Should I fix Pepper tracker mortgage?

[mir2001]

Hi, like others I'm wondering if I need to chase down a fixed rate given recent ECB rate rises.

1: Existing tracker margin: ECB+1.5%.
2: No additional mortgage on the property
3: Amount outstanding on mortgage:€140k
4: Remaining term: 16years
5: Lender: was Bank Of Scotland - now managed by pepper.
6: Value of home - 450K approx.
7: Have thought of moving but it's unlikely and not in a position to overpay at present although AIB will force me to pay over 14 years owing to age.
8: No barriers to switching.
9: AIB's 2.35% for 5 years looked attractive - all my banking is with AIB too.
10: Sadly I'm really sure the BER is terrible.

Also just becoming aware how long mortgage switching takes and I'm concerned the fixed rate will have jumped before I sign.
While I can always drop out, it seems likely I will be forced to take a substantial hit in legal fees should I do that so finding this a bit off-putting.

Would be grateful for any advice on this, thanks

 

[Paul F]

@mir2001 Pepper don't offer fixed rates, so your only choices are to stay on the tracker or to switch to another lender. Consider posting your mortgage details in the switcher thread (in the format shown in the first post). I'll estimate the savings you would make from switching to different lenders (if you want to go that route).

Edit: my reply to mir2001 in the switcher thread is here.

Moderator's note: please post any further questions about tracker mortgages managed by Pepper in this thread.