Switching from Fixed Rate Mortgage to Tracker

C

Conshine

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My fixed rate mortgage finishes soon and part of the deal in place from when I took the mortgage out is that I automatically convert to a tracker.

Considering trackers are no longer available, my only option to avail of a tracker is with my current bank.

This seems like an opportunity too good to miss. The fixed rates elsewhere, plus other options right now, would be a lot more expensive.
Or am I missing something?

I understand that trackers go up and down, I would monitor the situation when the trend starts to change,
 
If you are getting offered a tracker, bite their hands off and take it. The worst tracker I've seen is ECB+1.75% which is still much lower than any rate available on the market.
 
Hi Conshine

Check your contract. Was the margin set in the letter of offer/contract? If not, they will offer you their current tracker rate which could well be ECB + 4%. I don't think that there is much you can do about that.

I understand that trackers go up and down, I would monitor the situation when the trend starts to change,
Click to expand...

Not sure what you mean by that. The ECB rate goes up and down. The whole point of a tracker is that the margin is fixed and does not go up and down.
 
They said 1.9% when i called them.. sounds better than the 5%+ i am on now.
I intend to over pay, maybe even paying what i pay now, just to take advantage until such time as things start to change and i decide to fix.

BB.. Yes, meant the ECB.
 
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