Mortgage up for Renewal - Dilemma.

Hi all,

New to this so hope im posting in the right place.
My mortgage is up for renewal and recieved a letter with options:-
I was considering going interest only as im going on maternity leave and not sure will i be paid from work yet (if this is possible but not quite sure how to do this) these are the options:- i was on a 2yr tracker

Tracker variable rate - Currently 3.25%
Ltv Variable - Currently 3.65%
2 yr fixed " 5.25%
5 5.75 %
7 6.10 %

how do these compare.

Thanks again

Clueless

Re: Mortgage up for Renewal!! Dilemma.

If you are on a tracker at the moment, a tracker should be for the duration of your loan. So what's up for renewal at the moment?

Maybe I'm wrong, but I thought a tracker was for life, not for a fixed period. Are you sure you were on a tracker, or were you on a fixed rate? For the tracker rate they are quoting you, what is the tracker margin (e.g. +1% or similar).

ignore

it was 2 yr tracker and it was +1% and the 2 years are up

2 year discounted tracker?

Yes

No trackers on offer to compare with.
The variable rate is brutal.

If your loan to value (mortgage amount versus value of house) is 92% or less then it would be advisable to shop around.


www.moneybackmortgages.ie

What is the mortgage amount and what is the value of the property? Those rates you've quoted seem very high, what bank are you with?