K
kiely2
Guest
We have a tracker mortgage at ECB+1.1% and are just wondering what the best options are before interest rates begin to rise again (which I believe will happen sooner now that Germany and France are out of recession).
Should we move to a fixed rate mortage for 5 or 10 years?
One other alternative, which I don't know much about, is to buy an interest rate cap. From my understanding of what this is, we would keep our tracker rate with our bank and have a separate arrangement with someone else where we would receive payment for any increases to the ECG rate above our agreed "cap". Is this a correct understanding?
Does anyone know anything about this? How does a private individual go about buying something like this?
Should we move to a fixed rate mortage for 5 or 10 years?
One other alternative, which I don't know much about, is to buy an interest rate cap. From my understanding of what this is, we would keep our tracker rate with our bank and have a separate arrangement with someone else where we would receive payment for any increases to the ECG rate above our agreed "cap". Is this a correct understanding?
Does anyone know anything about this? How does a private individual go about buying something like this?