Banks to abolish fixed-rate mortgages in bid to cut costs

[Rimbaud]

Banks and building societies are planning to abolish fixed-rate mortgages because they are too expensive for lenders to provide, according to a leading mortgage expert.

Banks would prefer to have borrowers on products with variable rates, which can be increased whenever lenders want, according to Karl Deeter of Irish Mortgage Brokers – who correctly predicted last year’s rises in variable rates.

He said he was getting indications from lenders that fixed rates may be discontinued this year.

independent.ie/business/pers … 92693.html

I would expect a big jump in people fixing their rates on foot of this latest news.

[Kate_P]

viewtopic.php?f=4&t=23270&p=466633&hilit=mortgage#p466633

Already being discussed. Nearly a week before the Indo picked up the story.