"Assuming home loan rates will fall is a mistake" - Trevor Grant, Mortgage Advisor

On this week’s Ask the Expert, Irish Mortgage Advisors Association Chairperson Trevor Grant answered all loan-related questions.
His first piece of advice is not to decide about your mortgage based off the impression of current bank rates.
“Rates are in a good place,” he told Lunchtime Live.
“They were very, very low for 11 years when ECB was at zero and then they jumped quite significantly.
“ECB increased by 4.5% - thankfully the home loan providers here didn't increase by as much they increased by a little over 2%.”
If you’re deciding between a fixed or flexible mortgage rate, Mr. Grant advised looking over all your options.
“When you look at the long-term yields, in terms of the European banks... they’re fairly flat looking forward,” he said.
“Anyone assuming home loan rates will fall will be making a mistake - They may fall but maybe not as much as many people think.
“I wouldn't be taking a mortgage out at a variable rate simply because I was expecting them to fall significantly because I don't think that will fall significantly.
“Look at your options, see what you're comfortable with - don't back the horse because you think it's a sure thing.”
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[@jonesy1328]

Not being able to port your mortgage to a different property is a big issue in Ireland. I was able to do this in the UK but not in Ireland.

[@PROTESTVOTEINEUROS.]

VOTE ❎ NOT ONE VOTE

[@thomasbehan8587]

Is it in the best interest of a mortgage advisor to tell people to hold off on getting a mortgage? Think about it if people decide to wait a year or two this guy is out of business.
The simple fact is that these rates must come down for a healthy economy, the fact they're high is a sign of a bad economy. Once the central bank rates drop over the next year.
The banks will stay high for possibly a further year but will be forced to come down when home loans drop as they always do. This is how the economy works.
DONT TAKE A MORTGAGE at higher than 5%, and if you do ensure you have an overpayment without penalty of at least 5-10% of each monthly payment.

[@gxhhher3896]

Great news 👏 more hope for this generation