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What mortgage - help!

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  • 12-11-2008 2:43pm
    #1
    jetski
    Registered Users Posts: 820 ✭✭✭


    I have only a few days left to decide what mortgage to take out!

    I have been approved for a tracker which is what im set to take but i can change this so my

    Question is should i take

    Tracking the ECB / Euribor + 1.49%

    Or

    a variable @ 5.38%


    Please Please help me decide. Thank you sincerly in advance


Comments

  • Options
    #2
    Rabidlamb
    Banned (with Prison Access) Posts: 2,202 ✭✭✭Rabidlamb


    Tracker, no question.


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    #3
    redroar1942
    Closed Accounts Posts: 388 ✭✭redroar1942


    Rabidlamb wrote: »
    Tracker, no question.


    +1 . I'm surprised they even offered you a tracker.


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    #4
    Berty
    Registered Users Posts: 26,149 ✭✭✭✭Berty


    Your lucky to be offered a tracker at this stage in the lowering ECB market.

    Go for it.

    Remember, if you take a fixed or variable you risk penalties if you try to change to the tracker later on.


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    #5
    jetski
    Registered Users Posts: 820 ✭✭✭jetski


    Pitty i cant spell feeyouoo


    just to add into the mix - The tracker says it will change between the ECB / Euribor which ever is higher by 0.25 for more than 30 days!


  • Options
    #6
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Well, divine intervention aside..a more relevant thread title will attract more viewes. Title edited :)


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  • Options
    #7
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    tracker - every day, and twice and tuesday


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    #8
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    jetski wrote: »
    Pitty i cant spell feeyouoo


    just to add into the mix - The tracker says it will change between the ECB / Euribor which ever is higher by 0.25 for more than 30 days!

    WAIT UP!!!

    A lot of people here don't seem to know what a tracker is;). They are merely associating the name tracker with the excellent products that many people currently are on.

    However, yours does not appear to be the same.

    Firstly, a +1.49% is pretty high. But, if it was just that I would say that your tracker is pretty much the same as variable rates.

    However, your tracker appears to be tracking the Euribor (which is way higher than the ECB rate). There are many different Euribor rates, so you need to clarify exactly what Euribor rate you tracking (your documentation should specify this). Get your bank to specify how much you would be paying as of today's rate to give you an idea.

    What bank is this?


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