Ulster Bank home mover

Hi,

Ulsterbank have said I am eligible for a home mover tracker mortgage just a bit confused as to whether it’s a good option . The home mover Tracker 10 years is ECB + 2% for the balance I have outstanding on my existing mortgage when I sell my house , I’m currently on 1.05%. The rest of the new mortgage will be at the variable rate.

Am I better to move it all on variable? Or go with tracker for part of it.

You'd be barking mad to give up the tracker!

I assume you have an option to move the non-tracker portion to a fixed rate if you wanted to?

I’m trading up for a bigger house do you mean mad to not take up new mortgage at tracker? Or just giving up my old mortgage?

Yes can fix the the non tracker portion

Sorry, I meant you'd be mad not to take the 2% tracker when you move.

This is guaranteed over ECB for 10 years.

Competition isn't enough to bring new variable or fixed rates down to that level. But if it gets to that point in the next few years you'll have the option of moving to that better rate then.

Great thanks it’s all so confusing!

Just bear in mind that UB compete on fixed rates. Their market leading rate would be 4 year fixed.

Just post details of balances when you get to that stage if you want any opinions on different options.