# Part Fix a Tracker Mortgage



## sionnach (5 May 2011)

Hi 

Did anyone see this week's Consumer Show on RTE? Eddie Hobbs is recommending that Tracker mortgageholders consider part fixing their Tracker mortgages.

Does anyone know if Bank of Ireland offer this option?  How does it work? Does it mean that your full mortgage cannot be placed on a tracker rate again? Also, do you feel that Eddie is correct in his opinion?


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## Brendan Burgess (5 May 2011)

It was very strange advice and it really isn't the type of issue which is suitable for quick tips. 

It would be a very bad idea to give up a cheap tracker to fix for a short period. 

He was suggesting fixing part of your mortgage for 10 years. 

We won't know for 10 years whether he is right or not, but I would think it very unlikely. 

PTSB is giving people a 10% bonus for paying off a cheap tracker. Maybe the others will follow suit. Or maybe they will give an inducement to switch to a fixed rate. I certainly would not be recommending it.


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## TheJackal (6 May 2011)

There were some bargain 10 year fixed mortgages this time last year but they're long gone.

Tracker with a good +ECB rate is nearly always best value over lifetime of mortgage. 

Wonder when they show was made before actually being broadcast? Didn't see it myself. Seems poor advice.


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## Gekko (6 May 2011)

I genuinely don't think he gets the point...he seems to be of the school that once a fixed rate starts to beat a tracker rate, you're in the money.

This is obviously nonsense, as it's the average rates for the period that you need to look at.

I'm on an ECB + 0.5% tracker, and in my view any alteration of this would be lunacy.  If I had the outstanding mortgage amount in cash tomorrow, I'd stick it on deposit.  And if someone blandly advised me to fix even a portion of the mortgage, I think I'd laugh at them.


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## Knuttell (7 May 2011)

Is it even possible too part fix a tracker mortgage?


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## mcaul (9 May 2011)

I don't think they took into account the amount of extra money you pay until such time the ecb rates catches up with the fixed rate.

say 10 year fixed at 5.5% v 1% tracker.

The ECB rate would need to head to 4.5% fairly quickly and stay over 4.5% til the end of the 10 year period which in reality is very very doubtful.

If you've got a tracker - keep it intact.


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