Fixed or Tracker Mortgage?

Bocban

Hi,

The news today is full of peolpe advising variable mortgage holders to fixed their interest rates for 3, 5 or 10 years even.

Contacted the bank (NIB) and they thought it wasn't the best move.....is this a vested interest or honest advice.

Anybody else in the same predicament or anybody with any views at to what might be best?

K.

Senna

Some good topics on this in the Banking & Insurance & Pensions / accommodation & property forums on here, or have a read of;
www.askaboutmoney.com
www.thepropertypin.com

Short answer is, only you can decide whats best for you and what ever you choose your gambling on it working out, it might not.

muffler

Moved from Donegal forum

Ogham

Bocban wrote: »

Hi,

The news today is full of peolpe advising variable mortgage holders to fixed their interest rates for 3, 5 or 10 years even.

Contacted the bank (NIB) and they thought it wasn't the best move.....is this a vested interest or honest advice.

Anybody else in the same predicament or anybody with any views at to what might be best?

K.

What tracker rate are you on?
Personally I would stay on the tracker if it is any lower than ECB plus 1.5% All that talk of fixing now was mostly one "journalist" in the Independent - (and also on various radio programs). They have little else to write about and most of the the mortgage brokers go along with it love it - because it might bring them more business.

ferga_com

(1) Don't fix in an attempt to beat the variable rate, unless you really believe you know more than the bankers. Predicting the long-term movement of variable rates is well-nigh impossible. Fix if you want the peace of mind of knowing what your repayment will be and then forget about it.

(2) Don't Don't DON'T give up on a good tracker variable rate to avail of a fixed, unless you're very close to the end of your mortgage term. Chances are you'll never get your tracker rate back and the variable rate options at the end of your fixed period may be far higher than the tracker you have now.

stepbar

If you move from a tracker rate you won't get it back. How in ever some banks have made tracker rates so unattractive that it probably is better to move on to a fixed rate of some sort. But TBH if your on a tracker rate with one bank, their fixed rates will always be priced above what is offered on tracker. My advice would be to move to a bank that offers keenly priced rates if you can. At the minute BOI seems to be offering good rates on the fixed at least. PTSB rates are just sh1te TBH.