Fixed Rate Mortgage

With a fixed-rate mortgage, your interest rate and monthly repayments are fixed for a set time. Fixed rates are commonly available over one, two, three, five and ten years. Although a fixed rate means your repayments cannot increase for a set period of time, your repayments will not fall if rates are cut. As a result, you could miss out on the benefits of lower interest rates. If you are on a fixed rate mortgage, you may face penalties if you want to switch lenders, move to a variable rate, re-mortgage or pay off all or part of your mortgage during the fixed-rate period. Also, you cannot usually pay more each month than your standard repayment, so you have less opportunity to save on interest charges.

Variable Rate Mortgage

Variable rates are available on request but please note that the lenders have full control over variable rates and can change them whenever they wish. Thus your variable rate increases may be larger and the reductions smaller than on a similar tracker rate.

LTV (Loan To Value) Mortgage

This is a percentage representing the amount owing on a mortgage relative to the market value of the property. You have a loan-to-value of 50% if your home is worth €400,000 and you owe €200,000.