Switch from fixed rate mortgages a ‘waste of time’

HOMEOWNERS should avoid switching from fixed rate mortgages as interest rates are likely to rise again as soon as there is any hint of economic recovery.

Director of the Irish Mortgage Corporation, Frank Conway, said that switching from a fixed to a variable rate mortgage would likely be a “waste of time for many”.

“By the time that they pay the break fees and solicitor and valuer fees for the new loan, they could be in a worse-off situation,” he said.