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Tracker mortgage - when to consider fixing?

  • 05-09-2022 9:39am
    #1
    Xcellor
    Registered Users, Registered Users 2 Posts: 2,821 ✭✭✭


    My tracker rate is 1.25+ECB. Up until recently that's been working great but with the recent ECB hikes I'd see it going to 2%+.

    Based on what I see, standard variable will start rising next ECB round but there is a conversation around getting a fixed mortgage at a lower rate.

    Once I give up my tracker its gone and fixed mortages are not long enough really 4-5 years. These things are cyclical so with 20 years left on mortgage will tracker always work out cheaper?



Comments

  • #2
    walterking
    Registered Users, Registered Users 2 Posts: 1,297 ✭✭✭walterking


    With 20 years left you would be crazy to give up your tracker unless you got a decent 20 year fixed rate.

    Banks generally charge 2-3% over ecb on their fixed rates.

    Your tracker is 1.25%

    Medium and long term your tracker is best.


    Avoid short term gain. You will have long term pain.



  • #3
    Padraig Mor
    Registered Users, Registered Users 2 Posts: 9,610 ✭✭✭Padraig Mor


    Similar situation here. Have tracker with Ulster Bank of ECB + 0.95%. Balance €93k or thereabouts and about 11 years remaining. Very strongly considering moving while the going is good to a 10 year fixed at 2.8% - and when I say strongly considering, I have the rate change form completed and in the envelope ready to go! I would be almost certain that my tracker rate will be over 2.8% by next spring at the latest.......but as to how long it will stay there, who knows? The certainty of the fixed proving hugely attractive to me at the moment. Am I mad to change?!



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