Tracker Mortgages - any penalties ?

probably been asked before, just in case though


looking at moving to a tracker mortgage 3.35% from their var (buy to let) 3.7%

any penalty involved with tracker mortgages if mortgage is redeemed or if transfered (same thing really) down the line. are they same conditions as variable rate mortgages except fixed value above ecb rate always.

also their 5 yr fixed 4.45 % seems pretty high, any thoughts
realise a early redemption penalty would apply if redeemed within 5 yrs , usually 6 months payments i think. ie if house was to be sold.

rates are aib, btL

4.45% seems high alright.

Unless it says otherwise (i.e. you are being offered a discounted tracker rate), you should be able to switch or redeem a tracker at no penalty.

have a look in the sunday times financial section-they give a good comparison between the major banks rates-you'll find also that some banks will arrange to switch mortgages for you at no administration costs to you-its definetly woth shopping around for mortgages at the moment now.


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