Switching from fixed to variable - advice please

B

Burkie

Guest
Hi,

I'd appreciate any advice on the following. I've had a fixed rate mortgage for a number of years, with the most recent rate which is ending now at 4.89%.

I've been offered the following...

Tracker Variable ECB +1.25% - 2.25%
Existing Variable LTV Rate - 2.7%
Fixed rate for 2 years - 3.15%
Fixed rate for 3 years - 3.6%
Fixed rate for 5 years - 4.25%

Any advice on what to do? I understand the ECB is saying rates will stay low this year but Irish institutions will probably increase by about 1%. Would the fixed rate for 2 years be best?

All advice gratefully accepted :)
 
Thanks for the reply Norfbank,

The interesting thing is the Tracker wasn't on offer when I took the mortgage originally - now it is? Is this just a mistake on their part?

Am I right in thinking that they can't adjust the Tracker Variable at all unless the ECB adjust their rate? I know PTSB and a few others will raise rates even if the ECB don't.
 
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