Now that it has been confirmed that PTSB are going to raise their interest rates, it may be time to take a look at how your finances would handle an interest rate rise.
Many commentators believe that most of the other banks will follow PTSB later this year, after the NAMA issues have been ironed out. Take time to consider how your finances will cope now, even if you are not affected right now.
- First, check to see if your mortgage rate is competitive by checking out the mortgage rates on MyHome.ie, or talk to a mortgage broker about what is on offer in the market.
- Check the National Consumer Agency advice on switching mortgages and what you need to consider before switching to see if that will save you money.
- If you cannot avoid paying extra interest, make sure you are claiming your mortgage interest relief (if you can) and claim all your tax relief.
- If you can do nothing about your mortgage, how else can you save money? Look through the 'Save Money' section of Thrifty Pages. We have loads of ideas for you on to save some money :)
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