any bank giving option to fix at current rate?

[scuby]

Not sure if this has been asked.

But are any banks giving a fixed rate at todays rate ? our mortgage is currently at 2.6%, tracker with ics.

Just wondering would they laugh at you now if you tried to fix it before it goes up again? not sure if it will go down any futher etc....

cheers

 

[Senna]

Your on a tracker (either ecb+.6 or 1.1) which is probably one of the best rates available. It is possible to come off that tracker and fix at whatever rates the bank are offering, you will have to go onto your own banks website to check those rates. But if you go fixed, once the term is up you will revert to the standard variable, which will never be as good as your tracker.

While fixing now may seem like it will save you money in the short term, having the tracker will save you more money over the life of the mortgage. The only advice is to stick with the tracker, you are very lucky to have it.

 

[mrsg09]

hi,

jst wanted to hijack this post...

I heard eddie hobs on the radio the other day saying when ecb cut again it would be advisable to fix then.

What do you all think of this??

We are on a ECB +.59 tracker.

Thanks

 

[curiously]

While fixing now may seem like it will save you money in the short term, having the tracker will save you more money over the life of the mortgage. The only advice is to stick with the tracker, you are very lucky to have it.

you're assuming rates are not going to rise - wouldn't surprise me to see them at 5%+ in a few years time

 

[scuby]

hi,

jst wanted to hijack this post...

I heard eddie hobs on the radio the other day saying when ecb cut again it would be advisable to fix then.

What do you all think of this??

We are on a ECB +.59 tracker.

Thanks

yea, heard that and that what got me thinking...

you're assuming rates are not going to rise - wouldn't surprise me to see them at 5%+ in a few years time

would be great if you could fix it for rest of mortgage lifetime !!

 

[Senna]

you're assuming rates are not going to rise - wouldn't surprise me to see them at 5%+ in a few years time

I am assuming rates will rise, because they will. The problem is a fixed rate is only from 1 to 10 years, a tracker is for the life of the mortgage. You can fix now but when the fixed rate is up, you lose the tracker and go to standard variable, which will always be higher than these trackers.
So as i said you may save in the short term by fixing, but you will lose money over the life of the mortgage by giving away the tracker.

Fix if you want but down give up a tracker because your trying to beat the bank by fixing, you wont win. Go fixed because repayments are tight and you think you will be in a better situation when the fixed rate is over, thus saving money in the short term but taking the hit later on when you lose the tracker, but your financial situation will be better.