Is the rate accurate? 2.25% in total i.e. ECB + 1.5% would be more normal for a tracker. ECB + 2.25% seems very high.
In theory a tracker mortgage should be cheaper than any other mortgage as the bank does not have to pay a risk premium as it is not taking the interest rate movement risk. Generally speaking, it is expensive to get someone to take a financial risk on your behalf.
I'm assuming that we can opt out on an at least yearly basis for example?
On a variable or tracker you can moved to a fixed at any time. Some lenders have started introducing an admin charge for this though. I don't think PTSB do but might as well check before signing up.
Hi
AFAIK it's all very straightforward but thought I would ask.
Coming off fixed of 5.55% next month with PTSB and have been told over the phone that I can opt for a tracker at ECB + 2.25%.
A bit of a no-brainer in the current climate. Apart from the obvious risk of base rate increases is there anything else I should know?
I'm assuming that we can opt out on an at least yearly basis for example?
I will be talking to the lender of course and am expecting details of options by post but this is all new to me and just wanted some feedback first.
TIA
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