Mortgages - Help!

[Tony Baloney]

In the process of changing the mortgage on the house and cannot decide to go for a 3 year or 5 year fix (little price difference in them).

Anyone any ideas?

I read the other day in the Sunday Times that brokers reckon a 3 year fix is a good bet as the credit crunch may impact on the market for the next 2-3 years and after this it should stabilise. So if I took a 5 year fix I could be paying over the odds for 2 years if interest rates go down. However, if I only go for 3 year fix and come out of that into higher rates than now I'll regret the decision!

Anyone got a crystal ball...

[screenexile]

Haha join the club boss! Everyone is in the same boat so you're best bet is mystic meg! My opinion would be to stay with the 3 year fixed (2 year would be better) though as you don't want to be tied in for too long and end up paying a high rate when everyone is on a lower one.

[mylestheslasher]

Not sure what juristiction you are in but in the South I would advise you to go with  a variable tracker and not fix. That is unless you are tight to pay the monthly repayments. If you are switching in the south u should take a look at NIBs LTV mortgages.

[Apple Top]

Last 15 years - 5 working with building society fixed 4% - next 5 left job 5.75 - in 3rd or 5 now 5.55 - depends what you like - i like to know every month what comes out - no big frighteners!!!

[new devil]

If you aren't living in ireland can you still get a mortgage?

[Apple Top]

If you aren't living in ireland can you still get a mortgage?

No mortages are a concept to Ireland only!!!!

[new devil]

  sorry let me rephrase that

can you still get a mortgage IN Ireland if you are living somewere else

[Apple Top]

sorry let me rephrase that

can you still get a mortgage IN Ireland if you are living somewere else

Think there is a concept called the European Union 

[new devil]

last time i checked America wasn't in the EU....anyone ELSE no anything?

[Apple Top]

last time i checked America wasn't in the EU....anyone ELSE no anything?

OMG - calling all mind readers. 

[Hound]

In the process of changing the mortgage on the house and cannot decide to go for a 3 year or 5 year fix (little price difference in them).

Anyone any ideas?

I read the other day in the Sunday Times that brokers reckon a 3 year fix is a good bet as the credit crunch may impact on the market for the next 2-3 years and after this it should stabilise. So if I took a 5 year fix I could be paying over the odds for 2 years if interest rates go down. However, if I only go for 3 year fix and come out of that into higher rates than now I'll regret the decision!

Anyone got a crystal ball...

I always split my mortgage in two - half variable and half fixed, so no matter what happens I'll always be a little ahead and a little behind!

If there is any chance of you selling your house within 5 years, then don't fix it for 5 years.
If there is any chance of you selling the house within 3 years, then don't fix it at all.

If you're sure you are going to stay put for more than 5 years, and you are happy that you can afford the repayments based on the fixed 5 year rate, then go for that. Then you should totally ignore interest rate movements for the next 5 years, because they will not affect your repayments. Thinking about how much you lost or gained because of fixing would be an exercise in pure futility.

[Donagh]

I always split my mortgage in two - half variable and half fixed, so no matter what happens I'll always be a little ahead and a little behind!

Do the same myself. Also means you can make overpayments if you come into a bit of spare cash.

[Hound]

sorry let me rephrase that

can you still get a mortgage IN Ireland if you are living somewere else

The answer is yes, if you're talking about an Irish property.

Although the bank would want to be very sure of their security. Little chance of a 90% mortgage. My guess is you'd be looking at max 70%-75% - but different banks may differ. Obviously you'll need to satisfy the bank that you can make the repayments and have something in place to get the money to the Irish bank (shouldnt be a major issue).

Do the same myself. Also means you can make overpayments if you come into a bit of spare cash.

Absolutely. The one big advantage variable loans have over fixed is you can, at any time, take a chunk off the loan or increase your repayments without any penalty, thus reducing your long term interest payments.

[khabilli]

newdevil, I have been living and working outside Ireland for almost ten years and yes, I managed to get a mortgage in Ireland from an Irish bank. It was a bit of a struggle at first, but I went to a mortgage broker and she sorted it out for me. You need to have all your documentation ready, ie letter/ contract from employer, bank statements etc. Good luck!

[youbetterbelieveit]

Right Lads, resurrecting this thread, as I am thinking of making a purchase, where best to start looking for a decent mortgage. (NI purchase).