Which mortgage option

20Cent

The fixed part of my mortgage is finishing soon. Have a choice

tracker ECB + 1.25%
existing variable 2.7
fixed 3.1 2 years.


Which should I go for?

helimachoptor

20Cent wrote: »

The fixed part of my mortgage is finishing soon. Have a choice

tracker ECB + 1.25%
existing variable 2.7
fixed 3.1 2 years.


Which should I go for?

Op do you mind me asking what bank your with?

Cookie_Monster

I'm surprised the tracker is still being offered as an option.

so the ECB rate has to go to 1.5% basically before you would lose out on the variable, which will probably rise in the short term anyway, or it has to go to 1.85% (1.75% is what they would use) before beating the fixed. I'd be on the tracker, what would the fixed be after two years?

20Cent

helimachoptor wrote: »

Op do you mind me asking what bank your with?

ICS Building Society.
Been fixed for the first two years.

Option doesn't say what it would be after two years.

helimachoptor

20Cent wrote: »

ICS Building Society.
Been fixed for the first two years.

Option doesn't say what it would be after two years.

Thanks, i had a similar option after my fixed expired but the tracker rate wasnt as good

belmulletman

They've had that Variable Rate for some time now (I got it back in August last year).
Didn't think Trackers still existed. I remember asking for one but I was told they weren't done any more - that was mid last year.

olaola

Ooo - interesting. We're just up on our fixed with ICS after two years and we weren't given the option of tracker. When were you told about this (if you mind me asking!) Personally I'd take the tracker if it was offered to us.

20Cent

olaola wrote: »

Ooo - interesting. We're just up on our fixed with ICS after two years and we weren't given the option of tracker. When were you told about this (if you mind me asking!) Personally I'd take the tracker if it was offered to us.

Was offered it at the start of this month.
Have to decide before 31st.

I think it'l be the tracker by the sounds of things.

D3PO

if they are offering a track its a no brainer.

i do find it hard to believe they are offering this though. are you positive they are offering this ?

20Cent

D3PO wrote: »

if they are offering a track its a no brainer.

i do find it hard to believe they are offering this though. are you positive they are offering this ?

Yeah letter says tracker variable ECB + 1.25%

olaola

20Cent wrote: »

Was offered it at the start of this month.
Have to decide before 31st.

I think it'l be the tracker by the sounds of things.

So were we! I feel left out

I'm gonna ring them and mention it to them. We were offered those other options you quoted too. Thanks for letting me know!

D3PO

20Cent wrote: »

Yeah letter says tracker variable ECB + 1.25%

well lock in so. Unbelievable all this talk about banks losing money on tracker mortgages yet they still offer you one. No wonder the banks are up the creek without a paddle !!

Ste.phen

D3PO wrote: »

well lock in so. Unbelievable all this talk about banks losing money on tracker mortgages yet they still offer you one. No wonder the banks are up the creek without a paddle !!

It was probably part of his original agreement with them

seamus

Ste.phen wrote: »

It was probably part of his original agreement with them

Correct. When you originally fix, you have a base variable rate which effectively sits in the background - this is your "default" rate and the two-year fixed rate is a temporary agreement. When the fixed rate ends, you are automatically reverted to your base rate, which in the OP's case (and mine!) was ECB + 1.25%

olaola wrote: »

So were we! I feel left out

I'm gonna ring them and mention it to them. We were offered those other options you quoted too. Thanks for letting me know!

If your original base rate wasn't a tracker, you'll have no luck getting them to offer a tracker now.

olaola

seamus wrote: »

If your original base rate wasn't a tracker, you'll have no luck getting them to offer a tracker now.

No harm asking I suppose.

godtabh

Mines went from a fixed to a tracker.

I'd prefer to know how much I'd be paying each month but a tracker is some much better money wise. I'm gona stay on it for a while

20Cent

Ste.phen wrote: »

It was probably part of his original agreement with them

Rang ICS talked to a guy there. The above is true. Its probably not offered to everyone.

Thanks for the replies.

Jenn15

oh god was thinking of getting a mortgage as we have around 40,000 saved so I came on here for some ideas on what to do as I havent got a clue were to start and reading all these posts i realise just how out of my depth I am, its like yous are speaking a foreign language I really don't know the first thing about mortgages!!

D3PO

Jenn15 wrote: »

oh god was thinking of getting a mortgage as we have around 40,000 saved so I came on here for some ideas on what to do as I havent got a clue were to start and reading all these posts i realise just how out of my depth I am, its like yous are speaking a foreign language I really don't know the first thing about mortgages!!

well were a pretty good bunch on here, most of whome are knowledgeable some who arent but hey

if you have any questions post we dont bite and can hopefully help you out. Also you should read this forum regularly and also www.thepropertypin.ie

jenggg

Hi, thinking about a mortgage myself. I'm a first time buyer and am wondering what you folks would suggest is the best option at the moment? I am sanctioned with AIB and just wondering if you would fix now for as long as possible?

D3PO

jenggg wrote: »

just wondering if you would fix now for as long as possible?

dont fix unless you have to for budget reasons.

Banks dont set fixed rates for your benefit they make sure its in their benefit. They dont gamble with rates. As they say the house always wins (unless you got a tracker that is :P