Why does it cost so much to get a fixed interest rate mortgage in ireland?
Thursday, March 19th, 2009
nothingness asked:
I recently visited the US. Everyone I know there that has a mortgage has gotten a fixed interest rate. There is virtually no difference in cost between fixed and variable rate mortgages. You can also fix for 30 years no problem. In Ireland it’s almost impossible to fix for more than 5 years and the cost puts an extra 200 or 300 Euro per month on your mortgage, which means there’s really no point in fixing. Can anyone tell me why there’s such a difference in the type of deals available between Ireland and the US?
Clifford
I recently visited the US. Everyone I know there that has a mortgage has gotten a fixed interest rate. There is virtually no difference in cost between fixed and variable rate mortgages. You can also fix for 30 years no problem. In Ireland it’s almost impossible to fix for more than 5 years and the cost puts an extra 200 or 300 Euro per month on your mortgage, which means there’s really no point in fixing. Can anyone tell me why there’s such a difference in the type of deals available between Ireland and the US?
Clifford