Actually - I disagree. Tracker rate mortgages are a subset of all variable rate mortgages. The difference is that trackers have a fixed margin (usually added to the ECB rate) written into the contract (i.e. ECB + x%) while standard variable rates offer no guarantees about what margin will be charged. While it's technically possible I have never noticed (for the same set of lending criteria - e.g. loan amount, term, LTV ratio etc.) the most competitive standard variable rate ever being lower than the most competitive tracker rate. In general to minimise overall interest costs go for the most competitive tracker (margin) available for your needs, keep the mortgage term as short as possible (assuming that you would not be better off availing of mortgage rate credit for longer!), review your mortgage from time to time in case another lender is significantly cheaper and worth switching to, shop around for mortgage protection life assurance/house insurance etc.CCOVICH said:The variable and tracker rates are not related.
ClubMan said:Actually - I disagree.
mainie said:But to throw a spanner in the works, I just saw that we could get a fixed rate mortgage for 5 years at 3.8% with NIB. Seems pretty good considering ECB rates are expected to go up by about .75 in the next year or so..
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