If I move house and lose my tracker, how much is it going to cost me?

R

RMCF

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I'm wondering if any of the experts on here could do the maths for me on this, as I sometimes find it slightly complicated !!

I owe €75,000, and am on an AIB Tracker at ECB +0.95% (so currently 1.95%). I have 13yrs left.

Interested in a house at €150, and may have to increase my mortgage (assuming I get my own house sold) to €90,000.

Of course, doing this would take me on to a standard variable (if I decide not to fix).

Could someone work out how much more each month I'd pay NOW, and how much each 0.25% increase in the rate would cost me monthly?

I appreciate any help. Thanks folks.
 
I've tried a few myself, wondering if I'm correct.

Using the current standard variable rate of 2.79%, I'm getting a figure of €688.

Correct?
 
Yes - 90k over 13 years at 2.79% = 688 a month
An increase of .25% to 3.04% would result in repayments of 699 a month

www.*****************.com
 
Hi RMCF

Use Karl Jeacle's mortgage calculator.

I think you should assume a SVR of 4% as this is the most likely figure.

Brendan
 
I think it won't be long before its above 4%, the way things are going Brendan.

I see banks are doing things in 0.5% increments now, not even 0.25% like in the old days. And if there are to be another few increases in the next couple of years as hinted at, then I would say that 5% isn't unreasonable.

To be honest I am really split at present. Its a nice idea to sit on my tracker for €75k and pay the fairly small amount. Or else go for this house, which I really like, and lose my tracker and end up at the mercy of the banks. Plus pay nearly €2k of stamp duty plus solicitor fees etc.
 
in same boat (house?) myself

hi rmcf,

am in the same boat as you - read liam ferguson's article in the sunday business post yesterday which outlines the dangers of moving a tracker.

at the moment, the best SVR seems to be from AIB at 2.6% APR which is 0.9 percent more than i am paying for my tracker from NIB.

I suppose i would like to know the following:

What do posters think will be the long-term difference between SVR and tracker+.7%?
brendan, is your figure of 4 percent for SVR not including ecb rate increases?

Thanks,
Rusty


RMCF said:
I think it won't be long before its above 4%, the way things are going Brendan.

I see banks are doing things in 0.5% increments now, not even 0.25% like in the old days. And if there are to be another few increases in the next couple of years as hinted at, then I would say that 5% isn't unreasonable.

To be honest I am really split at present. Its a nice idea to sit on my tracker for €75k and pay the fairly small amount. Or else go for this house, which I really like, and lose my tracker and end up at the mercy of the banks. Plus pay nearly €2k of stamp duty plus solicitor fees etc.
Click to expand...
 
DB74 said:
Here's Liam Ferguson's article

[broken link removed]
Click to expand...

Interesting enough article, although most of it is common sense (SVR = bad, Tracker = good).

Problem for me really is the last line of it all. "Do you really need that new house?". Thing is, sort of do.:rolleyes:
 
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