Another mortgage question

nihicib2

Hi all, Im a bit confused by this as I thought banks weren't offering tracker mortgages anymore.

Anyway my current rate is about to expire next week and Bank of Ireland are offering me as one of the options a Tracker Variable Rate ECB + 1.25% at a rate of 1.75%. I've also attached the other options they offered

I pay my mortgage fortnightly and at the moment its €225.79 and with the Tracker rate it would be €197.17.

Now I've been fixed for a number of years as I pay the mortgage on my own and I like to know what is going out every two weeks, but a few friends have said Id be mad not to go with the Tracker, any advice as I'm a bit (well more than a bit :rolleyes:) of a dunce when it comes to this kind of stuff.

Thanks in advance for any advice:D

westies4ever

if they're offering you a tracker rate LEAP on it. Rates are going to stay low for the forseeable future. Thats a tidy saving for you!

chris85

nihicib2 wrote: »

Hi all, Im a bit confused by this as I thought banks weren't offering tracker mortgages anymore.

Anyway my current rate is about to expire next week and Bank of Ireland are offering me as one of the options a Tracker Variable Rate ECB + 1.25% at a rate of 1.75%. I've also attached the other options they offered

I pay my mortgage fortnightly and at the moment its €225.79 and with the Tracker rate it would be €197.17.

Now I've been fixed for a number of years as I pay the mortgage on my own and I like to know what is going out every two weeks, but a few friends have said Id be mad not to go with the Tracker, any advice as I'm a bit (well more than a bit :rolleyes:) of a dunce when it comes to this kind of stuff.

Thanks in advance for any advice:D

The fact is you probably started with a tracker and went onto a fixed rate for a number of years. Now the fixed rate has expired you would revert to the original rate (i.e. original tracker mortgage you most likely had).

Go with the tracker.

nihicib2

Yeah it seems like I'll be heading that way, thought it was too good to be true I tried to attach a photo of the other rates they offered in the original post and it didnt work so here they are now (if it matters)

roro2

Don't do anything other than select the Tracker rate - no harm in repeating the posts above.

I'm surprised they offered that option as easily at the top of the table!

chris85

roro2 wrote: »

Don't do anything other than select the Tracker rate - no harm in repeating the posts above.

I'm surprised they offered that option as easily at the top of the table!

They obviously just organised the table by rate. Normal practice for cheapest first. Heavy regulation means they wouldnt get away with it any other way.