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Tracker Mortgage Advice!

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  • 09-05-2011 1:34pm
    #1
    ShaneCC
    Registered Users Posts: 25 ✭


    Hi Guys,

    Cant find any recent info on this so I'll just ask the question.

    I'm on a tracker mortgage of ECB + 0.8%, which I will admit is pretty good. This is the 6th year of my 30 year mortgage. Since the recent increase in the ECB rate i'm starting to get worried. As my partner was made redundant and me being the only earner I am wondering whether I should stick with my tracker mortgage and grin and bear it. Or should I look at fixing my mortgage??

    Eddie Hobbs mentioned something recently whereby if you are on a tracker mortgage, you can fix a percentage? Is this correct?

    Thanks


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    #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Your bank may allow you to assign a % of your loan to a fixed rate, he mentioned to fix for as long as you are allowed the best value was AIB's 10 year fixed rate at 6+% in his opinion, thats a big jump up from what you are on know. But if you can afford to pay more it might be worth it for peace of mind, contact you bank and see what rates they offer.


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    #3
    ShaneCC
    Registered Users Posts: 25 ✭ShaneCC


    Thanks Pablo,
    I contacted the bank yesterday. They are not offering any fixed rates at the moment (can they do this?) and variable rates are around 3% higher.

    So I suppose the bank has answered my question for me. Hold what I have!


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    #4
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Unfortunatly yes, they are not obliged to offer fixed rates:(


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