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which mortgage? tracker?

  • 18-02-2005 2:22pm
    #1
    Registered Users, Registered Users 2 Posts: 166,026
    ✭✭✭✭


    in the process of buying a property.

    on one hand there's bank of ireland offering a 3.1% tracker mortgage,

    and on the other side is EBS's 3.3% variable rate.

    i've read that the ECB'S interest rate is supposed to be going up.

    i know this will afect our tracker, but how much will it influence ebs's?


Comments

  • Registered Users, Registered Users 2 Posts: 1,040 threebeards
    ✭✭✭


    paperclip wrote:
    in the process of buying a property.

    on one hand there's bank of ireland offering a 3.1% tracker mortgage,

    and on the other side is EBS's 3.3% variable rate.

    i've read that the ECB'S interest rate is supposed to be going up.

    i know this will afect our tracker, but how much will it influence ebs's?

    You're right about it affecting a Tracker, but it will also affect EBS's or any other lenders variable rate offering. The only difference being that the margin applied to the tracker (i.e. 1.1% on the BoI Tracker you mentioned) is guaranteed whereas the margin on a variable rate (1.25% on the EBS variable)can be altered by the lender at any stage. Given the choice between variable and tracker, I would choose tracker. How much do you intend borrowing? Loan amount and Loan to Value can have a substantial difference on the rate (if it's a tracker you choose).

    Good luck with it


  • Registered Users, Registered Users 2 Posts: 6,441 jhegarty
    ✭✭✭


    on the subject of mortgages , is there any (legal) way around getting the full (8%/10%) deposit ?


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