Cancelled My Tracker Did I REALLY Screw up?

Zulu

ronan45 wrote: »

no way!
I am waiting to see my discount what is ur tracker ecb plus what percent.
Cant wait were you fixed also?:D

I was fixed for 5years at 5odd% (~5.75 i think). My tracker is ECB +1.25%.
MASSIVE saving.

ronan45

Zulu wrote: »

I was fixed for 5years at 5odd% (~5.75 i think). My tracker is ECB +1.25%.
MASSIVE saving.

I was a 5 year fixed too fixed in 2007 going back ro ECB +1.15
Im on a 300,000 mortgage. I am preying i have a few hundred to play with.
Im thinking it will be about 350 to 400 per month
is that right ??? Over a 50% discount in your repayments, are you with Ulster?? :O
I dont think mine will be that much im paying 1550 per month at the moment and since 2007

Zulu

ronan45 wrote: »

I was a 5 year fixed too fixed in 2007 going back ro ECB +1.15
Im on a 300,000 mortgage. I am preying i have a few hundred to play with.
Im thinking it will be about 350 to 400 per month
is that right ??? Over a 50% discount in your repayments, are you with Ulster?? :O
I dont think mine will be that much im paying 1550 per month at the moment and since 2007

Sorry, I think my maths were wrong, it's a 44% drop.
I'm with ulster alright. I'd say you'll come down to ~1100, but ring them and ask for an estimate.

Villain

Just an FYI, was a First Active Mortgage customer so now Ulster Bank, came off 5 year fixed and letter stated that I would revert to tracker automatically unless I selected a different fixed rate etc.

Seems they have given up trying to fight people who are coming off Fixed rates.

phormium

That was always my understanding of the First Active tracker mortgages, they automatically reverted to the original tracker rate, maybe the UB ones were set up differently.

ronan45

I thought the banks were looking to buy people out of their trackers.
Hmmm I didnt get any offer from Ulster :rolleyes:
Not that I would have taken it! Only a few days now to see how much it kills off my repayments going back to tracker. Should be interesting;)

wantano

ronan45 wrote: »

I thought the banks were looking to buy people out of their trackers.
Hmmm I didnt get any offer from Ulster :rolleyes:
Not that I would have taken it! Only a few days now to see how much it kills off my repayments going back to tracker. Should be interesting;)

I've just come off 5 year fixed with UB. My repayment was 440 less this month than usual, I assumed it was a mistake and then got a letter to say Im on a tracker. I still thought it was a mistake so onto the Internet to find information and came upon this thread.
To say I'm thrilled is an understatement, 440 per month less is unreal!!
Are you guys putting that extra money into the mortgage or is that sensible?

Zulu

Yeah I've started to overpay, but it's not the most sensible (it just suits my needs).

Technically you'd be better off finding a regular savings account that offers a higher interest rate than the rate you have on your mortgage. Then after x years, you have the interest benefit (ie: take the mortgage interest rate from the higher savings interest rate, and that's what you'll pocket (less dirt)). You can then pay off a lump sum with this, or just it for something else.

Congratulations! And best of luck with your new found wealth!