# Fixed, variable or tracker???...please help!!



## mcd02 (16 Jan 2009)

Hi all

Would appreciate your advise please. We currently owe €95000 on our mortgage. We have been in a fixed term with PTSB for the last 2 years (4.91%) which ends next month. As we want to get the best deal possible, can anyone advise the following:

1. Which banks are giving the best rates at the moment?
2. Should we go variable, fixed or tracker?

Any feedback would be greatly appreciated.....
mcd02


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## z104 (16 Jan 2009)

2. I would stay with a variable or tracker depending on the rate for the next 6-12 months and then fix.


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## Celtwytch (16 Jan 2009)

Although you'll be lucky to find a tracker mortgage these days - most banks withdrew them as soon as the ECB rate began to drop.


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## irishlinks (16 Jan 2009)

Yep - trackers are extinct in Ireland.
Best variable rates currently available from AIB or Halifax.  
 3.65% at Halifax if LTV under 50%. (3.75% uoto 75% LTV) 
AIB 3.75% for up to 92% LTV
Halifax will pay towards legal fees if you switch (clawback if you leave within 5 yrs)

NIB also have some good fixed rates for Lower LTVs - all below 4% and probably due to drop again in a few weeks. They don't specify the rates on the website - you have to contact them for a personalised rate based on LTV.


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## mcd02 (17 Jan 2009)

Thanks for the feedback, we already looked at the variable rate with Halifax, but to be honest we don't know enough about the bank to trust placing our mortgage with them.

Could anyone advise???
thanks in advance 
mcd02


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## exbroker (17 Jan 2009)

Hi...can you check your original loan offer to see does it mention what happens at the end of your fixed term? If your offer says that your mortgage defaults to a specified tracker rate then PTSB had some very competitive options 2 years ago that you may be eligible for now. Depending on your loan to value, it could be as low as ECB + 0.6 which would be 2.6% now, which is impossible to get today. Just be careful, if they only offer you a fixed or variable, and you qualify for the lower tracker rate, insist on the tracker rate.


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## irishlinks (17 Jan 2009)

mcd02 said:


> Thanks for the feedback, we already looked at the variable rate with Halifax, but to be honest we don't know enough about the bank to trust placing our mortgage with them.
> 
> Could anyone advise???
> thanks in advance
> mcd02



It's not as if you are giving them your money - they are lending it to you. Once you have it all set up - what could go wrong?  The only thing that could possibly be a problem would be if they started to raise rates more than other lenders. But they have consistently been one of the  lenders with lower mortgage rates in Ireland.


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## c00lcarl (18 Jan 2009)

Break down of current rates being offered by various Banks (and the 0.5% cut last week would not have been factored in yet):

[broken link removed]

According to the info on the above page Ulster bank and Irish Nationwide fixed rates seem to be the poorest value


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## Petal (20 Jan 2009)

I got on to PTSB recently about breaking out of our fixed rate (due end of the year). We were offered a variable rate without penalties. However, if we let the fixed rate run it's course we will be offered the original tracker again that we were on prior to fixing. They said they would send us out a letter at the end of the fixed rate with the option to go back on a tracker, varialbe of fix again. I worked out that I'd be much better off staying on the fixed (4.85) till December and then go on a tracker, rather than falling on their variable rate, which was 4.65 (might have falledn due to last ECB cut). Since we are in negative equity I wouldn't have any hope switchin lender, so better rates at other banks would probably not be an option for me.


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## Jackie D (20 Jan 2009)

> I got on to PTSB recently about breaking out of our fixed rate (due end of the year). We were offered a variable rate without penalties. However, if we let the fixed rate run it's course we will be offered the original tracker again that we were on prior to fixing. They said they would send us out a letter at the end of the fixed rate with the option to go back on a tracker, varialbe of fix again. I worked out that I'd be much better off staying on the fixed (4.85) till December and then go on a tracker, rather than falling on their variable rate, which was 4.65 (might have falledn due to last ECB cut). Since we are in negative equity I wouldn't have any hope switchin lender, so better rates at other banks would probably not be an option for me.


Same here.. Don't know whether to stay for the 16months remaining on 4.99% fixed or switch. 

PTSB's variable is due to go down to 4.05% next month. Thing is, we will probably move in 4-6years so we would only benefit from the .8% tracker for approx 2-4years..(while paying €250pm extra now for the following 16months)

The savings by switching now with NO FEES will be approx €250pm!!

Do you know, if you switch from fixed to variable now with PTSB and change to a more competitive lender in 3 months - are there penalties from PTSB?


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## 1997 (21 Jan 2009)

Hi, we also were told by PTSB that if we switch from a fixed rate of 4.89 due to end in March 2010 that they would give us a variable rate of 4.55 without penalty. It also states in our contract that we have the option of a tracker if we stay on the fixed rate till it expires. The tracker offered at the moment is ECB plus 2.25 which I know is not great so Im wondering should we stay on the fixed to take advantage of the tracker or go variable and make the savings now, bearing in mind theres still a little over a year on the fixed? My gut is telling me to wait for tracker but all opinions appreciated!!


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