picturehouse
Registered User
- Messages
- 13
I have a tracker at ECB+1.15% with Ulster Bank. There's about 240k outstanding.
Monthly payments are e790 and I could easily afford to increase this to say 1.2k. Is it worth doing this?
My thoughts in favour of doing it is that I may move in the future and lose the tracker rate (after 5yrs @ ECB+2.25%), so I'd be better off paying off more capital between now and then in order to reduce the interest burden when I move to variable.
Or is it better to keep repayments the same, and put extra money into savings where the interest rate is higher than what I'm paying on the tracker, and use savings to pay a lump sum off the mortgage if and when I move to variable?
Monthly payments are e790 and I could easily afford to increase this to say 1.2k. Is it worth doing this?
My thoughts in favour of doing it is that I may move in the future and lose the tracker rate (after 5yrs @ ECB+2.25%), so I'd be better off paying off more capital between now and then in order to reduce the interest burden when I move to variable.
Or is it better to keep repayments the same, and put extra money into savings where the interest rate is higher than what I'm paying on the tracker, and use savings to pay a lump sum off the mortgage if and when I move to variable?