Why does it cost so much to get a fixed interest rate mortgage in ireland?
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 nearly 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?
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Some of the differences are due to the UK.
In the UK, getting a fixed rate mortgage involves a fee to reserve the funds. The huge lenders pay tiny reservation fees but get to charge a few hundred pounds. Economies of scale and all that.
The five year max term is also a UK hangover. Apologies. Most of Europe will allow 20 year fixed rates.
As for rates, bear in mind that in the US rates are much higher and rising. In Europe, the euro causes a weird phenomenon – rates hardly ever change. By having a fixed rate in euros, past experience would be the same (nearly) as a variable rate. At least over the last few years.
because the US economy and the Euro (Irish) economy are completely different. The European union has to help the poor eastern countries so the richer western ones get raped on charges! Welcome to the union, please bend over on your way in and the exit? that’s not an option!