Hi,
We have a tracker mortgage since 2008 at ECB + 0.75%. We would like to move but Ulster Bank have withdrawn their original offer to move with the tracker and now offering 5 year tracker (+1% I think) then move to standard variable.
We are currently living in city centre and family houses like ours here are selling well. Moving further out of the city. While I realise that trackers are very valuable, I am wondering at what point would it be worth selling up given high prices of houses in the city right now?
I understand (vaguely) that you pay mostly interest in the early part of the mortgage then increasing more off the capital. Is this true? I recall seeing a online calculator with good visuals/graphics/plots of the interest and capital paid over the years but can't find it now. Does anyone know of where we can calculate and view such information?
I realise it will cost us to move and there is no way of knowing how interest rates will go but I would like to estimate upper and lower bounds if at all possible.
Thanks
We have a tracker mortgage since 2008 at ECB + 0.75%. We would like to move but Ulster Bank have withdrawn their original offer to move with the tracker and now offering 5 year tracker (+1% I think) then move to standard variable.
We are currently living in city centre and family houses like ours here are selling well. Moving further out of the city. While I realise that trackers are very valuable, I am wondering at what point would it be worth selling up given high prices of houses in the city right now?
I understand (vaguely) that you pay mostly interest in the early part of the mortgage then increasing more off the capital. Is this true? I recall seeing a online calculator with good visuals/graphics/plots of the interest and capital paid over the years but can't find it now. Does anyone know of where we can calculate and view such information?
I realise it will cost us to move and there is no way of knowing how interest rates will go but I would like to estimate upper and lower bounds if at all possible.
Thanks