which mortgage? tracker?

LegacyUser

in the process of buying a property.

on one hand there's bank of ireland offering a 3.1% tracker mortgage,

and on the other side is EBS's 3.3% variable rate.

i've read that the ECB'S interest rate is supposed to be going up.

i know this will afect our tracker, but how much will it influence ebs's?

threebeards

paperclip wrote:

in the process of buying a property.

on one hand there's bank of ireland offering a 3.1% tracker mortgage,

and on the other side is EBS's 3.3% variable rate.

i've read that the ECB'S interest rate is supposed to be going up.

i know this will afect our tracker, but how much will it influence ebs's?

You're right about it affecting a Tracker, but it will also affect EBS's or any other lenders variable rate offering. The only difference being that the margin applied to the tracker (i.e. 1.1% on the BoI Tracker you mentioned) is guaranteed whereas the margin on a variable rate (1.25% on the EBS variable)can be altered by the lender at any stage. Given the choice between variable and tracker, I would choose tracker. How much do you intend borrowing? Loan amount and Loan to Value can have a substantial difference on the rate (if it's a tracker you choose).

Good luck with it

jhegarty

on the subject of mortgages , is there any (legal) way around getting the full (8%/10%) deposit ?