tracker mortgage

Hello all

i have a variable rate mortgage for E120k over 20 years house worth approx E300k . would it be a good idea to change to tracker mortgage

In most cases I would say yes - because most variable rates are higher that tracker rates. This may not always be the case - but it is now.
You could get a rate of 4.5% from NIB with your circumstances. I would be pretty sure that that would be lower than you are paying now?
Halifax PTSB and AIB come close at 4.6% - so take your pick . If you are with one of these lenders already don't assume it will be cheaper to stay with them - some lenders pay towards legal fees if you switch to them.

Thanks i am with AIB I will probably talk to them first then shop around . They AIB will probably try to put me off seen as they will be loosing out . Is there penalties if you want to pay off mortgage earlier like there is with fixed rate

Due to the current credit crunch, and interbank rates being very high, the current tracker margins may not be available for long as banks increase their rates to cover their own cost of borrowing.

Don't hang about!