Mortgage Renewal

S

StoneBroke

Guest
Hello,

My current mortgage rate of 4.79% is due to expire at the end of the month and I need some advice on what to do next. I've been given two choices by my current lender - Tracker Variable ECB 5.5% or Standard Variable Rate5.79%. Are these competitive rates at the moment?? Should I look around at other providers or is it worth it under current economic conditions. I'd be in the camp that thinks the ECB rate won't go any higher and if anything will come down. I'm very green in this whole area since a broker helped us applying originally for the mortgage. If I do look for alternateive quotes what kind of information should I have to hand??

Any help you can give would be greatly appreciated as I don't have a clue what to do next

Thanks,
 
See the many existing threads on the whole fixed versus variable/tracker rate question including some very recent and up to date ones from people in a similar situation to yourself.
 
There are some lower tracker rates than 5.5% around (ecb plus 1.25) - but not many.
It depends on the loan size and the value of the house (which may well have dropped). Going by those figures it sounds like you could be with BOI .
You could get slightly lower rates ranging fron ECB plus 1% to ECB plus 1.2% - from Halifax , NIB and AIB . ( Exact figures would depend on your LTV (Loan to Value Ratio)
There would be costs involved in moving which could negate some or all of any savings you make.
If you stay where you are - I would go with the tracker rather than the standard variable.
 
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