Sunday 22 January 2017

Time to consider fixed rate

Published 19/08/2010 | 05:00

MORTGAGE holders, other than those who have a tracker, should review the interest rate they are paying and consider fixing for more than three years, a representative body for mortgage brokers has advised.

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Professional Insurance Brokers Association, the country's largest group of independent brokers, was responding to lenders raising the interest rates on standard variable mortgages. Director Rachel Doyle said: "Variable and long-term fixed rates are on the rise, so delaying a decision may be costly."

She advised that people should generally not fix for periods of less than five years.

"Fixing at a good rate for longer terms gives security. Shorter-term fixing could leave you exposed to a large jump in repayments within a relatively short period of years," she said.

Irish Independent

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