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tracker mortgage

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  • 26-01-2010 4:11pm
    #1
    topa
    Closed Accounts Posts: 3 ✭


    Hi, just been offered a tracker variable mortgage at ECB + 1.25% by BOI. A 5 year fixed would be 4.25%. Any advice out there on what to do? Is a tracker still a good idea or are the rates going to shoot back up. thanks in advance.


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    #2
    sceptre
    Registered Users Posts: 19,608 ✭✭✭✭sceptre


    Hi there

    The Help Desk is for people who are having trouble using boards.ie rather than a general query desk. You'd be better off putting this in the proper forum (Biz-> Banking & Insurance & Pensions would be infinitely more useful:)) as you won't get an answer to that question here.

    Moving this to Banking & Insurance & Pensions as they'll know what a tracker mortgage is.


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    #3
    topa
    Closed Accounts Posts: 3 ✭topa


    Hi, just been offered a tracker variable mortgage at ECB + 1.25% by BOI. A 5 year fixed would be 4.25%. Any advice out there on what to do? Is a tracker still a good idea or are the rates going to shoot back up. thanks in advance.


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    #4
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    ECB rates would have to rise to more than 3.25 (from current 1% ) before you end up paying more on the tracker. It could happen within 5 years - but until it does you are going to be better off on the tracker. I would stick with the tracker if I was you.Why pay more now - based on the gamble that rates will rise to more than 3.25% within 2 years.
    Work out what extra you would be paying on the fixed rate - and put that extra in a savings account to be used if/when the tracker rate does go higher than 4.25%.

    More Tips on www.moneyguideireland.com


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    #5
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    There is a duplicate thread (with a reply) This one needs deleting .:)


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    #6
    topa
    Closed Accounts Posts: 3 ✭topa


    thanks for that. kind of the way i was heading. sounds like good advice on saving the difference for a rainy day. cheers


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    #7
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    Threads merged.


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