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Changing Mortgage Rates

  • 20-10-2009 6:20pm
    #1
    Shinrona
    Registered Users, Registered Users 2 Posts: 4 ✭


    Can anyone advise on which rate I should move on to? I've been offered the following:
    1. Tracker Variable ECB + 1.25% Rate 2.250%
    2. Existing Variable LTV Rate PDH Rate 2.700%
    3. 2 Year Fixed (PDH) Rate 3.150%
    4. 3 Year Fixed Rate 3.600%
    :confused::confused::confused::confused::confused::confused:


Comments

  • #2
    Ogham
    Registered Users, Registered Users 2 Posts: 1,844 ✭✭✭Ogham


    I would go for the tracker if I was you.
    a)It's the lowest rate
    b) it's garuanteed to always be 1.25% above ecb (unlike the standard variable)
    c) The short term fixed rates are very unlikely to cost you less than the tracker over their lifespan - unless ecb rates rise very quickly to something like 4% in the next 2 years .
    d) if you don't choose the tracker - it will probably never be offered to you again.

    Of course I could be wrong- but that is what I would do.


  • #3
    amdublin
    Registered Users, Registered Users 2 Posts: 20,653 ✭✭✭✭amdublin


    You got offered a tracker???

    If I was offered a tracker I would take it.


  • #4
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    Did not think any bank would do a tracker!

    But in all fairness you should really look at your own circumstances and choose, cause your question reminds me of a simple phrase "How long is a piece of string"!!!


  • #5
    kaiser sauze
    Registered Users, Registered Users 2 Posts: 1,558 ✭✭✭kaiser sauze


    Shinrona wrote: »
    Can anyone advise on which rate I should move on to? I've been offered the following:
    1. Tracker Variable ECB + 1.25% Rate 2.250%
    2. Existing Variable LTV Rate PDH Rate 2.700%
    3. 2 Year Fixed (PDH) Rate 3.150%
    4. 3 Year Fixed Rate 3.600%
    :confused::confused::confused::confused::confused::confused:

    I am also shocked that you were offered a tracker, there is no term on the tracker rate?

    If not, then stop debating: take it!


  • #6
    dermotmccoy
    Closed Accounts Posts: 1 ✭dermotmccoy


    I had the same offer, where my Fixed term has expired. I intend to take the tracker, precisely because it's without term limits.
    In fact I was also offered exactly the same rates, so I assume you are also dealing with ICS building society.
    I believe that as they are no longer in the Mortgage market for new customers, that they are attempting to take the risk and complications out of their portfolio by pushing all their remaining customers to tracker mortgages. This would explain the overpriced fixed rates.

    Regards D.


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