what is the difference between the tracker and a variable?? also does anyone know of a site that gives all the interest rates available on the irish market??
tracker - tracks the ECB rate so yesterdays rise of 0.25% will be incorporated in the mortgage rate next week on. Move in line with the central european rate
Variable rate - this is at the discretion of the individual banks, but will more than likely increase by the 0.25%
Check the Irish Times out for listing of all the rates for the Irish Banks
I would say unlikely due to the competitive market for mortgage business, but you would be more at the mercy of the banks than if you have a tracker mortgage.
They may pass on increases in full but only pass on cuts in part. They have done this in the past as a way to inflate their margins. While a tracker will reflect rate changes (in particular increases!) more or less immediately it does have the advantage of guaranteeing a known fixed margin. I don't think that there is a standard variable rate around that has a lower margin than the most competitive tracker?