Variable Interest Rate OR Tracker Mortgage Rate

trade-it

hi Folks

I've been on a fixed interest rate for the last year with perm TSB and yes the time has come to make the decision on what option to go with for the next year. I've read up on both and I know its really a gamble no matter what option you take but just out of interest is the tacker mortgage really the way to go?? has anyone any further opinions or info on this??

utopian

trade-it wrote:

hi Folks

I've been on a fixed interest rate for the last year with perm TSB and yes the time has come to make the decision on what option to go with for the next year. I've read up on both and I know its really a gamble no matter what option you take but just out of interest is the tacker mortgage really the way to go?? has anyone any further opinions or info on this??

Well, at the moment a tracker is just a variable with a lower rate (particularly for low LTVs), so you should always go with a tracker. I think theoretically a variable could be cheaper, but no such variable is available at the moment AFAIK.

There is no risk anyway, as you can change to a variable without change.

trade-it

hi there

thanks, there is a charge though of €100 to change back

utopian

trade-it wrote:

hi there

thanks, there is a charge though of €100 to change back

PTSB charge €100 to change from tracker to variable?

Why not ask them why it is cheaper to switch banks than to switch products with them?

interested

trade-it wrote:

hi Folks

I've been on a fixed interest rate for the last year with perm TSB and yes the time has come to make the decision on what option to go with for the next year. I've read up on both and I know its really a gamble no matter what option you take but just out of interest is the tacker mortgage really the way to go?? has anyone any further opinions or info on this??

In same boat with same provider. When I spoke with them over the phone with regard to available products they told me the rates went up last friday. I get the sneaking suspicion that this is the case every week
They offered me a fixed rate for 1 year at 4.45%.
They also offered a rate of 4% tracker and 4.1% variable rate.

Im checking with other providers - mainly those that pay fees for transferring. Best so far is Bank of Scotland who quoted a 3.2% tracker at .45% above ECB (ive a good LTV) and 3.99 for standard variable.

If you hear of additional options in your search please pass details along

utopian

interested wrote:

Im checking with other providers - mainly those that pay fees for transferring. Best so far is Bank of Scotland who quoted a 3.2% tracker at .45% above ECB (ive a good LTV) and 3.99 for standard variable.

That BoS rate is for the first two years only, I think, and then reverts to +1%, with a clawback provision.

sweetie

NIB have a tracker at 3.54 for ltv < 60% and fixed for 5 years at 4.15.
Considering fixing the way things are going. What do ye think?

jdivision

trade-it wrote:

hi there

thanks, there is a charge though of €100 to change back

They're the only ones that do that. Threaten to move your mortgage and they'll change their mind