I got my first mortgage in march 2005. It was a 3 year fixed mortgage so it is I assume changing in march this year. The thing is I have not heard anything from the bank yet about it. I assume that the interest is going to be lower now as they have fallen a lot recently.
My question is, is it up to me to go to the bank to negotiate a new deal or do I wait for them to come to me and if no contact is made will it just keep going as it is now.
Also perhaps I am thinking about this too early and perhaps I will hear from them in the coming months. Does anyone know about this kind of a situation?
By the way I am in Ireland but I assume it would be the same as britain when it comes to dealing with this kind of issue. Any advice appreciated.
Usually the deal is fixed for three years then goes straight to the lender' s variable rate - you don't need to do anything unless you want to negotiate another deal
Thanks. I suppose it might be a good time to trey for another fixed spell as they are low now but will probably rise in a few years time. Does anyone know what is the longest fixed rate you can get, in terms of years. I assume I couldn't ask them to fix it for the next 20?
Naw it was march 06 then as this is the 3rd year up now. That was a mathematical error on my part. Obviously I'll need help with the sums if I can't get 9-3 right.