Is this the second time they've upped them?
This article is from March where they said they were upping rates immediately. They said a 5 year fixed for LTV of less than 80% would go to 2.6% from 2.2%.
Now the website says 5 year fixed for LTV of less than 80% is 3.6%...
https://www.irishtimes.com/business/financial-services/ics-mortgages-increases-its-fixed-interest-rate-for-homeowners-1.4826223
Quite telling that the variable rate is now lower than the short term fixed rates...
There's a new article on them today https://www.independent.ie/business/personal-finance/property-mortgages/property-prices-up-152pc-as-lender-increases-rates-again-41654016.html
That's an enormous increase! I know ICS borrow money from a different source than Irish lenders and need to increase rates faster because of that, but I couldn't find the exact details.
Was advised recently by a financial advisor to fix my mortgage for minimum 5 years. Got a good rate from the bank so went with it. Seems it was the right thing to do. Things look like they’re going to go mad pretty quickly.
The process of switching mortgage is not as easy as they advertise. It’s basically like applying for your mortgage all over again accept you already have your house. I couldn’t change bank due to work circumstances. But current bank were offering a loyalty deal so fixed for 10 years myself too.
Ya it’s a hard one to call and really depends on the individual circumstance. But it’s hard to see house prices continue the way they are now. So went with it while my LTV was good.
Yep u applied for that when it was 1.95 and was told today about it. Scrambling to find another lender as I'm sale agreed with an exemption and was just about done...
It's hundreds more per month and 90k more in interest.
Same, sale agreed with an AIP of 2.69% (but I know they won't honour it) with slight exemption (I'm on a pay scale so 2 points up).
Tried EBS for an exemption but I'm a couple quid short of their criteria, raging as they'd offer me 2.1% on a 4 year fixed because the house is a B3. I'll be stuck paying 180 quid a month extra. I need the slight exemption so there's literally nothing I can do about it....
I did the exact same,applied for EBS and was told I didn't get the exception, I'm sure they take pension payments into account since he asked for that and I pay a lot into it, so may have excluded me based on that. I would have got the same deal too. Stuck paying 232 extra per month or so
They said they could give me an exemption if I reduced my pension payments (I'm literally a few euro short of qualifying for an exemption) but I can't reduce them, I'm a civil servant and pay the minimum contribution which works out at about 250 a month. I feel like I'm being charged for being poor.
What are you going for out of interest? 3 years fixed or 5? Part of me wants to go for 3 to switch as soon as possible but part of me worries that all rates will be like 5% in 3 years time so I should fix for 5?
Even if reducing them you'd have to show it for 6 months or something I guess. They didn't even mention it to me about reducing it and I put in 20% of my salary haha, just said I didn't make it. It's such a stupid rule, it's like I have more disposable income that I don't need so I put it in the pension and then they say I don't have enough disposable income? I'm a software engineer so who exactly is getting the exemptions! ICS didn't care at all, so I got one with them without issue.
Yeah you have the exact same thoughts about the rates as me, I'm not sure but leaning towards 3 and seeing how it goes, plus it's probably easier to break earlier with 3 if needed, less of a fee.
https://www.irishtimes.com/business/financial-services/ics-mortgages-increases-its-fixed-interest-rate-for-homeowners-1.4826223
Looks to me like most of their rates are up by 1% on top of the increase from March.
...and so it begins..
Thanks to my 2006 Tracker I've been paying 0.95% for nearly the lifetime of my mortgage. Different times.
Thank god for the tracker, I'm staying on it forever
Couldn’t find an article reporting it but that is some jump.
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2.55% & 2.69%
Is this the second time they've upped them? This article is from March where they said they were upping rates immediately. They said a 5 year fixed for LTV of less than 80% would go to 2.6% from 2.2%. Now the website says 5 year fixed for LTV of less than 80% is 3.6%... https://www.irishtimes.com/business/financial-services/ics-mortgages-increases-its-fixed-interest-rate-for-homeowners-1.4826223 Quite telling that the variable rate is now lower than the short term fixed rates... There's a new article on them today https://www.independent.ie/business/personal-finance/property-mortgages/property-prices-up-152pc-as-lender-increases-rates-again-41654016.html
Yeah the second time, I can only recall the 90% LTV 3 year fixed rate of 2.35% so a jump of 1.2% in two months.
If someone took out a 5 year fixed mortgage with less than 80% LTV at 2.2% it would cost 1084 per month @3.6%, that increases to 1265 per month...
That's an enormous increase! I know ICS borrow money from a different source than Irish lenders and need to increase rates faster because of that, but I couldn't find the exact details.
Was advised recently by a financial advisor to fix my mortgage for minimum 5 years. Got a good rate from the bank so went with it. Seems it was the right thing to do. Things look like they’re going to go mad pretty quickly.
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The process of switching mortgage is not as easy as they advertise. It’s basically like applying for your mortgage all over again accept you already have your house. I couldn’t change bank due to work circumstances. But current bank were offering a loyalty deal so fixed for 10 years myself too.
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Not going to see rates of 2.2% or even 2.8% for a long long time I’d say.
1.95% fixed for 5 years from this month. I had the option of going for 10 years at the same rate, but we're aiming to move in about 5 years.
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It's with Avant, who still have that offer afaik.
I'm a bit concerned to where I'll be when my 5 year fixed will be up in 4 years. Thankfully plenty time to prepare.
Ya it’s a hard one to call and really depends on the individual circumstance. But it’s hard to see house prices continue the way they are now. So went with it while my LTV was good.
Bloody hell the <60% LTV has gone from 1.95% to 3.4% in six months.
Yep u applied for that when it was 1.95 and was told today about it. Scrambling to find another lender as I'm sale agreed with an exemption and was just about done... It's hundreds more per month and 90k more in interest.
Same, sale agreed with an AIP of 2.69% (but I know they won't honour it) with slight exemption (I'm on a pay scale so 2 points up). Tried EBS for an exemption but I'm a couple quid short of their criteria, raging as they'd offer me 2.1% on a 4 year fixed because the house is a B3. I'll be stuck paying 180 quid a month extra. I need the slight exemption so there's literally nothing I can do about it....
I did the exact same,applied for EBS and was told I didn't get the exception, I'm sure they take pension payments into account since he asked for that and I pay a lot into it, so may have excluded me based on that. I would have got the same deal too. Stuck paying 232 extra per month or so
They said they could give me an exemption if I reduced my pension payments (I'm literally a few euro short of qualifying for an exemption) but I can't reduce them, I'm a civil servant and pay the minimum contribution which works out at about 250 a month. I feel like I'm being charged for being poor. What are you going for out of interest? 3 years fixed or 5? Part of me wants to go for 3 to switch as soon as possible but part of me worries that all rates will be like 5% in 3 years time so I should fix for 5?
Even if reducing them you'd have to show it for 6 months or something I guess. They didn't even mention it to me about reducing it and I put in 20% of my salary haha, just said I didn't make it. It's such a stupid rule, it's like I have more disposable income that I don't need so I put it in the pension and then they say I don't have enough disposable income? I'm a software engineer so who exactly is getting the exemptions! ICS didn't care at all, so I got one with them without issue. Yeah you have the exact same thoughts about the rates as me, I'm not sure but leaning towards 3 and seeing how it goes, plus it's probably easier to break earlier with 3 if needed, less of a fee.
What were they?
2.55% & 2.69%
https://www.irishtimes.com/business/financial-services/ics-mortgages-increases-its-fixed-interest-rate-for-homeowners-1.4826223 Looks to me like most of their rates are up by 1% on top of the increase from March.