BMR. which all current mortgagees in the UK will do,

unlike new mortgagees who will ultimately revert to a rate roughly equivalent to most other lenders, 4% or so for now,

that 2.5% is pretty much impossible to get for anyone in any new remortgaging situation,

even if you have 50% equity or whatever.

It's a true bargain in the current climate, no, really.

So, to give up this, for what?

If you have to pay £1-2000 fees in admin, which is basically a tax on stupidity

all so you can get a rate of 5-6% or whatever for two years,

then that is pretty obviously not a good deal,

since the Natiuonwide would have to hit 8% in two years to make it vaguely approachably some kind of financially astute move. And a five year fix?

If the Nationwide BMR is gonna get that high, then Britain will have already fallen into economic Armageddon many months before.

I think he/she is maybe right.

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A fixed rate mortgage can be a good idea, sure, but not necessarily....I think he/she is maybe right.

So basically what you're saying in a long-winded way is include the admin charge when calculating the APR.

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