In the Spring, Colm Tobin heeded advice to start shopping around for a new fixed-rate mortgage because the ECB was expected to start raising interest rates in July.
Tobin, a producer who mostly works in animation and children’s comedy, says the term of his fixed-rate mortgage with a pillar bank was due to end next year and he was eager to lock in on a cheaper fixed rate to ensure he had some certainty over repayments in the years ahead. He settled on specialist lender Avant Money and the broker he found to help him switch over agreed with his choice.
“With my wife, we started gathering the paperwork together and the Avant rate then was 2pc, so it would have been a considerable saving from the 2.8pc rate I was already on,” he says. “I’m a director of a company so I had to provide accounts for that, as well as information for various bank accounts associated with that and for my own bank accounts and my wife’s.”
In August he received an email from his broker saying that Avant was raising its fixed-term rates and the broker agreed it would no longer be worth switching over.
“We were back to square one,” Tobin says. “I went back to my own bank and negotiated a new rate with them. It’s gone up to 3pc but I fixed for another five years.”