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Fix rates whilst on moratorium

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  • 06-03-2009 11:00am
    #1
    SOH32
    Registered Users Posts: 45 ✭


    Hi – Just wondering if anybody can advise on this or indeed has experienced it recently. I have recently applied for a moratorium on my mortgage as I am out work at the moment. The mortgage I hold is a tracker and has therefore benefited from downward movements in rates recently. I am considering changing my mortgage to a 3 or 5 year fixed over the coming months – can this be done whilst I am on a payment moratorium??

    Is there a general consensus that now (or possibly after next rate reduction) is a good time to fix rates??

    Thanks


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    #2
    IsThatSo?
    Closed Accounts Posts: 988 ✭✭✭IsThatSo?


    If you fix you will have to do so at a higher rate than your tracker commands, so think about it, and work out how much extra it would cost you over the tracker rate over the period you have fixed for. OK, you won't know how much the tracker rate will fluctuate but play it on the safe side and estimate it higher than the current rate.

    If you want to fix then ring your bank and talk to them, see what rates are available etc. Wait for a few weeks though, until this latest cut has been passed on as the fixed rates should be lower then.


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