I did do some research at the time of choosing and there was never any clear recommendations given to DEFINITELY go with tracker
just ranting, but comments please
WHY WOULD ANYONE EVER HAVE GONE WITH VARIABLE RATE if tracker was an option ?
I did do some research at the time of choosing and there was never any clear recommendations given to DEFINITELY go with tracker
just ranting, but comments please
The majority of "know it alls" who tell you that you should have known better 4 years ago and got a tracker (because they knew banks were corrupt and tracker margins were too tight!!)
I do believe you would be better off on a tracker but, believe me, in 3 years time everyone on trackers and variables will be branded idiots for not having the foresight to have fixed their mortgage rates for 10 years in 2010!
If serious inflation ever kicks in ECB interest rates could go to rates such as 7-8% pushing trackers on to 9% or 10%. If the banks are mainly funded by deposits at that stage they might only pay 4% or 5% in deposits rates and could actually afford to to lend the money they have on deposit at rates lower than ECB.
No, its because they knew it would save them money on their repayments.
If serious inflation kicks in that brings ECB rates up to 7-8%, then the banks will be offering way more than 4-5% on deposits. Otherwise people don't save. Especially in a high inflation environment. You will never see variable rate mortgages less than low margin trackers.
AIB have said they won't pass this increase on to variable rate customers. YET! Not sure about the other banks.
According to today's Independent KBC are raising variable rates by 0.4%.
If serious inflation ever kicks in ECB interest rates could go to rates such as 7-8% pushing trackers on to 9% or 10%.
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