Hard to judge without knowing the rates you are being offered. Chances are you are being offered the option of either availing of a tracker that was offered when you went fixed (though no longer would be offered to new-comers), a standard variable rate and one or two fixed rates. As has been stated before, fixed rate mortgages are basically a premium product, you pay for the privilege of being certain of the amount of your repayments; the rate is generally higher, you are committed for a period of time and there is a penalty for getting out of the agreement. Standard variable rate mortgages are usually at a lower rate but you are at the mercy of the bank deciding to change the rate. Tracker are a special form of variable, they are a number of points above a base rate (in Ireland that is the ECB rate), they cannot be varied by your bank but will vary as the ECB rate varies. At the moment they are generally considered valuable as they offer the flexibility of a variable rate but are based on a very low ECB rate so are generally very low. Which one to choose should be based on what your ability to repay is. If you need to know exactly what your mortgage will cost you over the next two years then a fixed is probably the best option, otherwise it is an expensive luxury (unless mortgage rates start accelerating upwards). Personally, even without knowing the rate, I'd probably choose the tracker - but then I am biased towards them!