Existing mortgage customer Permanent TSB fixed rates?

ECB + 3.25% is an utterly dreadful rip off rate.

They do have 3% 7 year & 10 year fixed and as it can take 3+ months to fix, rates lower than this will be gone by then, so I'd go for 7 or 10 year fixed with PTSB and get off that 3.25% tracker - its costing you money every day

We were on tracker + 1% with PTSB and fixed for 5 years at 2.8%, the green mortgage option. Wish we'd fixed for 7 years at 3%. Might still consider it if the rates remain as they are into the New Year. Not sure if we have to stick with this rate for a minimum of 6 months? I feel like I could have read that somewhere.

Depends on the rate

ECB will increase to circa 3% but market expects that to drop from late 2023 or early 2024.

The midterm expectations is 1.5-2%

My figure is ECB. Banks will add a margin of 1.5-2% to that.

I'd jump at 3%. Even if rates fell back a little below that (unlikely), the insurance of having a 3% rate for many years is well worth it.

If they are offering 10 years at 3%, I'd jump on it immediately. I wouldn't be waiting past the weekend as I suspect next week will see all banks change rates

We called into PTSB just yesterday and asked for our options as we're on a tracker mortgage but they told us it would take about 2 weeks to send our options out to us. Can we do anything else instead of waiting as we had the ECB rise today and the banks will probably raise theirs before we get the options?

We have 10 years left.

Ah okay, fair enough. Thanks for that.

What is your tracker % over ECB.

If it's 1% or lower I'd stay on the tracker.

There will be a spike in rates for a short period of about 12 months and then they are expected to drop back and settle at 1.5-2%

yes, but still a 1% or lower tracker is worth keeping. If you only have 5 years left, the interest rate is less important as the interest part of your payment is drastically reduced and continues to reduce.

At 1.25% its borderline. At 1.5% its probably worth serious consideration and a tracker that is 2% or more over ECB has no value in today's market due to banks finally taking a smaller margin. The massive value in trackers was when banks were literally gouging non tracker mortgages with 4%+ variable rates when the ECB was 0% and offering not much better on fixed rates. Avant has changed this and now all banks offer reasonable value in fixed rates that are on average 1.5%-2% over ECB (but a lot lower at present)

ECB language also changed yesterday and market no longer looking at an increase in December and also commentators now think ECB may top out at 2.5% - 2.75% next year due to potential recessionary pressures and fall back in 2024.

But as we have seen, this forecast can change at anytime

Take it tomorrow.

Today we got our notification that the tracker is rising to 3.68% due to the recent .75% ECB rise.

Yeah I'll probably go with the fixed for my state of mind, just knowing my repayments going forward.

Cheers.

and more money in your pocket too from next month and for at least the next 7 years!