Yes - a tracker mortgage rate is ECB plus some fixed margin so it changes whenever the ECB rate changes.I know this is discussed a lot but the question i have is, if you have a tracker mortgage, does your mortgage payment only change when the ECB change their rates?
See here for historical rate changes:Is that usually every 3 months or what way does it work.
You'll probably have to move lender to get a tracker - because PTSB no longer do trackers (Nor Ulster or First Active or IIB)
If things are so tight then perhaps fixing is the most appropriate option for you?Things are so tight as it is, not sure if i can afford a hike. As it is i have a lodger and my parents helping me out too, i still have a 3rd room to rent out if push came to shove but really didnt want to do that unless i had to, but maybe i will.
You need to consider all the possible tax and other implications of doing this. They are all covered in the Property Investment - e.g. FAQ, key posts and many existing threads about people converting their PPR/home to a rental investment property.Another option was to rent the house out as a whole for a yr maybe( although not sure how easy that would be either) and move to accommodation on site at work and just pay a small sum each month.
Don't expect independent, professional advice from a tied agent!
About what precisely?Oh ok, so whats the best way to go about this?
Many lenders do not outline ALL rates on offer in such circumstances. My sister was coming off an EBS fixed rate and they only listed a subset of all of the rates on offer and conveniently omitted their tracker rates which she would not have known about only she asked me for advice first. Nice to seem them looking after members so well...PermanentTSb Will send you out a renewal rates sheet 2 weeks before your fixed term is up
Many lenders do not outline ALL rates on offer in such circumstances.