I'm on an LTV Tracker - 2 questions

Round Tuit

Registered User
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163
I’m currently on a really good LTV Tracker mortgage rate with NIB. While the recession, income levies and a pay cut have probably scuppered any thoughts I had about moving I have 2 questions:
Firstly, am I right in assuming that if I did move that NIB would consider that a new mortgage and I would be moved off the Tracker onto a variable or fixed rate (as the Trackers are no longer available)?
Secondly, I know the advise has always been that if you have a Tracker you should stick with it but there also seems to be a lot of talk now about how we are approaching rock bottom in terms of interest rates and people are being advised to change to fixed rates etc now. So, if you’re on a Tracker and you know that once you leave it you can never get back onto one, would you be considering fixing now?
Bear in mind by LTV has probably gone down more that I want to know...
 
If yo move house you will need to take out a new mortgage therefore losing your existing tracker. I wouldn't consider fixing for the moment as rates are gonna stay low for certainly the next couple of years anyway. Also if you sell your home when you are on a fixed rate you will be charged a penalty for redeeming the loan during the fix period.