Hi, like others I'm wondering if I need to chase down a fixed rate given recent ECB rate rises.
1: Existing tracker margin: ECB+1.5%.
2: No additional mortgage on the property
3: Amount outstanding on mortgage:€140k
4: Remaining term: 16years
5: Lender: was Bank Of Scotland - now managed by pepper.
6: Value of home - 450K approx.
7: Have thought of moving but it's unlikely and not in a position to overpay at present although AIB will force me to pay over 14 years owing to age.
8: No barriers to switching.
9: AIB's 2.35% for 5 years looked attractive - all my banking is with AIB too.
10: Sadly I'm really sure the BER is terrible.
Also just becoming aware how long mortgage switching takes and I'm concerned the fixed rate will have jumped before I sign.
While I can always drop out, it seems likely I will be forced to take a substantial hit in legal fees should I do that so finding this a bit off-putting.
Would be grateful for any advice on this, thanks