I'm thinking of fixing part of my mortgage(I don't want to fix it all mainly to allow flexability in making once-off payments on the balance that is left at variable).
I'm on a tracker at present- 1% above ECB -so after today my rate is 3.75%. I can get a 5 year fixed for 4.3% APR (in effect this is just a diff of 3 x 0.25% rises and a lot of people think we could have these 3 rates by next spring, so I reckon this is a good deal).
Anyways my question is....if I fix say, 80%, will I lose my tracker rate on the balance and revert to the Std Variable Rate (which is .5% higher than the tracker)? The balance left variable will be outside the criteria to qualify for the Tracker I'm on now.
I'll ring the bank on this but just thought someone heere might know straight out.
Also, any opinions on the fixed rate I'm getting and the wisdom of switching to it.
Thanks