Mortgages In Ireland
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Like the name suggests a fixed rate mortgage is a loan where the rate is fixed for a certain term. This may vary from 1 to 10 years.
The downside to fixed rate mortgages is the penalty which may apply when the borrower wants to revert to a variable rate or change lender. This penalty, depending on the lender, may cost thousands.
The upside is that the borrower knows in advance how much their mortgage will cost regardless of any rate changes during the fixed term.
The downside to fixed rate mortgages is the penalty which may apply when the borrower wants to revert to a variable rate or change lender. This penalty, depending on the lender, may cost thousands.
The upside is that the borrower knows in advance how much their mortgage will cost regardless of any rate changes during the fixed term.
