Fixed Rate or Variable Rate Mortgage? Which is Right for You?

Introduction:

Trying to decide between a fixed or variable rate mortgage in Ireland? Read on to learn about the pros and cons of each and make an informed decision.

When it comes to choosing a mortgage, many Irish home buyers are faced with the decision of whether to opt for a fixed or variable rate. While fixed rates are popular in today’s rising interest rate environment, there are advantages and disadvantages to both options.

Fixed Rate Mortgage:

A fixed rate mortgage has a specified interest rate that remains the same for the duration of the loan. This means that the borrower’s monthly interest and principal payments will remain the same each month. The benefits of a fixed rate mortgage include:

  • Peace of mind knowing that your monthly repayments will remain the same, making it easier to budget.
  • Peace of mind knowing that your monthly repayments will remain the same, making it easier to budget.
  • Protection from potential future interest rate increases during the fixed period.
  • Flexibility to shop around for a new mortgage deal six months before the end of your fixed term.
  • No risk of market fluctuations resulting in missed opportunities to benefit from lower repayments.

However, there are also downsides to fixed rate mortgages, including:

  • Penalty fees for moving house or making lump sum payments.
  • Potentially higher interest rates compared to variable rates for longer fixed terms.
  • Missing out on any potential benefits if interest rates drop during the fixed period.

Variable Rate Mortgage:

A variable rate mortgage, on the other hand, has an interest rate that can change over time, based on market interest rates. The benefits of a variable rate mortgage include:

  • Lower interest rates at the time of application, which may reflect current market conditions.
  • Flexibility to increase monthly payments, pay off the mortgage early, or switch to another lender without penalty charges.
  • Potential to benefit from falling ECB interest rates.

However, variable rate mortgages also come with disadvantages, such as:

  • Lack of stability or predictability, as the interest rate can increase as well as decrease based on current market values.
  • Potentially higher interest rates in the future due to future market conditions.


The choice between a fixed or variable rate mortgage is ultimately a personal one based on your financial goals and attitude to risk. If you are risk-averse and want stability, a fixed rate mortgage may be a good option. If you want flexibility and are comfortable with financial risk, a variable rate mortgage may be the way to go.

At Ezfees Financial, we can help you assess your options and find the best mortgage rate for your needs. After all, we are here to help you! Contact us at info@ezfeesfinancial.ie today. We’d love to hear from you! https://ezfeesfinancial.ie/#Enquiries

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Your business is your baby, so it deserves protection. Our team of experts will guide you through informed decisions to provide tailored policies. Shield your business against unexpected setbacks and ensure stability, whether you’re a startup or an established corporation. We’ll create a financial plan that will guide the balance of your personal finances and your long-term business goals.

What’s in this for you? Discuss your business finances in confidence with trustworthy advisors to:
1) Create a money management plan to suit your business
2) Align your business and personal objectives
3) Get clarity and validation on your strategies from dedicated Financial Advisors committed to safeguarding your business finances
4) Be advised when you need to speak to Tax Advisors where relevant
5) Obtain guidance onto Owner/Director on Pension planning and legislation
6) Referral to a Life/Business Coach where relevant

Plan for your business’s long-term financial goals:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Safeguard your business and your future

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With low deposit rates and high inflation rates, savings and investment plans are appealing right now. We understand what it’s like to make sacrifices to accelerate your savings goals so you can achieve your dreams. That’s why we provide expert guidance so you can take charge of your future without sacrificing your valuable time.

What’s in this for you? Why you should consider savings and investment plans?
1) The potential for higher returns
2) Flexibility in the amount you save
3) Short, medium and long term options to suit your goals, amounts and terms to save
4) Investment options appropriate to suit your needs and goals

How you can save to secure your dreams:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

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Whether you are a first-time buyer, mover, switcher or looking to invest in a rental property, we have a mortgage solution to fit your unique situation. Over 60 and looking to release equity in your home to support your children, go on that dream holiday or pay off bills? We find the mortgage most suitable for you and your family’s needs and support you through the entire process. You’re guaranteed to find the best mortgage option for your financial needs and goals, with impartial advice and competitive rates.

Clear, simple, actionable advice for all your mortgage needs:
1) First time buyers
2) First Home Scheme/ Local Affordable Authority Scheme
3) Switchers
4) Home Movers
5) Investment Property
6) Self Employed
7) Contract Workers
8) PAYE
9) Lifetime Loan (over 60’s equity release)

How you can get started:
1. Share your journey with us
2. Create a plan!
3. Gather and submit your information
4. Make your Dreams a reality

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Secure your future and that of your loved ones beyond homeownership with life assurance, income protection and pension advice. Whatever your stage of life or money situation, our team of experts will help you make informed decisions to safeguard your financial future.

What’s in this for you? Planning your future, helps make your dreams a reality:
1) Start by creating a money management plan
2) Work with our dedicated Financial Advisors committed to safeguarding your future
3) Helping you get the guidance you need to achieve your long-term financial goals

Safeguard your financial future today:
1. Share your goals with us
2. Create a plan!
3. Gather and submit your information
4. Safeguard your Financial Future