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Anyone hear that there was going to be another rise in mortgage interest rates by the end of the month? I think that would be the 6th this year alone!!! Mother of God - how are we all to sleep at night?

Saw that on the paper this morning. A few more in the first half of next year too

Getting yourself on a fixed rate mortgage seems to be the only way I think

We have a fixed rate for the next 2 years. Reckon we made a good decision with that alright.

Here's the link, I'm not sure how they can be 100% sure though!

http://www.unison.ie/irish_independent/stories.php3?ca=185&si=1716859&issue_id=14839

One of my friends is working for a well known bank and in the mortgage section and she told me they had been told in her office that there will be at least 2 more increases next year, if not four.

It's absolutely head wrecking, Im on a fixed rate for another year but dread to think what's ahead after that.

I have just fixed mine as i have just moved house - they told me there will be another rise in December and then again in March 07 - think the only way to go is to fix your mortgage to be honest

[quote="Johanna"]One of my friends is working for a well known bank and in the mortgage section and she told me they had been told in her office that there will be at least 2 more increases next year, if not four.

It's absolutely head wrecking, Im on a fixed rate for another year but dread to think what's ahead after that.[/quote]

That is the exact reason why fixing is unadvisable - the jump afterwards can cripple some people. At least with variable the increases are staggered.

We have just applied for our mortgage and we are going with a fixed rate for 2 years and after that have the option of staying fixed for another 2 years or changing to variable.

The variable rate was a good bit lower but not for long with the rises.

We do want to pay a lump sum off our mortgage every year so will change to variable at some stage but it will be great to be on fixed rate for the first couple of year when we probably wont have spare cash to be paying lump sums!

Mistified, I completely agree with you, particularly as I didnt know that you cant pay off lump sums off the capital on a fixed rate.

i was told that if you pay off a lump sum you can be charged a penalty of anything up to �16,000.00 as it all depends at what rate they can sell the amount on at (or something like that)

I know our repayments will increase a good bit when our fixed rate term ends, but we have 2 years to prepare for it, rather than having a shock to the system every time we hear of another interest rate increase. Also, being on a fixed rate takes away the temptation to move house until at least 2008!

When I've finished paying into my SSIA I intend to put the �254 a month against my mortgage and hopefully reduce it by a load of years!

we just fixed ours at 4.85% for 5 years, I am so sick of the letters about the rate increasing. I hope we made the right decision.